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TeachMeFinance.com - explain Income bond historic definition... Income bond -- A bond that is a lien on the net income (earnings) of a corporation ; it receives interest only when earned and is little better than preferred stock. All fixed charges and obligatory payments (including taxes) must be met before anything can be paid on an income bond, but it is entitled to interest up to a specified amount before a dividend can be paid on stock, either preferred or common. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.