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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 26 U.S.C. § 1288 | Treatment of original issue discount on tax-exempt obligations | us | united_states_code | code_section | 26 | INTERNAL REVENUE CODE | 1 | NORMAL TAXES AND SURTAXES | 1288 | 26 U.S.C. § 1288 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc26@119-100.zip | /us/usc/t26/s1288 | data/legal/raw/us/code/title-26/usc26.xml | 10fd30b27d46da4f459d1382c0c4edf838d782cd0d024f22fc6abb13e9331e80 | a261f094809116f42a96648a3d5eee80fa010379d67412551c21dd5c900b27f4 | ccbac458394948cc3b810e3b528e6622544b4b1556149008ee3b031f8f21eaef | 2026-07-04 | official |
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26 U.S.C. § 1288 - Treatment of original issue discount on tax-exempt obligations
Text
(a) General rule Original issue discount on any tax-exempt obligation shall be treated as accruing—
(1) for purposes of section 163, in the manner provided by section 1272(a) (determined without regard to paragraph (7) thereof), and
(2) for purposes of determining the adjusted basis of the holder, in the manner provided by section 1272(a) (determined with regard to paragraph (7) thereof).
(b) Definitions and special rules For purposes of this section—
(1) Original issue discount The term “original issue discount” has the meaning given to such term by section 1273(a) without regard to paragraph (3) thereof. In applying section 483 or 1274, under regulations prescribed by the Secretary, appropriate adjustments shall be made to the applicable Federal rate to take into account the tax exemption for interest on the obligation.
(2) Tax-exempt obligation The term “tax-exempt obligation” has the meaning given to such term by section 1275(a)(3).
(3) Short-term obligations In applying this section to obligations with maturity of 1 year or less, rules similar to the rules of section 1283(b) shall apply.
(Added Pub. L. 98–369, div. A, title I, § 41(a), July 18, 1984, 98 Stat. 553; amended Pub. L. 100–647, title I, § 1006(u)(3), Nov. 10, 1988, 102 Stat. 3427.)
Notes
Editorial Notes
Amendments1988—Subsec. (a). Pub. L. 100–647 substituted “paragraph (7)” for “paragraph (6)” in pars. (1) and (2).
Statutory Notes and Related Subsidiaries
Effective Date of 1988 AmendmentAmendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Effective DateSection applicable to taxable years ending after July 18, 1984, and applicable to obligations issued after Sept. 3, 1982, and acquired after Mar. 1, 1984, see section 44 of Pub. L. 98–369, set out as a note under section 1271 of this title.