Rev. Proc. 64-52

The time for filing Form 3780, Interest Equalization Quarterly Tax Return and paying the tax has been extended to November 30, 1964. These returns would otherwise be due on or before November 2, 1964. The November 2, 1964, due date for filing Form 3845, Brokers' Quarterly Information Return, has also been extended to November 30, 1964.

Tax returns due on or before the extended due date must include all reportable acquisitions of foreign stock or debt obligations made after July 18, 1963, and on or before September 30, 1964. Any subsequent return will cover only acquisitions made during a subsequent calendar quarter and such return will be due on or before the close of the first month following the calendar quarter.

The extension of time for filing the return and paying the tax does not relieve a taxpayer from liability for payment of interest during the period of the extension; in accordance with the provisions of section 6601(c)(1) of the Internal Revenue Code of 1954, such interest will run from the original due date of November 2, 1964, to the date of payment.

Any United States person receiving an individual certificate of American ownership (Form 3625 or 3626) in connection with the acquisition of foreign stock or debt obligations is required to file a return on Form 3780 (even though such acquisition is nontaxable) reporting the acquisition and attaching such certificate to the return. Generally, the following are some situations in which a United States person acquiring foreign stock or debt obligations should have received a certificate of American ownership-

(1) Such acquisition was made after July 18, 1963, from a United States person other than through a member of a national securities exchange or association;

(2) Such acquisition was made in the over-the-counter market through a member of the National Association of Securities Dealers after July 18, 1963, and before January 17, 1964; or

(3) Such acquisition was made after July 18, 1963, through a foreign bank or broker representing a United States person.

Foreign banks and brokers effecting transactions between United States persons should obtain a certificate of American ownership (Form 3625 or 3626) from the selling United States person and deliver the certificate to the purchasing United States person; however, such certificate will not confer exemption from tax unless the signature of the seller is guaranteed by a United States bank, a member of a national securities exchange registered with the Securities and Exchange Commission, or a member of the National Association of Securities Dealers (including a foreign branch of any such bank or member). The alternative procedures of section 4918(c) and (d) of the Code, relating to transactions effected by members of national securities exchanges or association, are not applicable to foreign banks and brokers.

Certain instructions on Form 3845, Brokers' Quarterly Information Return have been clarified. The instructions provide that the name of the purchaser required by the form is the actual purchaser and not his nominee or agent. The Internal Revenue Service will accept the name of the actual purchaser's nominee or agent, so designated, if the name of the actual purchaser is not available. Thus, for example, the description ` XYZ Bank (nominee)' might be used.

¹ Based on Technical Information Release 649, dated Oct. 28, 1964.