Proceeds means any sale proceeds, investment proceeds, and transferred proceeds of an issue. Proceeds do not include, however, amounts actually or constructively received with respect to a purpose investment that are properly allocable to the immaterially higher yield under 1.148-2 or section 143(g) or to qualified administrative costs recoverable under 1.148-5(e).


26 CFR § 1.148-1

Scoping language

Is this correct? or