Tax Law, § 1101(b)(6)
The term tangible personal property means corporeal personal property of any nature having a material existence and perceptibility to the human senses. Tangible personal property includes, without limitation:
A corporation has bonds printed. It purchases paper, which is tangible personal property, printing and signature services, and must pay the tax on these charges. When the corporation issues the bonds as evidence of indebtedness, the bonds at this point in time are not tangible personal property subject to the sales tax. If, after the bonds are redeemed by the corporation, the bonds are sold for display or collection purposes, they become tangible personal property which is subject to the sales tax.
N.Y. Comp. Codes R. & Regs. Tit. 20 § 526.8