Tax treatment of person stripping bond Sample Clauses

Tax treatment of person stripping bond. For purposes of this subtitle, if any person strips 1 or more coupons from a bond and dis- poses of the bond or such coupon— (1) such person shall include in gross income an amount equal to the sum of— (A) the interest accrued on such bond while held by such person and before the time such coupon or bond was disposed of (to the extent such interest has not theretofore been included in such person’s gross in- come), and (B) the accrued market discount on such bond determined as of the time such coupon or bond was disposed of (to the extent such discount has not theretofore been included in such person’s gross income), (2) the basis of the bond and coupons shall be increased by the amount included in gross in- come under paragraph (1), (3) the basis of the bond and coupons imme- diately before the disposition (as adjusted pur- suant to paragraph (2)) shall be allocated among the items retained by such person and the items disposed of by such person on the basis of their respective fair market values, and (4) for purposes of subsection (a), such person shall be treated as having purchased on the date of such disposition each such item which he retains for an amount equal to the basis al- located to such item under paragraph (3). A rule similar to the rule of paragraph (4) shall apply in the case of any person whose basis in any bond or coupon is determined by reference to the basis of the person described in the pre- ceding sentence.
Sample 1
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