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Foundations Of Financial Management
Found in: Page 471
Foundations Of Financial Management

Foundations Of Financial Management

Book edition 16th
Author(s) Stanley B. Block, Geoffrey A. Hirt, Bartley Danielsen
Pages 768 pages
ISBN 9781259277160

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Short Answer

What is a key tax characteristic associated with state and local (municipal) securities?

Local and state securities are exempted from tax.

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Step by Step Solution


The term securities refer to financial assets purchased and sold by investors. Securities are of three types; debt securities, equity securities, and derivatives.

Associated key tax characteristic

The state and municipal securities are tax exempted. It means that investors are not bound with any tax obligation or pay any taxes on such securities.

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