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A bond is an arbitrage bond under §148 if the bond’s proceeds are used to purchase certain investment property with a yield higher than the yield on the issue. Investment property includes not only securities but also, among other things, “investment-type property.” Investment-type property is generally defined as any property that is held principally as a passive vehicle for the production of income. The final regulation amends this definition to clarify that real or tangible personal property purchased with proceeds of tax-exempt bonds is not investment-type property if that property is used in furtherance of the public purposes for which the tax-exempt bonds are issued.
26 CFR 1.148-1: Definitions and elections
This notice publishes the reference price under § 45K(d)(2)(C) of the Internal Revenue Code for calendar year 2018. The reference price applies in determining the amount of the enhanced oil recovery credit under § 43, the marginal well production credit under § 45I, and the percentage depletion in case of oil produced from marginal properties under § 613A.
This revenue procedure provides a safe harbor for professional sports teams to treat certain personnel contacts and rights to draft players as having a zero value for the purpose of determining gain or loss to be recognized for federal income tax purposes on the trade of personnel contracts or draft picks.
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