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FINANCIAL MARKET COURSES

Municipal Bonds (US) – Investing

Municipal bonds are attractive to a wide range of investors, particularly individuals and mutual funds. These investors are primarily attracted by the fact that interest payments on most munis are exempt from federal taxation, and may also be free from state taxation if the investor is resident in the same state as the bond issuer. This course describes the main investor groups in municipal bonds and the features of these securities that are attractive to them. The risks of investing in munis and the tax issues relevant to bondholders are also discussed.

  • OBJECTIVES

    On completion of this course, you will be able to:

    List the main classes of investor that dominate the municipal market

    Describe the range of benefits offered to investors by municipal bonds

    Identify the taxation issues that arise with purchasing, holding, and selling municipal bonds

    Identify the various risks associated with municipal bonds

  • COURSE OUTLINE

    Topic 1: Investors In Municipal Bonds

    Individuals

    Funds

    Banks

    Other Investors

    Topic 2: Benefits of Municipal Bonds for Investors

    Tax-Exempt Income

    Historically Low Default Rates

    Variety of Bonds

    Low Minimum Investment

    Topic 3: Taxation of Municipal Bonds

    Overview

    Capital Gains and Losses

    Alternative Minimum Tax (AMT)

    Discount Bonds

    o Original Issue Discount (OID)

    o Market Discount

    Premium Bonds

    Out-of-State Bonds

    Taxable Bonds

    Interest Payments & Taxation of Social Security Benefits

    Tax Deductibility of Interest used to Finance Bond Purchases

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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