Under "Bond Premium Amortization," IRS publication 550 refers to:
"special rules ... [for] a bond callable prior to the stated maturity date ... see Regulations section 1.171-3."
Could somebody summarize the rules for conventional, fixed-rate, callable bonds?
Is it something like this? - Yield to Best (Highest Yield) for Taxable bonds - Yield to Worst (Lowest Yield) for Tax-exempt bonds
How is amortization calculated after the Best (resp., Worst) date passes if the bond isn't called?