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  "summary": "Seven ways the Internal Revenue Code treats an investment differently, each with the section that says so and the words of the section. No returns are stated: no statute states one.",
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        "structure": "State and local bonds",
        "treatment": "gross income does not include the interest (with exceptions in § 103(b))",
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          "url": "https://www.law.cornell.edu/uscode/text/26/103",
          "text": "26 U.S.C. § 103"
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        "returns": "UNKNOWN: no statute states a return"
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        "treatment": "a qualified distribution is not includible in gross income",
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          "text": "26 U.S.C. § 408A(d)"
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        "returns": "UNKNOWN: no statute states a return"
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        "structure": "Like-kind exchange of real property",
        "treatment": "no gain or loss recognized on an exchange of real property held for productive use in a trade or business or for investment, solely for like-kind real property",
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          "text": "26 U.S.C. § 1031(a)"
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        "structure": "Qualified opportunity fund",
        "treatment": "gain invested in a qualified opportunity fund within 180 days of the sale is excluded for that year, under the section’s conditions",
        "section": {
          "url": "https://www.law.cornell.edu/uscode/text/26/1400Z-2",
          "text": "26 U.S.C. § 1400Z-2"
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        "returns": "UNKNOWN: no statute states a return"
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    "note": "This page is the text of the Code as published by Cornell’s Legal Information Institute, read on 2026-10-09. It states no return, ranks nothing and advises nothing; whether a structure applies to a person is a question for that person’s adviser."
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    "## Seven structures and the section behind each\n\nA “tax-free investment” is a treatment the Code gives to a kind of income, cost or gain. The table names the treatment, the section, and its words. The returns column is UNKNOWN on every row because no statute states a return.",
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