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QTEOQualified Tax-Exempt Obligation
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Issuer must specifically designate the bond as a qualified tax-exempt obligation.
Thus, if a financial institution has a qualified tax-exempt obligation that meets these four requirements, the interest expense deduction is subject to a 20% (instead of 100%) disallowance.
Under such an interpretation, a flail deduction could be taken for interest on debt incurred to purchase or carry qualified tax-exempt obligations, the interest on which is wholly exempt from Federal income taxes.
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