California Revenue and Taxation Code 18177 – Section 1275(a)(3) of the Internal Revenue Code, relating to the …
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Section 1275(a)(3) of the Internal Revenue Code, relating to the definition of tax-exempt obligations, does not apply but instead the term “tax-exempt obligation” means an obligation the interest on which is exempt from tax under this part.
(Amended by Stats. 2003, Ch. 185, Sec. 27. Effective January 1, 2004.)
Terms Used In California Revenue and Taxation Code 18177
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.