The freely available Adobe Acrobat Reader software is required to view, print, and search the items below. The following texts are a part of specialized training programs for Tax Exempt Bonds Field Operations (tax examination) and Compliance and Program Management (CPM) personnel. They should not be relied upon as legal authority. The Internal Revenue Code and Income Tax Regulations sections applicable to tax exempt bonds are quite complex and these texts do not address many of the complex situations which might develop in bond transactions. Tax Exempt Bonds Phase I Training Text These texts provide an introduction to the federal taxation of governmental bonds, private activity bonds, and direct pay bonds. Lessons examine the rules applicable to tax-advantaged bonds, discuss the appropriate use of bond proceeds, and introduce the arbitrage, yield restriction, and rebate concepts. Tax Exempt Bonds Phase II Training Texts These texts provide intermediate training of the federal taxation of governmental bonds, private activity bonds, and direct pay bonds for Tax Exempt Bonds personnel. The lessons provide training that adds to and supplements the basic training received in Phase I. Tax Exempt Bonds Phase III Training Texts These texts provide advanced lessons on the federal taxation of governmental bonds.The lesson modules examine the rules applicable to reissuances, pooled financial issues, and Internal Revenue Code section 6700 penalties.