(a) General ruleExcept as otherwise provided in this section, the net direct interest expense with respect to any market discount bond shall be allowed as a deduction for the taxable year only to the extent that such expense exceeds the portion of the market discount allocable to the days during the taxable year on which such bond was held by the taxpayer (as determined under the rules of

(a) Effective/applicability dates—(1) In general. (i) Except as otherwise provided in this paragraph (a)(1) and paragraph (a)(2) of this section, §§1.367(b)-1 through 1.367(b)-5, and this section, apply to section 367(b) exchanges that occur on or

discount rules (1) Exchanges involving obligations issued at a discountIn any case in which gain has been realized but not recognized because of the provisions of subsection (a) (or so much of section 1031(b) as relates to subsection (a) of this section), to the extent such gain is later recognized by reason of a disposition or redemption of an

(a) Failure to post required signEvery person engaged in distilled spirits operations who fails to post the sign required by section 5180(a) shall be fined not more than $1,000, or imprisoned not more than 1 year, or both. (b) Posting or displaying false signEvery person, other than a

(a) In general. Except as otherwise provided in this section, §§1.148-1 through 1.148-11 apply to bonds sold on or after July 8, 1997. (b) Elective retroactive application in whole—(1) In general. Except as otherwise