OCR Text |
Show DIGEST OF STAMP TAX DECISIONS Commissioner of International Revenue Reve-nue Decides Questions as to What Instruments Require Stamps. Because of somo doubt as to what instruments the war revenue law applies ap-plies tho Internal revenue collector has Issued a statement embodying important impor-tant points decided by the commissioner commis-sioner of internal revenue. Transfers of stock from guardian to ward aro subject to taxation, Porfected stock issued in lieu of common stock is not taxable when there is no change of ownership. Where one certificate represents ?overal Bhares, the tax of 2 cents on jach $1000 or fraction thereof is to be reckoned on the face value of tno certificate, and not on the face value of each separate share. Receipts accepted in lieu of promib. sory notes, as evidence of moncy.loan-cd, moncy.loan-cd, must be stamped as promissory notes. Checks issued in lieu of promissory promis-sory notes, as evidence of money loaned, loan-ed, must be stamped at the rate of 2 cents per $100. No stamp Is required upon tho transfer by indorsement of promissory promis-sory notes. Promissory notes which have matured ma-tured and have been allowed to run without suit or held not to be renewed re-newed by the payment of interest. This is looked upon as a "forbear ance" and not a renewal, the holder not relinquishing his right of action for any stated period. Memorandum receipts for freight, afterwards exchanged for bills of lading, lad-ing, must be stamped when issued. Bills of lading or receipts from transportation companies may include more than one shipment therein, provided pro-vided that a stamp or stamps, amounting amount-ing in vnluo to 1 cent for each shipment ship-ment shall be nfllxed thereto and cancelled. can-celled. The fact that an individual holds a telegraph frank has no bearing upon the question of liability or non-liability to stamp tax of the message sent by Buch frank holder. Bonds of municipal officers require stamping. Bonds of notaries public arc subject to tax. Bonds of administrators, executors, guardians, and receivers appointed by tho courts are not taxable. Bonds given by public ofilcors such as sheriffs, clerks, registers, or recorders record-ers of deeds, treasurers of counties, cities, or towns, or other public ofilcors of ljke character, aro required to be stamped. Bonds required in legal proceedings nre exempt from stamp tax. Letters of administration and other probate payers, certificates of redemption redemp-tion do not require stamps. Teacher's certificates issued by state or county officers do not require a stamp. Certificates of authority issued to insurance agents by stato ofllcerB are subject to taxation, and tho rato imposed im-posed is 10 cents on each certificate. Certificates attached to depositions to bo used in legal proceedings are not taxable. Certificates required by law issued by any department or officer of the government, nt tho request of private persons, solely for private use, should bo stamped. Tho stamp should be furnished fur-nished by the person npplying for the instrument and for whose uso and benefit the same is issued and should be affixed before tho document is delivered. de-livered. Certificates of officers of tho United States, given in tho discharge of official of-ficial functions necessary in carrying on tho machinery of tho government, are exempt. Certificates issued by an officer of a state, in tho interest of the state, are exempt. A mnrriage certificate, to bo returned re-turned to any officer of a state, county, 'ity, or town, to constitute part of a public record, requires no stamp. A marriago certificate issued by the officiating of-ficiating clergyman or magistrate and given to the parties, if required by law, must bo stamped nt tho rate of 10 cents, A stamp is required on certificates of incorporation. The certificate of a clerk of a court intt curuiicuiu ui u tiuin. ui u tuun to the qualification of a notary public, or justice of the peace, is held to be a certificate requiring a stamp. A certificate of acknowledgment to n deed is $100 or less does not require a stamp. Certificate of protest must bo stamped. stamp-ed. The memorandum on the back of a deed or mortgage, made by tho register regis-ter or recorder, that tho instrument has been placed upon record, is not .subject to taxation. In reckoning tho stamp tax on transfers of certificates of shares of stock, tho tax is reckoned on the face of value. |