Word: deben
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Dates: during 1960-1969
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...resemble, the debentures offer a fixed rate of return in interest. Usually the principal is repayable 25 years later, in two installments. Under that arrangement, recipients of debentures qualify for the so-called installment-sale tax provisions. If they swap shares in a target company for the conglomerate's deben tures, they pay no capital-gains tax on the deal until they get their money back in 25 years. Debentures are doubly attractive because they are generally convertible into common stock at an above-the-market price. For the companies that issue them, debentures offer an even bigger tax break...
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