31 CFR § 339.4 - Exchanges without tax deferral.

---
identifier: "/us/cfr/t31/s339.4"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 339.4 - Exchanges without tax deferral."
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "339.4"
section_name: "Exchanges without tax deferral."
chapter_name: "FISCAL SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "BUREAU OF THE FISCAL SERVICE"
part_number: "339"
part_name: "EXCHANGE OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
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."
regulatory_source: "36 FR 23856, Dec. 15, 1971, unless otherwise noted."
cfr_part: "339"
---


# 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 § 339.3. However, the Series H bonds will not bear the legend referred to in § 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.