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regardless of its payment in installments. The policy must have
the stamp affixed to it; the application must not be stamped.
(Vol. 2, Treas. Dec. (1898), No. 20027.)

Stamp tax on reinsurance policies; opinion of Attorney-Gen-
eral. Feb. 3, 1899. No tax accrues on a contract between life
insurance companies for reinsurance upon any life or lives.
(Vol. 1, Treas. Dec. (1899), No. 20677.)

Change of beneficiaries in life insurance policies; when taxable. (Vol. 1, Treas. Dec. (1899), No. 20726.)

Guaranty and fidelity insurance policies. When the policies
should be stamped as policies of insurance and not as bonds.
(Vol. I, Treas. Dec. (1899), No. 20781.)

Opinion of the Attorney-General on reinsurance policies.
March 2, 1899. No tax accrues on a contract between life, fire,
and marino insurance companies for reinsurance. (Vol. 1, Treas.
Dec. (1899), No. 20789.)

When policies of reinsurance of fire-insurance policies are
written in the United States and the policy which is reinsured
is not subject to taxation by reason of being issued in a foreign
country, the reinsurance policy should be stamped. (Vol. 1,
Treas. Dec. (1899), No. 21229.)

Policies of accident insurance, whereon the premiums are payable in installments, should be stamped, when issued, on a basis of the full premium charged for the whole term. The policy can not be stamped on a basis of the first premium paid and the application stamped as succeoding premiums are paid. (Vol. 2, Treas. Dec. (1899), No. 21646.)

Bonds of indemnity, and fidelity and guaranty insurance

(Vol. 3, Treas. Dec. (1900), Int. Rev. No. 15.) (22) Lease, agreement, memorandum, or contract for the Leases. hire, use, or rent of any land, tenement, or portion thereof,

If for a period of time not exceeding one year, twentyfive cents.

If for a period of time exceeding one year and not exceeding three years, fifty cents. If for a period exceeding three years, one dollar.

Receipts setting forth terms of a lease required to be stamped as a lease, unless there has been a separate lease made which has been duly stamped. (Vol. 2, Treas. Dec. (1898), No. 19684.)

Transfer of lease subject to taxation for the unexpired term. (Vol. 2, Treas. Dec. (1898), No. 20069.)

When an interest in a lease is assigned, the assignment is subject to taxation. The rate is a proportional one, and based on the rate that would accrue were the lease, instead of an interest

in the same, assigned. (Vol. 1, Treas. Dec. (1899), No. 20915.) (23) Manifest for custom-house entry or clearance of the Manifest for cargo of any ship, vessel, or steamer for a foreign port

try, etc. If the registered tonnage of such ship, vessel, or steamer does not exceed three hundred tons, one dollar.

Exceeding three hundred tons, and not exceeding six hundred tons, three dollars.

Exceeding six hundred tons, five dollars.

(24) Mortgage or pledge, of lands, estate, or property, real Mortgage or or personal, heritable, or movable, whatsoever, where the personal prop

pledge, real same shall be made as a security for the payment of any

erty. definite and certain sum of money, lent at the time or previously due and owing or forborne to be paid, being payable; also any conveyance of any lands, estate, or property Rate of tax. whatsoever, in trust to be sold or otherwise converted into money, which shall be intended only as security, either by express stipulation or otherwise; on any of the foregoing


custom-house en.


Assignment or exceeding one thousand dollars and not exceeding one trausfer of mort thousand five hundred dollars, twenty-five cents; and on gage, lease, pol. icy of insurance each five hundred dollars or fractional part thereof in excess or renewal of con. tract, etc.

of fifteen hundred dollars, twentyfive cents: Provided, That upon each and every assignment or transfer of a mortgage, lease, or policy of insurance, or the renewal or continuance of any agreement, contract, or charter, by letter or otherwise, a stamp duty shall be required and paid at the same rate as that imposed on the original instrument.

Joint Resolution to amend section twenty-fire of the Act passed June thirteenth, eighteen hundred and ninety-eight, entitled " In Act to provide ways and means to meet war expenditures, and for other purposes. Approved, February 28, 1899. (30 Stat., 1390.)

That an Act passed June thirteenth, eighteen hundred and ninety-eight, entitled "An Act to provide ways and means to meet war expenditures, and for other purposes," be amended

by adding to the end of Schedule A, section twenty-five, the Ono stamp re- following: Whenever any bond or note shall be secured by a quired.

Tas shall be mortgage, or deed of trust, but one stamp shall be required to highest rate. be placed upon such papers: Provided, That the stamp tax

placed thereon shall be the highest rate required for said instruments, or either of them."

Stamp tax; bonds and mortgages. Act of February 28, 1899, not retroactive. (Vol. 1, Treas. Dec. (1899), No. 20981.)

Opinion of the Attorney-General, July 17, 1899, relative to the stamping of bonds secured by mortgages or deeds of trust issued by corporations under act of June 13, 1898, as amended by act of February 28, 1899, and ruling of the Commissioner of Internal Revenue thereunder. Case of B. & 0. R. R. Co. Under this opinion it is permissible to affix the necessary stamps either to the mortgage or to the bonds, as parties may eleot. (Vol. 2, Treas. Dec. (1899), No. 21400.)

Where a mortgage or deed of trust secures more than one bond or note the total tax accruing on all the bonds or notes should be compared with the tax accruing on the mortgage or deed of trust, and the stamp representing the highest tax may be affixed to either the bonds or the notes, as the parties may elect. (Vol. 2, Treas. Dec. (1899), No. 21471.)

Collateral securities pledged for loans. When certificates of stock or other securities are pledged for a loan, the stamp tax is to be reckoned, not on the face value of the certificates (or securities), but on the amount of money loaned (above $1,000). (Vol. 2, Treas. Dec. (1898), No. 19736.)

Pledge of insurance policy to secure loan not taxable if the amount secured is less than $1,000. If loan exceeds $1,000 it is taxable as a pledge of personal property. Pledge of insurance policy not such an assignment as requires a stamp at the same rate as imposed on the original instrument. (Vol. 2, Treas. Dec. (1898), No. 19841.)

Pledging of collateral securities and instruments. (Op. Atty. Gen., Sept. 21, 1898; Vol. 2, Treas. Dec. (1898), No. 20193.)

Releases of mortgages and of deeds of trust operating as mortgages are not subject to taxation, no matter in what form they are executed. (Vol. 2, Treas. Dec. (1898), No. 20140.)

Stamping of a note secured by a pledge of collateral under amendment approved February 28, 1899, to the act of June 13, 1898. (Vol. 1, Treas. Dec. (1899), No. 20949.)

Stamp tax; pledge of collateral. Collateral deposited as security for a credit for $10,000 on open account is subject to taxation as a pledge, and but one tax on the original pledge, no matter how many times the loan is made and paid. (Vol. 1, Treas. Dec. (1899), No. 21014.)

Agricultural liens and chattel mortgages conveying crops to socure supplies taxable. (Vol. 1, Treas. Dec. (1899), No. 21076.)

Power of attor.

The conveyance used under the statutes of the State of Georgia in cases where the payment of a debt is secured by pledging of real estate is taxable under the paragraph in Schedule A relating to mortgage or pledge. Tho “bond to reconvey” is subject to a tax of 50 cents. (Vol. Treas. Dec. (1899), No.

21667.) (25) Passage ticket, by any vessel from a port in the Passage ticket United States to a foreign port, if costing not exceeding United States to thirty dollars, one dollar.

a foreign port. Costing more than thirty and not exceeding sixty dollars, three dollars. Costing more than sixty dollars, five dollars.

Revocation of ruling that tickets issued in Canada for passage on a vessel sailing from a United States port are not subject to stamp tax. (Vol. 2, Treas. Dec. (1898), No. 20004.)

Members of foreign diplomatic corps are not required to pay tax on passage tickets by vessel from a port in the United States

to a foreign port. (Vol. 2, Treas. Dec. (1898), No. 20196.) (26) Power of attorney or proxy for voting at any election Power of attorfor officers of any incorporated company or association, voting.

ney or proxy for except religious, charitable, or literary societies, or public cemeteries, ten cents.

(27) Power of attorney to sell and convey real estate, or to rent or lease the same, to receive or collect rent, to sell ney. or transfer any stock, bonds, scrip, or for the collection of any dividends or interest thereon, or to perform any and all other acts not hereinbefore specified, twenty-five cents: Provided, That no stamps shall be required upon any papers Exemption. necessary to be used for the collection of claims from the United States for pensions, back pay, bounty, or for property lost in the military or naval service.

An instrument authorizing the secretary to transfer stock on the books of the company held not to be taxable as a power of attorney. (Vol. 2, Treas. Dec. (1899), No. 21467.)

An instrument appointing an attorney in fact to transfer stook on the books of the company requires to be stamped as a power of atvorney, but an instrument authorizing the secretary to make the transfer is held not to be a power of attorney. (Vol.

2, Treas. Dec. (1899), No. 21563.) (28) Protest: Upon the protest of every note, bill of ex- Protest. change, acceptance, check or draft, or any marine protest, whether protested by a notary public or by any other officer who may be anthorized by the law of any State or States to make such protest, twenty-five cents.

(29) Warehouse receipt for any goods, merchandise, or property of any kind held on storage in any public or ceipt. private warehouse or yard, except receipts for agricultural products deposited by the actual grower thereof in the regular course of trade for sale, twenty-five cents: Provided, Exemption on

manifest, bill of That the stamp duties imposed by the foregoing schedule lading, etc! on manifests, bills of lading, and passage tickets shall not apply to steamboats or other vessels plying between ports of the United States and ports in British North America.

Warehouse receipts for perishable goods. Definition of warehouse. A receipt for storage of fresh meats, vegetables, etc., for home-market consumption, from day to day and in small quantities, not a “warehouse receipt,” and not subject to stamp tax. (Vol. 2, Treas Dec. (1898), No. 19737.)


Warehouse re.

Every separate consignment requires stamp tax. Such consignment may occupy several days in delivery. Stamp to be aftixed to the evidence of storage or delivery. (Vol. 2, Treas. Dec. (1898), No. 19840.)

Opinion of the Attorney-General on the question of the proper construction to be put upon the clause relative to stamps upon warehouse receipts. (Vol. 1, Treas. Dec. (1899), No. 20484.)

The elements necessary to constitute a taxable warehouse receipt:

The written instrument should have at least four elements embodied in it. First, the fact must appear that goods, merchandise, or property are being dealt with. Second, that they are being dealt with in regard to storage, directly or indirectly. Third, there must appear some acknowledgment or receipt of the goods, merchandise, or property received for storage. This acknowledgment or receipt should be made by the warehouseman in propria persona, or by someone by such person authorized. Fourth, someone must appear as the storer of the goods, either as the owner of same or the agent of said owner; and whenever these four facts appear this office is of the opinion, and so holds, that this instrument is subject to a tax of 25 cents. (Vol. 1, Treas. Dec. (1899), No. 20646.)

Where cotton has been received for compression and handling and remains longer than the alloted time, no tax as a warehouse receipt accrues on the bill presented for the charges for storage. (Vol. 1, Treas. Dec. (1899), No. 20883.)

Conditions under which a bill of lading will be operative as a warehouso receipt and subject to taxation as such. (Vol. 1, Treas. Dec. (1899), No. 20911.)

When dray tickets evidencing a storage are taxable as warehouse receipts and when not taxable. (Vol. 1, Treas. Dec. (1899), No. 21079.)

When a warehouse receipt for grain is pledged as security for a loan, a tax accrues as a pledge, whether the pledge is made by the producer of the grain or by a dealer in grain. (Vol. 2, Treas. Dec. (1899), No. 21497.)

Books, household furniture, pictures, statuary, and wearing apparel not considered as "valuables; and when safe-deposit or other companies receive such articles on deposit for hire, the receipts issued therefor must be stamped as warehouse receipts. The word “valuables” as used in paragraph 143, Circular 503, revised, detined. (Vol. 2, Treas. Dec. (1899), No. 21558.)

When no regular warehouse receipt has been issued in exchange for cartmen's tally tickets covering goods delivered for storage, then each tally ti«ket will be held to cover a separate consignment, and

will require be stamped as a warehouse receipt. (Vol. 2, Treas. Dec. (1899), No. 21493.)

Pawnbrokers' tickets not a warehouse receipt where the article is not deposited for storage purposes, but as a pledge. (Vol. 2, Troas. Dec. (1899), No. 21524.)


Medicinal pro- (1) Medicinal proprietary articles and preparations: For prietary articles and prepara and upon every packet, box, bottle, pot, or phial, or other tions.

inclosure, containing any pills, powders, tinctures, troches or lozenges, sirups, cordials, bitters, anodynes, tonics, plasters, liniments, salves, ointments, pastes, drops, waters, (except natural spring waters and carbonated natural spring waters), essences, spirits, oils, and all medicinal preparations or compositions whatsoever, made and sold, or removed for sale, by any person or persons whatever, wherein the person making or preparing the same has or claims to have any private formula, secret, or occult art for the making or preparing the same, or has or claims to


have any exclusive right or title to the making or preparing the same, or which are prepared, uttered, vended, or exposed for sale under any letters patent, or trade-mark, or which, if prepared by any formula, published or unpublished, are held out or recommended to the public by the makers, venders, or proprietors thereof as proprietary medicines, or medicinal proprietary articles or preparations, or as remedies or specifics for any disease, diseases, or affection whatever affecting the human or animal body, as follows: Where such packet, box, bottle, pot, phial, or Rate of tax. other inclosure, with its contents, shall not exceed, at the retail price or value, the sum of five cents, one-eighth of one cent.

Where such packet, box, bottle, pot, phial, or other inclosure, with its contents, shall exceed the retail price or value of five cents and shall not exceed, at the retail price or value, the sum of ten cents, two-eighths of one cent.

Where such packet, box, bottle, pot, phial, or other inclosure, with its contents, shall exceed the retail price or value of ten cents and shall not exceed at the retail price or value the sum of fifteen cents, three-eighths of one cent.

Where each packet, box, bottle, pot, phial, or other inclosure, with its contents, shall exceed the retail price or value of fifteen cents and shall not exceed the retail price or value of twenty-five cents, five eighths of one cent. And for each additional twenty-five cents of retail price or value or fractional part thereof in excess of twenty-five cents, five eighths of one cent.

Such articles in the hands of wholesale or retail dealers July 1, 1898, must be stamped when sold at retail. (Vol. 1, Treas. Dec. (1898), No. 19527.)

Insect powders not taxable. (Vol. 1, Treas. Dec. (1898), No. 19557.)

Soaps are taken out of the category of toilet or laundry articles by a special claim being made for their curative or healing properties, or for their effects on the skin or complexion, and in such cases the packages containing the same must be stamped as medicinal or cosmetic articles. (Vol. 1, Treas. Dec. (1898), No. 19564.)

Malt extract is liable to stamp tax under Schedule B, the same as other medicines if advertised as a tonic. The fact that the substance of the article has already paid tax as beer does not operate to exempt it from tax in its new and medicinal form. (Vol. 2, Treas. Dec. (1898), No. 19599.)

Extracts of beef and food preparations. (Vol. 2, Treas. Dec. (1898), No. 19687.)

Bitters will be presumed to be medicinal preparations and taxable, unless the nonmedicinal character is clearly shown. (Vol. 2, Treas. Dec. (1898), No. 19703.)

Bad faith in fixing the retail price of articles by the manu-
facturer. (Vol. 2, Treas. Dec. (1898), No. 20324.)

Opinion of the Attorney-General in regard to the taxability
of medicinal preparations under Schedule B._(Circular No. 205,
Int. Rev. No. 519; Dec. 22, 1898. Vol. 2, Treas. Dec. (1898),
No. 20460.)

Abridged cautionary notice may be affixed to samples of medi-
cines intended for gratuitous distribution in certain cases. (Vol.
2, Treas. Dec. (1899), No. 21611.)

Method of computing taxes on medicines furnished by physicians who advertise their ability to cure diseases. (Vol. 2, Treas. Dec. (1899), No. 21612.)

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