# Prop. Treas. Reg. § 1.148-5: Yield and valuation of investments.

Proposed regulation, not in force. REG-117298-21, 91 FR 12118, published 2026-03-12 <https://www.federalregister.gov/documents/2026/03/12/2026-04798/guidance-on-tax-exempt-refunding-bonds>. Interprets 26 U.S.C. § 148.

Par. 6. Section 1.148-5 is amended by revising paragraph (d)(4) to read as follows:

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(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.

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