arbitrage bond

A municipal bond, the proceeds of which are invested in bonds paying a higher yield than that paid by the municipality on its own bonds.

• Under the Internal Revenue Code, the tax-free aspect of municipal-bond income may be lost if the bonds are classified as arbitrage bonds. See ARBITRAGE. [Cases: Internal Revenue 3132.10. C.J.S. Internal Revenue §§ 94, 98.]

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资深译员重在，毕业于世界顶级翻译学院，擅长翻译各类与监管和调查相关的法律文件。