Subject: stock mat econ. For purposes of applying the above tests for exchange treatment, in general, your proportionate stock ownership takes into account not only the stock owned directly or indirectly by you, but also the stock mat is owned constructively through a "related party". In addition, if you hold options or warrants to acquire stock of Visa Inc. directly, indirectly or constructively through a "related party", you will be treated as holding the stock represented by such options or warrants.
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