This type of zero-coupon municipal bond can be converted into an interest bearing bond if certain conditions apply. These bonds are typically sold at a discount to their face values. There is not tax due to the bond holder on the bond's appreciation. These bonds are also referred to as tax exempt appreciation on income realization securities.
Related information about municipal convertible:
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The municipal convertible is a zero-coupon bond, and is sold at a discount from its face value. The bondholder does not have to worry about paying tax on the ...
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