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and for which a substitute is prepared and stamped, may be
refunded. (Vol. 2, Treas. Dec. (1898), No. 20125.)

Persons desiring stamps imprinted on checks or other instru-
ments must make application and payment therefor to a col-
lector of internal revenue. (Vol. 1, Treas. Dec. (1899), No. 21170.)
The Commissioner of Internal Revenue is authorized, under
certain conditions, to cause internal-revenue stamps for the pay-
ment of tax upon tobacco to be prepared elsewhere than in the
Bureau of Engraving and Printing. (18 Op. Atty. Gen., 62.).

SCHEDULE A.

STAMP TAXES.

tures, or certifi

ness on each $100,

sue of certificates

on each $100.

etc., on each $100,

(1) Bonds, debentures, or certificates of indebtedness Bonds, debenissued after the first day of July, anno Domini eighteen cates of indebted hundred and ninety-eight, by any association, company, face value, etc., or corporation, on each hundred dollars of face value or 5 cents. fraction thereof, five cents, and on each original issue, whether on organization or reorganization, of certificates On original isof stock by any such association, company, or corporation, of stock, 5 cents on each hundred dollars of face value or fraction thereof, five cents, and on all sales, or agreements to sell, or memo- On all sales, randa of sales or deliveries or transfers of shares or cer- 2 cents. tificates of stock in any association, company, or corporation, whether made upon or shown by the books of the association, company, or corporation, or by any assignment in blank, or by any delivery, or by any paper or agreement or memorandum or other evidence of transfer or sale whether entitling the holder in any manner to the benefit of such stock, or to secure the future payment of money or for the future transfer of any stock, on each hundred dollars of face value or fraction thereof, two cents: Provided, That in case of sale where the evidence of transfer is shown Transfers only by the books of the company the stamp shall be shown by books of company, placed upon such books; and where the change of owner- stamps to be ship is by transfer certificate the stamps shall be placed books. placed on upon the certificate; and in cases of an agreement to sell or where the transfer is by delivery of the certificate Stamps to be assigned in blank there shall be made and delivered by the placed on certifi seller to the buyer a bill or memorandum of such sale, to which the stamp shall be affixed; and every bill or memorandum of sale or agreement to sell before mentioned shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers. any person or persons liable to pay the tax as herein pro- Failure to vided, or anyone who acts in the matter as agent or broker stamp stock or for such person or persons, who shall make any such sale, or who shall in pursuance of any such sale deliver any such stock, or evidence of the sale of any such stock or bill or memorandum thereof, as herein required, without having the proper stamps affixed thereto, with intent to evade the foregoing provisions shall be deemed guilty of Penalty. a misdemeanor, and upon conviction thereof shall pay a fine of not less than five hundred nor more than one thousand dollars, or be imprisoned not more than six months, or both, at the discretion of the court.

And

cate.

such

memorandum.

Agreements of sale or to sell products at ex

boards of trade.

affixed on agreements, etc.

When a bond is said to be issued. Whenever a corporation issues a bond, and there accrues to the corporation a benefit or consideration for issuing the same, the bond is subject to taxation. (Vol. 2, Treas. Dec. (1898), No. 20156.)

Stamp tax; certificates of stock; sales and transfers of certificates of stock. (Vol. 2, Treas. Dec. (1898), No. 19607.)

In reckoning the stamp tax on transfers of certificates of shares, the tax is reckoned on the face value. (Vol. 2, Treas.

Dec. (1898), No. 19710.)

Transfers of shares or certificates of stock; how stamps are to be attached; stamp tax to be reckoned on face value of certificate. (Vol. 2, Treas. Dec. (1898), No. 19888.)

Transfers of stock from guardian to ward subject to taxation. (Vol. 2, Treas. Dec. (1898), No. 20070.)

Preferred stock issued in lieu of common stock not taxable when there is no change of ownership, (Vol. 1, Treas. Dec. (1899), No. 20694.)

Where brokers acting in behalf of their principals buy stock and receive stamped bills of sale in their own names, they may transfer such stock on the books of the corporation to the names of their principals without additional stamp tax. (Vol. 1, Treas. Dec. (1899), No. 20727.)

Certificates of stock of a foreign corporation when sold or delivered within the United States are liable to the same tax as certificates of stock of any domestic corporation. (Vol. 1, Treas. Dec. (1899), No. 20793.)

"Puts" and "calls." The Attorney-General decided that the former are not subject to tax, but that the latter, being agreements to sell, are taxable. (Vol. 1, Treas. Dec. (1899), No. 21151.) When a certificate of stock is presented for transfer and the power of attorney on the back thereof is dated prior to July 1, 1898, although the name of the transferee is not filled in until after that date, both the power of attorney and the certificate are required to be stamped. (Vol. 1, Treas. Dec. (1899), No. 21277.)

No tax on the closing of a stock transaction caused by margin being exhausted because of market going against speculator. (Vol. 2, Treas. Dec. (1899), No. 21707.)

The circumstances under which the memoranda issued by brokers evidencing the sale or purchase of stock need or need not be stamped. (Vol. 2, Treas. Dec. (1899), No. 21711.)

(2) Upon each sale, agreement of sale, or agreement to sell, any products or merchandise at any exchange, or board changes or of trade, or other similar place, either for present or future delivery, for each one hundred dollars in value of said sale or agreement of sale or agreement to sell, one cent, and for each additional one hundred dollars or fractional part thereof in excess of one hundred dollars, one cent: ProStamps to be vided, That on every sale or agreement of sale or agreement to sell as aforesaid there shall be made and delivered by the seller to the buyer a bill, memorandum, agreement, or other evidence of such sale, agreement of sale, or agreement to sell, to which there shall be affixed a lawful stamp or stamps in value equal to the amount of the tax on such sale. Memorandum. And every such bill, memorandum, or other evidence of sale or agreement to sell shall show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to which it refers; and any person or persons liable to pay the tax as herein provided, or anyone who acts in the matter as agent or broker for such person or persons, who shall make any such sale or agreement of sale, or agreement to sell, or who shall, in pursuance of any such sale, agreement of sale, or agreement to sell, deliver any such products or merchandise without a bill, memorandum, or other evidence

stamp memoran

thereof as herein required, or who shall deliver such bill, memorandum, or other evidence of sale, or agreement to sell, without having the proper stamps affixed thereto, with Failure to intent to evade the foregoing provisions, shall be deemed dum guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not less than five hundred nor more than one Penalty. thousand dollars, or be imprisoned not more than six months, or both, at the discretion of the court.

The provision relative to sales, or agreements to sell, of products or merchandise at any exchange or board of trade, or other similar place, and requiring the seller to give a bill or memorandum which shall be stamped, declared constitutional. Sales of live stock at stock yards come within the law, the same being a similar place to an exchange or board of trade.

The tax is not a direct tax, nor a tax upon the business itself which is so transacted, but is a duty upon the facilities made use of and actually employed in the transaction of the business, separate and apart from the business itself. (Nicol v. Ames, 173 U. S., 509; vol. 1, Treas. Dec. (1899), No. 20984.)

Transactions of live-stock exchanges-Duty of exchanges, when sale is made, or an agreement of sale, or an agreement to sell entered into, to give to buyer a bill, memorandum, or other evidence of such sale, and to place thereon the required stamp. (Vol. 2, Treas. Dec. (1898), No. 19739.)

Tax on sales "at any exchange, or board of trade, or other similar place;" live stock comes within the classification of "any products or merchandise;" "similar place" defined in reference to the selling of live stock; sales of live stock at such places as those defined subject to taxation. (Vol. 2, Treas. Dec. (1898), No. 20031.)

To constitute an exchange, board of trade, or other similar place, so as to subject the evidence of sale to tax, there must be more than one person, company, or partnership authorized to negotiate sales thereat. (Vol. 1, Treas. Dec. (1899), No. 21148.) Bucket shops defined; tax on agreements to sell shares of stock or merchandise at such places. (Vol. 1, Treas. Dec. (1899), No. 21279.)

Sales of grain made at an exchange and sales of grain made by brokers in their own offices. (Vol. 2, Treas. Dec. (1899), No. 21396.)

etc.

(3) Bank check, draft, or certificate of deposit not draw- Bank checks, ing interest, or order for the payment of any sum of money, drawn upon or issued by any bank, trust company, or any person or persons, companies, or corporations at sight or on demand, two cents.

Orders for the payment of money are required to be stamped,
although intended merely as receipts or vouchers. (Granby
Mercantile Co. v. Webster, Collector, 98 Fed. Rep., 604; vol. 3,
Treas. Dec. (1900), Int. Rev. No. 3.)

Orders drawn under a State law for the payment of money
out of the State funds, and bank checks issued by the treasurer
of the State for such payments, are exempt. (Vol. 1, Treas. Dec.
(1898), No. 19523.)

Official checks of disbursing officers of the Indian service, drawn by them against public funds, in discharge of duties imposed by law, are exempt. (Vol. 2, Treas. Dec. (1898), No. 19683.)

Checks of officers of a county or municipal corporation, drawn in their official capacity in discharge of duties imposed upon them by law, are exempt from tax. (Vol. 2, Treas. Dec. (1898), No. 19693.)

No stamp required for the withdrawal of money from savings banks by depositors on pass books. (Vol. 2, Treas. Dec. (1898), No. 19611.)

Any check or order for payment of money drawn on any person requires a 2-cent stamp. (Vol. 2, Treas. Dec. (1898), No.

19654.)

Bill of

ex

and promissory note.

Cotton tickets O. K.'d by a buyer, and paid with buyer's money in hands of third party, direct to the original payee exempt from taxation. (Vol. 2, Treas. Dec. (1898), No. 20375.)

Checks used in lieu of promissory notes must be stamped at the rate of 2 cents per $100. (Vol. 2, Treas. Dec. (1898), No. 20463.)

Checks and orders for the payment of money (inland and foreign) defined and tax designated. Letters of advice used by foreign money brokers, when taxable. (Vol. 1, Treas. Dec. (1899), No. 20648.)

Instruments used by foreign money-order brokers, when and how taxable. (Vol. 1, Treas. Dec. (1899), No. 20650.)

Statement to the effect that drafts do not become subject to taxation unless paid, wholly erroneous. (Vol. 1, Treas. Dec. (1899), No. 20871.)

Orders for the payment of money contained in acceptances of drafts require but one stamp of 2 cents, whether the drafts are at sight or on time. (Vol. 1, Treas. Dec. (1899), No. 20874.)

Bills of exchange or orders for payment of money drawn abroad, but payable in the United States at sight or on demand, require only a 2-cent stamp on each instrument. Reversal of ruling published as Treasury decision 20881 in this respect. (Vol. 1, Treas. Dec. (1899), No. 20947.)

Tax on checks, drafts, or orders for the payment of money, domestic and foreign, and definition of such instruments. (Vol. 1, Treas. Dec. (1899), No. 21021.)

Orders for payment of money by officers of lodges or beneficiary societies. Modification of ruling 58 in circular 503, revised. (Vol. 1, Treas. Dec. (1899), No. 21077.)

Banks must not affix stamps to unstamped checks presented, and must return to drawer any unstamped check presented for payment. Contrary instruction contained in Treasury decision 19606 revoked. (Vol. 2, Treas. Dec. (1899), No. 21395.)

Grain and cotton tickets cashed by a regular employee of company issuing same, or from buyer's own money in hands of third parties, not taxable if paid direct to original payee. (Vol. 2, Treas. Dec. (1899), No. 21708.)

(4.) Bill of exchange (inland), draft, certificate of deposit change (inland) drawing interest, or order for the payment of any sum of money, otherwise than at sight or on demand, or any promissory note except bank notes issued for circulation, and for each renewal of the same, for a sum not exceeding one hundred dollars, two cents; and for each additional one hundred dollars or fractional part thereof in excess of one hundred dollars, two cents. And from and after the first day of July, eighteen hundred and ninety-eight, the provisions of this paragraph shall apply as well to original domestic money orders issued by the Government of the United States, and the price of such money orders shall be increased by a sum equal to the value of the stamps herein provided for.

Bill

of

ex

Certificates of deposit to secure the payment of gas bills taxable as certificates of deposit drawing interest. (Vol. 2, Treas. Dec. (1898), No. 20003.)

Certificates of deposit payable on demand and bearing interest if left for specified time require a 2 cent stamp when issued, and if paid subsequent to time interest accrues, additional stamps at rate of 2 cents per $100. (Vol. 2, Treas. Dec. (1898), No. 20420.)

Renewal of note does not of itself renew the pledge securing it; pledge must be specifically renewed to subject it to taxation. (Vol. 2, Treas. Dec. (1898), No. 20118.)

(5.) Bill of exchange (foreign) or letter of credit (including change (foreign) orders by telegraph or otherwise for the payment of money issued by express or other companies or any person or persons), drawn in but payable out of the United States, if

drawn singly or otherwise than in a set of three or more, according to the custom of merchants and bankers, shall pay for a sum not exceeding one hundred dollars, four cents, and for each one hundred dollars or fractional part thereof in excess of one hundred dollars, four cents.

If drawn in sets of two or more: For every bill of each set, where the sum made payable shall not exceed one hundred dollars, or the equivalent thereof, in any foreign currency in which such bill may be expressed, according to the standard of value fixed by the United States, two cents; and for each one hundred dollars or fractional part thereof in excess of one hundred dollars, two cents.

Where drawn in sets of two or more.

(6) Bills of lading or receipt (other than charter party) Bill of lading for any goods, merchandise, or effects, to be exported from (export).

a port or place in the United States to any foreign port or

place, ten cents.

See exception at the end of Schedule A.

Only one stamp required upon bills of lading issued in sets of two or more covering but one shipment. Treasury decision 21169 modified. (Vol. 2, Treas. Dec. (1899), No. 21496.)

Relative to export bills of lading subject to stamp tax. (Circular No. 109, Int. Rev. No. 544, Aug. 24, 1899; vol. 2, Treas. Dec. (1899), No. 21538.)

Opinion of the Attorney-General, January 2, 1900, on the question of the taxability of export bills of lading, or receipts issued for goods shipped from the United States to Canada or Mexico by rail; such instruments taxable at the rate of one cent only. (Vol. 3, Treas. Dec. (1900), No. 6.)

(7) EXPRESS AND FREIGHT: It shall be the duty of every Express and railroad or steamboat company, carrier, express company, freight. or corporation or person whose occupation is to act as such, to issue to the shipper or consignor, or his agent, or person from whom any goods are accepted for transportation, a bill of lading, manifest, or other evidence of receipt and forwarding for each shipment received for carriage and transportation, whether in bulk or in boxes, bales, packages, bundles, or not so inclosed or included; and there Each duplicate shall be duly attached and canceled, as is in this Act provided, to each of said bills of lading, manifests, or other memorandum, and to each duplicate thereof, a stamp of the value of one cent: Provided, That but one bill of lading Newspaper shall be required on bundles or packages of newspapers when inclosed in one general bundle at the time of shipment. Any failure to issue such bill of lading, manifest, Failure to issue or other memorandum, as herein provided, shall subject such railroad or steamboat company, carrier, express com

bill of lading, etc.

bundles.

pany, or corporation or person to a penalty of fifty dollars Penalty.
for each offense, and no such bill of lading, manifest, or
other memorandum shall be used in evidence unless it
shall be duly stamped as aforesaid.

United States v. Wells, Fargo & Co. Express (96 Fed. Rep.,
835).

Crawford v. Hubbell (89 Fed. Rep., 961).

The common carrier shall issue bills of lading, manifest, or other evidence of receipt and forwarding. "Shipment" defined: On a through bill of lading it is one shipment, though several modes of conveyance are employed. Every separate shipment requires evidence that it has been made, and to the evidence the stamp is affixed. (Vol. 2, Treas. Dec. (1898), No. 19829.)

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