Rev. Rul. 72-502

The purpose of this Revenue Ruling is to include in one list foreign corporations that have as of August 31, 1972, received ruling letters from the Internal Revenue Service holding that they qualify as less developed country corporations for respectively stated periods relative to the interest equalization tax. The conclusion in each such ruling letter was based on a determination that the foreign corporation met the requirements of section 147.3-1(e) of the Temporary Regulations, T.D. 6756, C.B. 1964-2, 906. The effect of such a conclusion is that acquisitions by United States persons of stock or debt obligations of such corporations during the periods such corporations qualified as less developed country corporations are exempt from the interest equalization tax under the provisions of section 4916(c)(4) of the Internal Revenue Code of 1954.

The corporations listed below include corporations which as of August 31, 1972, qualify as less developed country corporations for purposes of section 4916(c)(4) of the Code as well as corporations whose status as less developed country corporations have expired or have been terminated. For this reason, taxpayers are cautioned that the dates following the names of the corporations are important.

Aaron Maritime Co., Ltd.--10-27-66 to 1-29-67 and 6-30-70 to 9-28-72.

Acacia Navigation Ltd.--9-4-70 to 9-28-72.

Adela Investment Company, S.A.--9-24-64 to 9-28-72.

Adonis Navigation Co., Ltd.--1-17-69 to 9-28-72

Aegean Marine Corporation--4-23-69 to 5-29-70.

Agronorte Ltd., S.A.--8-7-68 to 6-29-71.

Air Caribbean Transport Limited--12-4-67 to 3-31-70.

Alliance Tankers, Inc.--6-10-70 to 6-29-73.

American-Asiatic Oil Corporation--7-30-68 to 9-30-72.

American Israeli Paper Mills, Ltd.--7-19-63 to 6-29-73.

American Marine Singapore--6-24-71 to 9-27-72.

Amoco Carrier Company--7-1-71 to 4-2-73.

Amoco Tankers Company--7-29-71 to 4-2-73.

Amoco Transport Company (formerly Interhemisphere Transport Co.)--6-29-66 to 4-2-73.

Andacollo Mining Company, Ltd.--9-16-66 to 7-29-71.

Anglo-Lautaro Nitrate Company, Ltd.--7-19-63 to 12-29-71.

Anglo-Philippine Oil & Mining Corporation--1-22-70 to 9-28-72.

Antilles International Salt Company, N.V.--10-26-65 to 9-28-72.

Antilles Steamship Company, Ltd.--8-31-67 to 3-31-69 and 5-29-70 to 4-2-73.

Arctic LNG Transportation Company--4-19-68 to 3-31-69.

Arger Navigation, Ltd.--10-27-66 to 7-29-67.

Aris Steamship Company, Ltd.--3-27-67 to 1-29-68.

Associates of Fiji, Limited--8-26-72 to 9-28-73.

Atlas Consolidated Mining & Development Corporation--7-16-70 to 4-2-73. Attica Maritime, Ltd.--12-26-68 to 9-28-72.

Banco Centroamericano de Integracion Economica--9-1-70 to 9-28-72.

Banco De Investimento and Desenvoluimento Industrial, S.A.--3-29-67 to 4-1-68.

Banco Granai & Townson, S.A.--12-4-69 to 3-30-72.

Banco Inmobiliaro, S.A.--12-4-69 to 3-30-72.

Bank Leumi Le-Israel B.M.--5-3-65 to 4-2-73.

Banque Internationale pour L'Afrique Occidentale--4-1-65 to 4-1-68.

Bantry Transportation Co.--9-6-66 to 4-2-73.

Barracuda Tanker Corp.--2-8-65 to 9-28-72.

Basic Resources International, Ltd.--6-29-72 to 9-28-72.

Benquet Consolidated, Inc.--7-19-63 to 8-20-68.

Bogo-Medellin Milling Co., Inc.--7-20-65 to 12-29-72.

Botswana RST Limited--3-20-68 to 4-2-73.

Boundsgreen Company, Limited--3-25-72 to 3-30-73.

Brascan, Limited (formerly Brazilian Light & Power Co., Inc.)--2-18-65 to 4-2-73.

British West Indian Airways Limited--8-29-68 to 4-2-73.

Brown Brothers de Mexico, S.A.--4-11-66 to 3-31-70.

Brunei LNG Limited--7-1-72 to 4-2-73.

Caja Central de Ahorroso y Prestamos para la Vivienda--11-25-69 to 4-2-73.

Calabrian (Thailand) Co., Ltd.--6-30-67 to 6-30-69.

Calbiochem Africa Limited--4-30-69 to 3-31-70.

Canadian International Power Co., Ltd.--7-19-63 to 4-2-73.

Caribbean Cement Company, Ltd.--7-2-67 to 4-2-73.

Caribbean Empire Company, Ltd.--7-2-68 to 3-31-69.

Caribbean Leisurewear Inc.--8-24-71 to 6-29-72.

Caribbean Sulphur Shipping Company of Liberia--6-22-67 to 3-30-72. Caxinas, S. de R.L.--5-20-66 to 3-31-69.

Cayman Island Shipping Company, Ltd. (formerly Island Shipping Company Ltd.)--7-6-67 to 3-31-69.

Central American Allied Investors, S.A.--1-12-66 to 3-31-70.

CE-rrey, S.A.--6-24-66 to 3-30-72.

Coastal Caribbean Oils & Minerals, Ltd.--4-4-65 to 4-2-73.

Commercial Flor Amarillo, C.A.--5-16-70 to 2-28-73.

Communicaciones, S.A.--7-29-66 to 1-29-68.

Companhia-Minera do Lobito, S.A.R.L.--4-5-67 to 4-2-73.

Compania de Celulose do Ultramar Portugues, S.A.R.L.--2-4-66 to 3-31-67.

Compania de Luz y Fuerza del Centro, S.A.--11-25-64 to 3-31-69.

Compania Desarrolladora Panamena, S.A.--6-27-67 to 3-31-69.

Compania Hotelera El Presidente, S.A. de C.V. (formerly Inmobiliari Rocasola, S.A.)--9-9-69 to 4-2-73.

Compania Shell de Venezuela, Ltd.--5-25-65 to 4-2-73.

Consolidated Mines, Inc.--10-13-65 to 3-31-66.

Construcciones Gilbane de Colombia, S.A. (formerly Limitoda)--4-28-67 to 3-31-71.

Construcciones Populares, S.A. de C.V.--7-8-65 to 3-31-66 and 12-29-71 to 4-2-73.

Constructora de Vivendas de Bogota, Ltda.--11-28-66 to 6-30-67.

Constructora y Urbanizadora Escambia, S.A. de C.V.--8-15-68 to 3-31-70.

Continental Homes, Ethiopia, Private Limited--10-22-71 to 4-2-73.

Credit and Development Corporation--5-17-65 to 4-2-73.

Deltec Panamerica S.A.--3-13-66 to 12-29-69.

ECL Industries, Ltd.--7-19-63 to 3-31-70.

EHMO S.A.--3-7-68 to 12-30-68.

Elscint Limited--9-1-72 to 4-2-73.

Ensom City Limited--4-23-65 to 3-31-66.

Enterprise Shipping Corporation S.A.--7-29-71 to 4-2-73.

Equadorian Corporation, Limited--7-19-63 to 3-31-66.

Etz Lavud Limited--7-22-69 to 8-31-72.

Evergreen Tankers, Inc.--10-22-71 to 6-29-72.

Evie Navigation Co., Ltd.--10-24-67 to 11-29-68 and 6-30-70 to 9-28-72.

Executive Investment Company, Ltd.--10-16-70 to 3-31-71.

Falconbridge Dominicana, C. por A.--1-1-70 to 4-2-73.

Federacion Hondurena de Cooperatives de Vivienda Ltda.--5-23-72 to 4-2-73.

Fieldston Navigation Co., Inc.--8-7-68 to 9-28-72.

Financiera Bancomer, S.A.--3-18-69 to 4-2-73.

Financiera Metropolitan S.A.--12-10-68 to 4-2-73.

Golarfruit, Inc.--4-11-66 to 3-31-67.

Grand Bassa Tankers, Inc.--1-25-65 to 4-2-73.

Guana Island Club (The)--3-24-70 to 1-29-73.

Hawaiian-Philippine Company--8-3-65 to 12-29-72.

Heinz Alimentos S.A. de C.V.--12-13-66 to 7-29-67.

H.M.B. Holdings, Ltd.--10-27-71 to 4-2-73.

Hotel Condesa del Mar. S.A. (formerly Hotel Ritz Acapulco, S.A.)--7-24-68 to 4-2-73.

IDB Bankholding Corporation Limited--12-30-69 to 4-2-73.

Inagua Bay, Inc.--3-18-68 to 3-31-69.

Inaugua Spray, Inc.--7-25-67 to 3-31-69.

Industria Electrica de Mexico, S.A.--7-19-63 to 4-2-73.

Industrial Development Bank of Israel, Ltd.--12-30-71 to 4-2-73.

Inmobiliaria Urbana, S.A.--8-26-71 to 4-2-73.

Intercontinental Maritime Ltd.--9-27-67 to 9-30-68 and 6-30-70 to 9-28-72.

Intermediaria de Viviendas Cia, Ltd.--12-3-69 to 4-2-73.

International Halliwell Mines, Ltd.--(formerly Consolidated Halliwell, Ltd.)--7-19-63 to 2-22-72.

International Investment Corporation for Yugoslavia, S.A.--11-25-69 to 3-30-72.

International Scientific, Ltd.--6-28-68 to 3-31-69 and 11-29-69 to 3-31-70.

IPC Finance Ltd.--3-7-66 to 5-29-72.

Iran Shell, N.V.--7-26-66 to 3-31-67.

Israel Bank of Agriculture Ltd.--3-1-72 to 6-29-73.

Israel Corporation, Ltd. (The)--6-30-69 to 8-31-72.

Israel Discount Bank, Ltd.--1-1-64 to 4-2-73.

Israel Land Development Company, Ltd.--5-1-70 to 9-28-70.

Jamaica Public Service Company, Ltd.--1-11-65 to 4-2-73.

Jamaica Telephone Company, Ltd. (The)--7-16-69 to 4-2-73.

Jardines de Guadelupe, S.A.--5-25-67 to 11-29-68.

Kilembe Copper Cobalt Ltd.--1-4-65 to 4-2-73.

Korea Explosives Co., Ltd.--9-22-69 to 3-30-72.

Kupat-Am-Bank, Ltd.--8-3-65 to 3-31-69.

Kyung In Energy Co., Ltd.--1-10-70 to 4-2-73.

La Gloria Palacios, S.A. de C.V.--9-30-65 to 3-31-67.

La Luz Mines Limited--11-23-65 to 12-29-72.

La Tabacalero Mexicana, S.A.--7-19-63 to 11-2-64 and 5-7-65 to 3-31-66.

Latin American Agribusiness Development Corp.--11-26-69 to 1-29-73.

Lepanto Consolidated Mining Co.--6-9-66 to 4-2-73.

Liberian Iron Ore Limited--7-19-63 to 4-2-73.

Luzon Stevedoring Corp.--9-30-65 to 3-31-67.

Marcopper Mining Corp.--10-5-67 to 3-30-72.

Marinduque Mining and Industrial Corporation--5-16-67 to 4-2-73.

Marpac, Inc.--9-25-71 to 3-30-72.

Mexican Light and Power Co., Ltd.--7-19-63 to 3-31-69 and 1-31-70 to 3-31-71.

Micron, Inc.--7-30-70 to 3-31-71.

Midepsa Industries Limited--11-24-65 to 10-30-72.

Montego Freeport Limited--8-1-72 to 11-29-72.

Moran International Towing Corp.--3-31-66 to 3-31-71.

Motorship Tankers, Inc.--11-30-64 to 3-31-68.

Nadi Beach Hotel, Ltd.--6-24-72 to 9-28-73.

National Iranian Tanker Company (Monrovia), Ltd.--7-19-63 to 11-2-64 and 11-30-64 to 3-31-66.

Naviera Panamericana, S.A.--4-11-66 to 3-31-67.

Nchanga Consolidated Copper Mines Limited--7-25-67 to 9-28-70.

Nchanga Consolidated Copper Mines, Ltd. (formerly Bancroft Mines, Ltd.)--9-1-70 to 9-27-72.

Nicaraguan Hotel Company, Ltd. (The)--11-30-67 to 3-31-71.

Norlin Corporation (formerly ECL Industries, Inc.)--5-26-69 to 4-2-73.

Norsul Oil & Mining Ltd.--3-9-65 to 9-30-72.

Ocean Charters Corporation--10-1-69 to 3-31-71.

Ocean Oil Traders, Inc.--4-11-66 to 3-31-67.

Ocean Oil Transport, Inc.--4-11-66 to 3-31-67.

Ocean Ore Shipping Corp.--4-11-66 to 3-31-67.

Oriental Petroleum & Minerals Corp.--3-26-71 to 7-31-72.

Oriole Shipping Corp.--4-11-66 to 3-31-67.

Oswego Chemical Carriers Corp.--7-24-65 to 4-2-73.

Oswego Latex Carrier Corp.--12-1-71 to 4-2-73.

Oswego Marine Corp.--8-27-65 to 4-2-73.

Oswego Merchant Corp.--7-1-71 to 4-2-73.

Oswego Navigation Corp.--10-21-65 to 4-2-73.

Oswego Tanker Corp.--2-25-65 to 4-2-73.

Oswego Unity Corp.--11-10-65 to 4-2-73.

Pago Mining Limited--5-20-68 to 3-31-69.

Paper Industries Corporation of the Philippines--5-28-70 to 4-2-73.

Parimentos Mexicanos--8-2-67 to 3-31-68.

Pasco International Limited--6-16-67 to 3-30-72.

Pato Consolidated Gol Dredging Limited--7-19-63 to 4-2-73.

Peruvian Investments & Finance Ltd.--6-16-66 to 9-28-67.

Philex Mining Corp.--10-28-68 to 4-2-73.

Philippine Long Distance Telephone Co.--11-30-64 to 5-31-72.

Philippine Oil Development Co., Inc.--7-19-63 to 11-2-64, 11-24-64 to 3-31-66, and 5-1-71 to 4-2-73.

Philippine Overseas Drilling & Oil Development Corp.--6-29-71 to 9-28-72.

Pioneer Natural Resources Exploration Co., Inc.--7-28-71 to 4-2-73.

Polar LNG Shipping Corp.--4-19-68 to 3-31-69.

Premier Consolidated Oilfields, Ltd.--7-19-63 to 6-31-69.

Private Investment Company for Asia, S.A.--12-26-68 to 4-2-73.

Proyecto Viru Sociedad Anomina--5-17-65 to 4-1-68.

P. T. Indonesia Satellite Corporation--1-19-68 to 4-2-73.

Purina Korea Inc.--12-21-67 to 4-1-68.

Republic Resources & Development Corp.--7-29-71 to 3-30-72.

Resorts of the World N.V.--9-15-70 to 9-28-71.

Rhokana Corporation Limited--7-25-67 to 9-28-70.

Roan Consolidated Mines Ltd. (formerly Mufulira Copper Mines, Ltd.)--5-29-70 to 11-30-72. Roan Selection Trust Ltd.--1-25-65 to 9-28-72.

Rocky Point Development Company Limited (The)--6-3-69 to 5-1-70.

Rosita Mines Limited--11-23-65 to 12-29-67.

Royal Amesterdam N.V.--10-20-70 to 3-31-71.

San Carlos Milling Co., Inc.--7-19-63 to 4-2-73.

San Jose Oil Company, Inc.--1-6-65 to 3-30-72.

San Miguel Corporation--7-19-63 to 4-2-73.

Servicio Pan Americano de Proteccion, C.A. (Venezuela)--10-30-68 to 4-2-73.

Servicio Pan Americano de Proteccion, S.A.--10-25-68 to 9-28-70.

Shell Curacao, N.V.--5-31-72 to 4-2-73.

Shell Exploratie en Productia Mastshappij, N.V.--5-25-65 to 3-31-66.

Shell Finance (Development) Co., Ltd.--5-25-65 to 3-31-67.

Shell Quimica de Venezuela, C.A.--5-25-65 to 4-2-73.

Signess Shipping Company, Inc.--11-30-64 to 3-31-67.

Societe Hoteliere de la Baie de Marigot, S.A.--12-13-66 to 3-31-70 and 10-8-70 to 3-30-72.

Societe Internationale Financiere Pour Les Investissements Et Le Development En Afrique--9-11-70 to 3-31-71.

Space Marine Transport Company--9-23-65 to 3-31-69.

St. John d'el Rey Mining Company, Ltd.--11-30-71 to 7-2-72.

Standard (Philippines) Fruit Corp.--9-1-66 to 4-3-72.

Sterling Tankers Corporation--10-27-65 to 3-31-67.

TACA International Airlines, S.A.--10-22-65 to 3-30-68.

TAW International Leasing Corporation--12-11-68 to 11-29-72.

T.C. Trading Company, Ltd.--12-16-71 to 9-28-72.

"Tefahot" Israel Mortage Bank Limited--12-16-71 to 8-31-72.

Telefonos de Mexico, S.A.--4-29-66 to 4-2-73.

Tidal Marine Steamship Co.--1-30-71 to 7-31-72. Tourist Industry Development Corporation Limited--7-31-71 to 4-2-73.

Trans-Mediterranean Airways S.A.L.--10-24-67 to 4-1-68.

Trinity Marine Corporation--1-1-64 to 4-2-73.

Trinity Navigation Corporation--11-25-64 to 4-2-73.

Triple Ocean Operation, Inc.--4-11-66 to 3-31-67.

Tropical Gas Co., Inc.--9-16-66 to 4-2-73.

Tropigas Carriers, Inc.--7-16-68 to 4-2-73.

Tropigas Tankers, Inc.--9-28-66 to 4-2-73.

Tubos de Acero de Mexico, S.A.--7-19-63 to 4-2-73.

Twin Americas Agricultural & Industrial Developers, Inc.--12-21-67 to 9-28-72.

Twin Ocean Operation, Inc.--4-11-66 to 3-30-68.

Ultrafertil S.A. Industria e Comercio de Fertilizantes--9-14-67 to 12-29-72.

Universal Gas and Oil Company, Inc. (formerly Universal Gas, Ltd.)--12-23-71 to 3-30-72.

Urbanizaciones Guacara, C.A.--5-7-65 to 4-1-68.

Urbanizaciones Guayance, C.A.--1-17-67 to 3-31-69.

Victorias Milling Co., Inc.--6-20-67 to 1-31-70 and 5-28-70 to 1-29-73.

West Indies Plantations, Limited--2-29-68 to 12-29-70.

Westwaters Shipping Inc.--1-28-65 to 4-1-68.

Zambia Copper Investments Limited--9-1-70 to 9-28-72.

Zambian Anglo American, Limited--7-25-67 to 9-28-72.

Zuari Agro Chemicals Limited--3-10-70 to 4-2-73.

The Service, from time to time, will publish updated lists of corporations qualifying as less developed country corporations for certain stated periods.

Revenue Ruling 72-159, C.B. 1972-1, 362 is hereby superseded.