[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR339.4]

[Page 236]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 339--EXCHANGE OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H--Table of Contents
 
Sec. 339.4  Exchanges without tax deferral.

    Exchanges by owners who:
    (a) Report the interest on all of their securities annually for 
Federal income tax purposes, or
    (b) Who elect to report all such interest in the year of the 
exchange, or
    (c) Who are tax-exempt under the provisions of the Internal Revenue 
Code of 1954 and the regulations issued thereunder,

Will be handled in the same manner and will be governed by the rules 
prescribed for exchanges under Sec. 339.3. However, the Series H bonds 
will not bear the legend referred to in Sec. 339.3(b)(5). Any part of 
the cash adjustment received which represents interest previously 
reported for Federal income tax purposes need not be accounted for. The 
Series H bonds may be registered in the name of the owner of the 
securities submitted in exchange in any authorized form of registration.