Rev. Rul. 68-466

Revenue Ruling 67-196, C.B. 1967-1, 313, lists foreign corporations that have been issued rulings pursuant to section 4920(b) of the Internal Revenue Code of 1954, exempting certain classes of stock from the interest equalization tax. Subsequent to the publication of that ruling, it was determined that `MacDonald Mines Limited-common stock' was not a class of stock that met the requirements of section 4920(b) of the Code on the corporation's last record date prior to July 19, 1963. Therefore, Revenue Ruling 67-196 is hereby modified by the deletion of `MacDonald Mine Limited-common stock' from the listing.

However, under the provisions of section 7805(b) of the Code, interest equalization tax will not be imposed upon United States persons with respect to shares of `MacDonald Mines Limited-common stock' acquired by them prior to the close of August 19, 1968, the date of publication of this Revenue Ruling in the Internal Revenue Bulletin. Furthermore, for purposes of subsequent acquisitions of that stock by other United States persons, any person who acquired such stock prior to the close of August 19, 1968, will be considered to have acquired such stock without liability for payment of such tax within the meaning of section 4918(a)(2)(B) of the Code.