§ 7871(c)(1)

section 103(a) applies to obligation

UNDECIDED

0 of 2 settled

  1. 1

    § 7871(c)(1)

    ALL OF
    “not described in paragraph (2)” unless Step 2 section 103(a) does not apply UNDECIDED
    “issued by an Indian tribal government (or subdivision thereof)”
    “such obligation is part of an issue substantially all of the proceeds of which are to be used in the exercise of any essential governmental function”

    “Substantially” implies facts and circumstances. No regulation cites this provision (eCFR, Oct 19, 2026)

  2. 2

    § 7871(c)(2)

    section 103(a) does not apply

    ALL OF
    NOT“Except as provided in paragraph (3),” Opening words
    “to any private activity bond (as defined in section 141(a)) issued by an Indian tribal government (or subdivision thereof).”