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The dynamic behavior of a liquid storage tank placed on an elastic foundation is studied analytically and experimentally. The coupled method of FEM-BEM is firstly developed for the dynamic analysis of the fluid-structure-foundation coupled system and the accuracy of the method is demonstrated for the sloshing, ovaling and rocking oscillations. The results of the numerical analysis are compared with the results of experiments conducted with a flexible cylindrical tank placed on an elastic foundation. The effects of the flexibility of the foundation are finally investigated on the dynamic characteristics of coupled motion of the tank.