Rev. Rul. 65-55

The Internal Revenue Service has issued rulings to a number of foreign corporations exempting certain classes of their stock from the 15 percent interest equalization tax.

The following classes of stock of such foreign corporations satisfy the requirements of section 4920(a)(8) of the Internal Revenue Code of 1954 and, therefore, are treated not as foreign stock issues but as domestic issues. Accordingly, United States persons who acquire shares of such a class of stock are not subject to the interest equalization tax of 15 percent.

These rulings exempt only those shares included in the class as of November 10, 1964. Shares identical to the shares of the class, issued after November 10, 1964, are not included in the class, and therefore a United States person who acquires such identical shares directly from the corporation after November 10, 1964, will be subject to the tax (unless the shares so acquired are treasury stock which was part of the class, or are issued pursuant to a written commitment made by the corporation on or before such date, or are issued to a shareholder as a stock dividend or in exchange solely for the shares of such class).

If such shares are acquired after November 10, 1964, other than directly from the foreign corporation, the acquisition will be conclusively presumed to be exempt so long as such shares are acquired before the close of the business day following the day revocation of a ruling is published.

Revocation of any such ruling will be made public immediately through notification given to the stock exchanges on which such shares are traded, or to the National Association of Securities Dealers, in the case of an unlisted corporation, together with an announcement to the general public.

From time to time other lists will be published of those corporations which have received rulings during the period subsequent to this Revenue Ruling.

The following corporations have been issued favorable rulings under section 4920(a)(8) of the Code with respect to the class of stock described for each corporation:

Alliance Tire and Rubber Company Limited-class A stock.

Alscope Consolidated Limited-common stock.

Aluminium Limited-common stock without nominal or par value.

Asamera Oil Corporation Ltd.-common capital stock.

Atlas Consolidated Mining & Development Corp.-common stock.

Banff Oil Limited-common stock & preferred stock.

Blue Crown Petroleums Ltd.-common stock.

Cabol Enterprises Limited-common stock, without par value.

The Calgary & Edmonton Corporation Ltd.-capital stock without nominal or par value.

Canada Southern Petroleum Ltd.-capital stock and voting trust certificates relating thereto.

The Canada Southern Railway Company-common stock.

Canadian Export Gas & Oil Limited-common stock.

Canadian Homestead Oils Limited-common stock.

Canadian Javelin Limited-common stock without par value.

Canadian Westinghouse Company Ltd.-common stock without nominal or par value.

Chemalloy Minerals Limited-common stock, par value $1.00.

Coastal Caribbean Oils & Minerals Ltd.-capital stock, par value one shilling and voting trust certificates relating thereto.

Columbia Cellulose Company, Ltd.-common stock without nominal or par value.

Dome Mines Limited-stock without nominal or par value.

Dome Petroleum Limited-common stock, par value $2.50.

Fargo Oils Ltd.-common stock, par value $1.00.

Ford Motor Company of Canada Ltd.-common stock, without par value.

Fruehauf Trailer Company of Canada Ltd.-common stock without nominal or par value.

Wm. Gluckin Company Limited-5%convertible preferred stock & common stock, each par value one pound.

The Goodyear Tire & Rubber Company of Canada Limited-common stock.

The Granby Mining Company Limited-common stock.

Hudson's Bay Oil and Gas Co. Ltd.-capital stock, par value $2.50.

Husky Oil Canada Limited-common stock.

Imperial Oil Limited-capital stock, without nominal or par value.

The International Nickel Company of Canada Ltd.-common stock without nominal or par value.

Jefferson Lake Petrochemicals of Canada Ltd.-common stock.

Jenkins Bros. Limited-common stock.

James A. Lewis Engineering Co. Ltd.-common stock.

Magellan Petroleum Corporation-common capital stock, par value $0.01 and voting trust certificates relating thereto.

Molybdenite Corporation of Canada Ltd.-common stock with par value $1.00.

Monarch Fine Foods Limited-common stock without par value.

National Petroleum Corporation Ltd.-capital stock, par value $0.25.

North Canadian Oils Limited-common stock, par value $0.25.

O'Okiep Copper Company Limited-ordinary shares, par value 1 Rand.

Pacific Petroleums Ltd.-common stock, par value $1.00.

Pancoastal Petroleum Limited-common capital stock and voting trust certificates relating thereto.

Pantepec Oil Company, C.A.-capital stock par value one bolivar.

Peel-Elder Limited-capital stock of no par value.

Peruvian Oils & Minerals, Limited-capital stock.

Phoenix Canada Oil Company Limited-common stock.

Prairie Oil Royalties Company, Ltd.-capital stock.

Reeves Mac Donald Mines Limited-common stock.

Schlumberger Limited-common stock.

Scurry-Rainbow Oil Limited-common stock.

Seven Arts Productions Limited-common stock without par value.

Stanrock Uranium Mines Limited-common stock.

Syntex Corporation-common stock.

Tropical Gas Company, Inc.-common stock.

Union Carbide Canada Limited-common stock without nominal or par value.

Union Oil Company of Canada Limited-common stock.

Vanadium-Alloys Steel Canada Limited-common stock, no par value.

United Asbestos Corporation Limited-capital stock, $1.00 par value.

United Canso Oil & Gas Limited-capital stock, par value $1.00 and voting trust certificates relating thereto.

¹ Based on Technical Information Release 689, dated Feb. 2, 1965.