Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MACDONALD MICHAEL C
  2. Issuer Name and Ticker or Trading Symbol
XEROX CORP [XRX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
800 LONG RIDGE ROAD, P. O. BOX 1600
3. Date of Earliest Transaction (Month/Day/Year)
02/08/2005
(Street)

STAMFORD, CT 06904
4. If Amendment, Date Original Filed(Month/Day/Year)
02/10/2005
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/08/2005   M   33,500 A $ 0 (1) 91,807 D  
Common Stock 02/08/2005   S   33,500 D $ 15.32 58,307 D  
Common Stock               4,228.78 I Employee Stock Ownership Plan
Common Stock               45 I Children
Incentive Stock Rights               55,000 D  
Xerox Stock Fund               10,518.18 I Xerox Stock Fund

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 4.75 02/08/2005(4)   M     33,500 01/01/2002(3) 12/31/2010 Common Stock 33,500 $ 0 (1) 0 D  
Stock Option $ 5.14             10/14/2007 12/31/2011 Common Stock 50,000   50,000 D  
Stock Option $ 7.885             01/01/2004(3) 12/31/2012 Common Stock 149,600   149,600 D  
Stock Option $ 10.365             01/01/2003(3) 12/31/2011 Common Stock 93,500   93,500 D  
Stock Option $ 21.7812             01/01/2005(3) 12/31/2009 Common Stock 30,000   30,000 D  
Stock Option $ 36.7032             01/01/1999(2) 12/31/2005 Common Stock 36,054   36,054 D  
Stock Option $ 46.875             01/01/1999(3) 12/31/2008 Common Stock 17,166   17,166 D  
Stock Option $ 47.5             03/01/2003 12/31/2009 Common Stock 6,282   6,282 D  
Stock Option $ 59.4375             01/01/2000(3) 12/31/2006 Common Stock 1,184   1,184 D  
Deferred Comp $ 0 (1)             08/08/1988(1) 08/08/1988(1) Common Stock $ 58,628   $ 58,628 D  
Stock Option $ 13.685             01/01/2005(3) 12/31/2011 Common Stock 77,000   77,000 D  
Stock Option $ 15.205             01/01/2005(3) 12/31/2011 Common Stock 15,000   15,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MACDONALD MICHAEL C
800 LONG RIDGE ROAD
P. O. BOX 1600
STAMFORD, CT 06904
      Senior Vice President  

Signatures

 K.W. Fizer, Attorney-In-Fact   02/10/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Not Applicable
(2) Options vest over three years, 33%, 33%, 34%, beginning in year shown.
(3) Options vest over three years, 33.3% per year beginning in year shown.
(4) Correct typographical error in date

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