TABLE 28.-Description of public debt issues outstanding June 30, 1972-Continued

Certificates of indebtedness, at various interest rates...
Treasury bills....

Amount
outstanding

Total excess profits tax refund bonds..

National bank notes, redemption account (act of July 14, 1890 (31 U.8.C. 408)).

Federal Reserve bank notes, redemption account (act of Dec. 23, 1913 (12 U.S.C. 467)). Thrift and Treasury savings stamps...

Total debt bearing no interest.

SUMMARY

Debt of U.S. Government agencies......
Gross debt (including $33,938,737,817.99 to finance expenditures of Government corporations for which securities of such corporations are held by the Treasury). 427, 184, 032, 026.22

Total gross public debt and debt of U.S. Government agencies..
Deduct debt not subject to statutory limitation 25.
Add participation certificates (12 U.S.C. 1717 (c)).

Total debt subject to limitation 25.

1 Payable on date indicated except where otherwise noted. Where 2 dates are shown
for Treasury bonds, first date is earliest call date and second date is maturity date.
Reconciliation by classification to the basis of daily Treasury statement is shown
in table 26.

Treasury bills are shown at maturity value and are sold on a discount basis with
competitive bids for each issue. The average sale price on these series gives an approxi-
mate yield on a bank discount basis (360 days a year) as indicated opposite each issue of
bills. This yield differs slightly from the yield on a true discount basis (365 or 366 days
a year) which is shown in the summary table 26.

In addition, $204,310,000 issued Mar. 6, 1972.

Represents strip of additional amount of outstanding Treasury bills, $204,310,000
maturing July 6, 1972.

Redeemable at par and accrued interest to date of payment, at any time upon the
death of the owner at the option of the duly constituted representative of the deceased
owner's estate, provided entire proceeds of redemption are applied to payment of
Federal estate taxes on such estate.

1Of this amount $33,834,500 face amount was issued in exchange for Series F and G
savings bonds maturing in the calendar years 1963 and 1964, and $102,000 face amount
was issued for cash.

The principal dollar equivalent of this security increased as a result of the revalua
tion of the Deutsche mark on Oct. 26, 1969. The increase in the principal amount will
be absorbed by the Exchange Stabilization Fund upon redemption. COUN FR bus-

Redeemable prior to maturity upon proper advance notice in which case the
interest rates would be adjusted downward to reflect the shorter life of the obligation.
10 Redeemable prior to maturity in whole or in part as per agreement.

These bonds are subject to call by the United States for redemption prior to
maturity.

12 Issued at par. Semiannual interest is added to principal.

13 May be exchanged at option of owner for marketable 11⁄2 percent 5-year Treasury notes, dated Apr. 1 and Oct. 1 immediately preceding the date of exchange.

473, 852, 850.00
427, 657, 884, 876. 22

622, 932, 507.30
1,465, 000, 000.00
428, 499,952, 368.92

14 Includes $316,389,000 of securities received by Federal National Mortgage Associa-
tion in exchange for mortgages.

15 Amounts issued and retired for Serles E savings bonds and for savings notes in-
clude accrued discount; amounts outstanding are stated at current redemption value.
Amounts issued, retired, and outstanding for Series H are stated at par value.
16 Redeemable after 1 year from issue date at option of owner.

17 At option of owner, savings notes may be held and will accrue interest for additional
10 years.
18 Unclassified redemptions of savings notes are included in unclassified redemptions
of Series E savings bonds beginning May 1, 1968.

19 At option of owner, bonds dated May 1, 1941, through Apr. 1, 1952, may be held
and will accrue interest for additional 30 years; bonds dated May 1, 1952, through Jan. 1,
1957, may be held and will accrue interest for additional 20 years; bonds dated on and
after Feb. 1, 1957, may be held and will accrue interest for additional 10 years.

20 Represents a weighted average of the approximate yields of bonds of various issue
dates within the yearly series if held to maturity or if held from issue date to end of
applicable extension period, computed on the basis of bonds outstanding June 30, 1971.
(For details of yields by issue dates, see Treasury Circulars No. 653 (Eighth Revision)
for Series E and No. 905 (Fifth Revision) for Serles H dated Dec. 12, 1969.)

21 Bonds dated June 1, 1952, through Jan. 1, 1957, may be held and will earn interest
for additional 20 years: bonds dated Feb. 1, 1957, through Nov. 1, 1965, may be held
and will earn interest for additional 10 years. ER BEG 435
page

22 For detailed information see 1956 Annual

23 Not subject to the statutory debt limitation.

24 After deducting amounts officially estimated to have been lost or irrevocably
destroyed.

25 For statutory limit on the public debt, see tables 31 and 32.

Footnotes continued on following page.

Footnotes continued from previous page.

(e) Treasury bills are not considered capital assets under the Internal Revenue
Code of 1954. The difference between the price paid for the bills and the amount ac-
tually received upon their sale or redemption at maturity for Federal income tax pur-
poses is to be treated as an ordinary gain or loss for the taxable year in which
the transaction occurs.

(f) Income derived from these securities is subject to all taxes now or hereafter im-
posed under the Internal Revenue Code of 1954.

(g) In some cases any gain or loss derived from the exchange will be taken into account for Federal income tax purposes upon the disposition or redemption of the new securities. See table 29 for securities involved.

(h) Where this security was issued in connection with the advance refunding ex

change, the Secretary of the Treasury has declared, pursuant to Section 1037(a) of the
Internal Revenue Code of 1954, that any gain or loss on account of the exchange may be
taken into account for Federal income tax purposes either in the taxable year of the
exchange or (except to the extent that cash was received) in the taxable year of disposi-
tion or redemption of the securities received in the exchange. Any gain to the extent
that cash was received by the subscriber (other than an interest adjustment) must be
recognized in the year of the exchange. For those securities included in the advance
refunding see table 29.

(1) These issues, being investments of various Government funds and payable only
for the account of such funds, have no present tax liability.

MEMORANDUM RELATING TO OTHER SECURITIES:
Securities of the United States payable on presentation:
U.S. registered interest checks payable..
U.S. interest coupons due and outstanding.
Interest payable with and accrued discount added to principal
of U.S. securities..

Total..

$10, 633, 764, 38

71, 850, 121.98
3,760, 196.72
86,244, 083. 08