### Question
Can you define what net interest income means?


### Answer
**Net interest income** is defined as the following in *26 U.S.C. § 1277*:

> the excess of the amount determined under paragraph (2) of subsection (c) over the amount determined under paragraph (1) of subsection (c)

#### Citation:
  - *26 U.S.C. § 1277*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter P-Capital Gains and Losses > PART V-SPECIAL RULES FOR BONDS AND OTHER DEBT INSTRUMENTS > Subpart B-Market Discount on Bonds**

