Current through Vol. 42, No. 7, December 16, 2024
Section 710:50-15-56 - Interest on U.S. Government obligations(a) An "obligation of the United States" is defined as a credit instrument characterized by: (2) The bearing of interest;(3) A binding promise of the United States to pay specified sums at specified dates; and(4) Issued pursuant to specific congressional authorization which also pledges the full faith and credit of the United States in support of the promise to pay.(b) If the interest on a U.S. Government obligation is paid through a regulated investment company the taxpayer requesting the exclusion must furnish a detailed schedule of the obligations that the fund has invested in and the amount or percentage of the interest from each investment. [See: 68 O.S. § 2358(A)(2) ]Okla. Admin. Code § 710:50-15-56