Series 50: TEFRA

Taken from our Series 50 Online Guide

TEFRA

A qualified private activity bond must also meet what is known as the TEFRA requirement. The TEFRA requirement, which is named after the Tax Equity and Fiscal Responsibility Act of 1982, states that in order to be tax-exempt, a private activity bond must first receive public approval. Public approval can be obtained in two ways:

1. From an “applicable elected representative” of the issue

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I had the Series 50 study guide memorized backwards and forwards, but still found the exam to be extremely difficult. I think the study guide still needs a lot of refining to cover more of the exam content, but I sure as heck wouldn't have passed the exam without it. Found the Solomon study guide to be absolutely necessary, but still in need of considerable improvement.

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