 Frequently the official name or heading on the note includes the name of the corporation on whose behalf the note is issued, e.g., “XYZ Corporation Interest Only Real Estate Discount Note Issue #1234” or something similar.In the United States, clap notes usually have terms exceeding 12 months but invariably not longer than 24 months.This allows the investor to take advantage of long-term capital gains tax treatment while ensuring that the principal is still returned in a timely manner.