# 31 C.F.R. § 339.4 (2026): Exchanges without tax deferral

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_4

## Section

- **Citation:** 31 C.F.R. § 339.4 (2026)
- **Heading:** Exchanges without tax deferral
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 31 CFR: Money and Finance: Treasury / Chapter II: FISCAL SERVICE, DEPARTMENT OF THE TREASURY / Part 339: EXCHANGE OFFERING OF UNITED STATES SAVINGS BONDS, SERIES H / § 339.4: § 339.4   Exchanges without tax deferral.

## Text

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.

## Nearby sections

- [31 C.F.R. § 339.0 (2026) § 339.0   Offering of Series H bonds in exchange for Series E bonds and savings notes.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_0.md)
- [31 C.F.R. § 339.1 (2026) § 339.1   Definitions of words and terms as used in this circular.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_1.md)
- [31 C.F.R. § 339.2 (2026) § 339.2   Denominations.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_2.md)
- [31 C.F.R. § 339.3 (2026) § 339.3   Exchanges with privilege of deferring reporting of interest for Federal income tax purposes.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_3.md)
- [31 C.F.R. § 339.4 (2026) § 339.4   Exchanges without tax deferral.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_4.md)
- [31 C.F.R. § 339.5 (2026) § 339.5   Governing regulations.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_5.md)
- [31 C.F.R. § 339.6 (2026) § 339.6   Fiscal agents.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_6.md)
- [31 C.F.R. § 339.7 (2026) § 339.7   Preservation of rights.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_7.md)
- [31 C.F.R. § 339.8 (2026) § 339.8   Reservation as to terms of offer.](https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_8.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T31_P339_S339_4. Check the current official text before relying on it. Not legal advice.