A Practice Note discussing when and how to apply the Rule 802.4 exemption under the Hart-Scott-Rodino (HSR) Act, which allows a buyer in an equity acquisition to look through to that entity's underlying assets to determine if an HSR filing is required. This Note discusses the most commonly applicable HSR Act exemption, including how to identify the acquired entity's underlying assets and its exempt underlying assets, and how to determine the fair market value of the acquired entity's non-exempt assets.