Par. 6. Section 1.148-5 is amended by revising paragraph (d)(4) to read as follows:
* * * * *
(d) * * *
(4) Special transition rule for transferred proceeds. The value of a nonpurpose investment that is allocated to transferred proceeds of a refunding issue on a transfer date may not exceed the value of that investment on the transfer date used for purposes of applying section 148 to the refunded issue.
* * * * *