Exceptions
Subsection (a) shall not apply to—
(1) Private activity bond which is not a qualified bond
(1)Private activity bond which is not a qualified bond#
Any private activity bond which is not a qualified bond (within the meaning of section 141).
(2)Arbitrage bond#
Any arbitrage bond (within the meaning of section 148).
(3)Bond not in registered form, etc.#
Any bond unless such bond meets the applicable requirements of section 149.