USA Taxes on Municipal Bonds


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Please consider the following hypothetical situation which is based upon a real world situation. A tax-free municipal bond was purchased 10 years ago at 95. The bond was originally issued at par. It is my understanding that the gain on the bond is taxable as ordinary income. In the past, it was taxable as a long term capital gain, I believe.

Do I have my facts right? Where is the profit reported?

Thanks
Bob
 
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