Rev. Rul. 71-402

All bonds issued by the Government of Guam or by its authority shall be exempt, as to principal and interest, from taxation by the Government of the United States or by the Government of Guam, or by any State or Territory or any political subdivision thereof or by the District of Columbia, under section 1423(a) of the Organic Act of the Territory of Guam (48 U.S.C. 1423a).

Held, the interest on mortgage revenue bonds issued by the Guam Economic Development Authority pursuant to "The Guam Development Authority Mortgage Revenue Bond Act of 1971" (Guam Government Code sections 53607 et seq.) is excludable from gross income pursuant to section 1423(a) of the Organic Act of the Territory of Guam, without regard to the provisions of section 103 of the Internal Revenue Code of 1954.