Do you pay taxes on Treasury strips?

I'm curious to know, when it comes to Treasury strips, are there any tax implications that investors need to be aware of? Do individuals and entities have to pay taxes on the income or gains derived from investing in these financial instruments? How does the taxation process work, and are there any specific rules or regulations that investors should be mindful of? I'm interested in gaining a better understanding of the tax treatment of Treasury strips to make informed investment decisions.