200.7(C)(1) allows the use of the white in a cable assembly for an ungrounded conductor if you remark it.

So yes you can run two 208 circuits.

However when I see 12/4 I am thinking one multi wire branch circuit.

Black A

Red B

Blue C

White N



[This message has been edited by iwire (edited 11-12-2006).]

Bob Badger
Construction & Maintenance Electrician
Massachusetts