Re: e$

[prig0011@gold.tc.umn.edu]

According to legend, Duncan Frissell said:
> 
> Bearer bonds are not illegal in the US.
> 
> Under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), any
> interest payments made on *new* issues of domestic bearer bonds are not
> deductible as an ordinary and necessary business expense so none have been
> issued since then.  At the same time, the Feds administratively stopped
> issuing treasury securities in bearer form.  Old issues of government and
> corporate debt in bearer form still exist and will exist and trade for 30 or
> more years after 1982.  Additionally, US residents can legally buy foreign
> bearer securities.

The last US Bearer Bond issues mature in 1997. I also believe that to
collect interest, and to redeem the bond at maturity, you must give your
name and tax-id number to the paying agent. (I can check with the
department here that handles it if anyone is interested in the pertinent
OCC regs that apply)