Rev. Rul. 68-311

A United States person acquired foreign stock A and foreign debt obligation B in transactions subject to the rules of a national securities exchange registered with the Securities and Exchange Commission and also acquired foreign stock C and foreign debt obligation D in transactions subject to the rules of the National Association of Securities Dealers, Inc. Subsequently, the United States person disposed of stock A and debt obligation B in transactions subject to the rules of such exchange and disposed of stock C and debt obligation D in transactions subject to the rules of such association.

Section 4912(a) of the Internal Revenue Code of 1954 defines the term `acquisition' as any purchase, transfer, distribution, exchange, or other transaction by virtue of which ownership is obtained either directly or through a nominee, custodian, or agent.

Held, where an acquisition of a security is made under the rules of a national securities exchange registered with the Securities and Exchange Commission or under the rules of the National Association of Securities Dealers, Inc., the acquisition is considered to occur on the date provided in the rules of the exchange or association for payment and delivery of the security, usually referred to as the `settlement date.' Held further , for purposes of sections 6011(d)(1)(B) and 6076(b) of the Code, relating to the requirements for filing Form 3780A, Interest Equalization Transaction Tax Return, `disposition date' is the date the consideration is received for the stock or debt obligation disposed of except where the disposition of a security is made under the rules of a national securities exchange or under the rules of the National Association of Securities Dealers, Inc., in which case the disposition is considered to occur on the `settlement date.'

¹ Based on Technical Information Release 945, dated November 29, 1967.