Non-AMT Tax-Exempt Obligations Sample Clauses

Non-AMT Tax-Exempt Obligations an obligation the interest on which is excluded from the gross income, as defined in section 61 of the Code, of the owners thereof for federal income tax purposes (or, when such obligation was issued, was purported by the evidence of such obligation to be so excluded) and which is not a preference item, as defined in section 57 of the Code, and
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