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Posted by Dan Lanciani on May 10, 2007, 11:34 pm
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bnelson@sptaxlaw.com (Bruce) writes:
> I have been told that the capital gain income from certain
> California bonds is exempt from California state income tax.
> (Generally, it is just the interest income that is exempt.)
Occasionally I get a Massachusetts municipal bond whose
prospectus claims (explicitly--not as "all taxes") that
profit on the sale or other disposition is exempt from state
capital gain tax. Also, each year my muni bond fund reports
a fraction of its capital gain distributions as (they added
"possibly" in recent years) exempt from state tax. I
haven't been able to identify a characteristic of the bond
that correlates with the statement in the prospectus and the
fund folks can't tell me where they get the number (though I
never pushed too hard). The thing that bothers be is that I
typically get a prospectus only when I purchase the bond at
or near issue, so I'm likely missing out on any exemption
from secondary market purchases. It would be nice to
understand what is going on.
Dan Lanciani
ddl@danlan.*com
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