National Policy and Practice
In the United States, since the passage of the Tax Equity and Fiscal Responsibility Act of 1982, the issuance of debt in bearer form has been substantially curtailed. The interest paid on any such bonds issued after 1982 would be non-tax-deductible by the issuer in the case of corporate bonds, and taxable income to the holder in the case of municipal bonds. In contrast, registered bonds retain favorable tax treatment.
Read more about this topic: Bearer Bond
Famous quotes containing the words national, policy and/or practice:
“A good man will not engage even in a national cause, without examining the justice of it.”
—Samuel Richardson (1689–1761)
“We should have an army so organized and so officered as to be capable in time of emergency, in cooperation with the National Militia, and under the provision of a proper national volunteer law, rapidly to expand into a force sufficient to resist all probable invasion from abroad and to furnish a respectable expeditionary force if necessary in the maintenance of our traditional American policy which bears the name of President Monroe.”
—William Howard Taft (1857–1930)
“If you leave your work for one day, you’ll be out of practice for three.”
—Chinese proverb.