---
kind: "section"
citation: "31 C.F.R. § 339.4"
title: "31"
number: "339.4"
heading: "Exchanges without tax deferral."
url: "https://uscodex.org/cfr/31/339.4"
---

# §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,

## Notes

### Authority

Authority: Secs. 18, 20, and 22 of the Second Liberty Bond Act, as amended (40 Stat. 1309, 48 Stat. 343, 49 Stat. 21, 73 Stat. 621, all as amended; 31 U.S.C. 753, 754b, 757c), and 5 U.S.C. 301.

### Source

Source: 36 FR 23856, Dec. 15, 1971, unless otherwise noted.