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Introduction

SECTION 3. DEFINITION OF A

Internal Revenue Bulletin 2012-13 · 2026-10-03 edition · updated 2026-10-04 · United States

REGISTRATION SYSTEM

For purposes of determining whether a bond is in registered form under section 163(f) and the portfolio interest exception, the principles of section 149(a)(3) apply. Section 163(f)(3). Section 149(a)(3) provides that a book entry bond is treated as in registered form if the right to the principal of, and stated interest on, the bond may be transferred only through a book entry consistent with regulations prescribed by the Secretary. In addition, § 1.871–14(c) provides that for purposes of the portfolio interest exception, the conditions for an obligation to be considered in registered form are identical to the conditions described in § 5f.103–1.

Generally under § 5f.103–1, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new

March 26, 2012 574 2012–13 I.R.B.

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▸Contents — Internal Revenue Bulletin 2012-13
Internal Revenue Bulletin 2012-13

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