Liberty bonds are a special type of war bonds that were sold to support the allied cause in World War I. It could be redeemed for the orginal value of the bond with interest. The idea for Liberty Bonds was an aggresive campaign to raise money from war supporting Americans, created by Secretary of the TreasuryWilliam Gibbs McAdoo. The goverment used famous artists to make posters and used movie stars to host bond rallies. Even the Boy Scouts and Girl Scouts sold war bonds using the slogan "Every Scout to Save a Soldier".
The LibertyBonds and Victory Notes were issued under authority of the Acts of Congress approved April 24 1917, Sept. 24 1917, April 4 1918, July 9 1918, Sept. 24 1918 and March 3 1919, and pursuant to official Treasury Department circulars.
These bonds were authorized under the Third Liberty Loan Act of April 4 1918, which made them available for use in the payment of estate and inheritance taxes and authorized the Secretary of the Treasury to purchase each year 5% of each outstanding issue of Libertybonds, with the exception of the First.
Third Liberty Loan (1918) It will be noted with respect to this loan that the Treasury Department calculated the relative standing of the districts with regard to the amounts by which they exceeded their quotas.
Section 1.150-2 applies to LibertyBonds in the same manner as exempt facility bonds, except that all issuers of LibertyBonds are treated as having adopted an official intent (as defined in § 1.150-2(c)) that satisfies the requirements of § 1.150-2(e) with respect to expenditures paid after September 11, 2001, and before June 23, 2003.
LibertyBonds may be issued after December 31, 2004, to refund outstanding LibertyBonds originally issued before January 1, 2005, to the extent (a) the amount of the refunding bonds does not exceed the outstanding amount of the refunded bonds, and (b) the refunding is not an advance refunding.
LibertyBonds may be issued on behalf of the State of New York or any political subdivision thereof if the issuance satisfies the requirements for determining whether a bond issued on behalf of a State or political subdivision constitutes an obligation of that State or political subdivision for purposes of section 103.
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