31 CFR § 345.5 - Taxation.

---
identifier: "/us/cfr/t31/s345.5"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 345.5 - Taxation."
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "345.5"
section_name: "Taxation."
chapter_name: "FISCAL SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "BUREAU OF THE FISCAL SERVICE"
part_number: "345"
part_name: "REGULATIONS GOVERNING 5 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS—R.E.A. SERIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "31 U.S.C. 754 and 754b; 5 U.S.C. 301."
regulatory_source: "38 FR 35306, Dec. 27, 1973, unless otherwise noted."
cfr_part: "345"
---


# 345.5 Taxation.

The income derived from the certificates is subject to all taxes imposed under the Internal Revenue Code of 1954. The certificates are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State or any of the possessions of the United States, or by any local taxing authority.

[40 FR 29846, July 16, 1975]