When the muni bond was inherited in 2011, it had a market value of $5,035 and a face value of $5,000. I believe, it was called and not matured in 2012. Is there a capital loss? I believe there is. My parents inherited a muni which was worth considerably less than its face value because interest rates had risen sharply. When it matured they had a cap gain.PhilRule Your Retirement Home Fool
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