C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 356—SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, FISCAL SERVICE SERIES NO. 1-93) › Subpart D—Miscellaneous Provisions

31 C.F.R. § 356.32

What tax rules apply?

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(a) General. Securities issued under this part are subject to all applicable taxes imposed under the Internal Revenue Code of 1986, or its successor. Under section 3124 of title 31, United States Code, the securities are exempt from taxation by a State or political subdivision of a State, except for State estate or inheritance taxes and other exceptions as provided in that section.

(b) Treasury inflation-protected securities. Special federal income tax rules for inflation-protected securities, including stripped inflation-protected principal and interest components, are set forth in Internal Revenue Service regulations.

(c) Treasury floating rate notes. Special federal income tax rules for floating rate notes are set forth in Internal Revenue Service regulations.

[69 FR 45202, July 28, 2004, as amended at 78 FR 46430, July 31, 2013]
Notes of Decisions
Cited in 2 cases, 2008–2009 · leading case: Bank of Guam v. United States, 578 F.3d 1318 (Fed. Cir. 2009).
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Bank of Guam v. United States, 578 F.3d 1318 (Fed. Cir. 2009). · cites it 3× “3 (Treasury Bonds); 31 C.F.R. § 356.32 (Treasury Bills, Notes, and Bonds).”
Bank of Guam v. United States, 80 Fed. Cl. 739 (Fed. Cl. 2008). · cites it 2× “The terms of sale and issuance are governed by 31 C.F.R. § 356.32 (2007), providing, in relevant part: (a) General.”
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