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interest on Lib. * erty loan bonds.

United States, be exempt both as to principal and interest from any and all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing

authority. Exemption of

Section 1. [Act of September 24, 1918 ( 40 Stat., 965).]

That until the expiration of two years after the date of the termination of the war between the United States and the Imperial German Government, as fixed by proclamation of the President

(1) That interest on an amount of bonds of the fourth Liberty loan the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, shall be exempt from graduated additional income taxes, commonly known as surtaxes, and excess and war profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations;

(2) The interest received after January 1, 1918, on an amount of bonds of the first Liberty loan converted, dated either November 15, 1917, or May 9, 1918, the second Liberty loan, converted and unconverted, and the third Liberty loan, the principal of which does not exceed $15,000 in the aggregate, owned by any individual, partnership, association, or corporation, shall be exempt from such taxes: Provided, however, That no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding one and one-half times the principal amount of bonds of the fourth Liberty loan originally subscribed for by such owner and still owned by him at the date of his tax return; and

(3) The interest on an amount of bonds, the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, issued upon conversion of 3} per centum bonds of the first Liberty loan in the exercise of any privilege arising as a consequence of the issue of bonds of the fourth Liberty loan, shall be exempt from such taxes.

The exemption provided in this section shall be in addition to the exemption provided in section 7 of the second Liberty bond act in respect to the interest on an amount of bonds and certificates, authorized by such act and amendments thereto, the principal of which does not exceed in the aggregate $5,000, and in addition to all other exemptions provided in the second Liberty bond act.

Regulations with reference to exemption of interest on Liberty bonds held or subscribed for by trustees, parterships and corporations under supplement to second Liberty

bond act. (T. D. 2762.) SECTION 1. [Act of March 3, 1919 (40 Stat., 1309).] That the Second Liberty Bond Act is hereby amended by adding thereto a new section to read as follows:

Sec. 18. (a)

(b) The notes herein authorized may be issued in any Exemption of one or more of the following series as the Secretary of loan bonds. the Treasury may prescribe in connection with the issue thereof:

(1) Exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority;

(2) Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excessprofits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations;

(3) Exempt, both as to principal and interest, as provided in paragraph (2); and with an additional exemption from the taxes referred to in clause (b) of such paragraph, of the interest on an amount of such notes the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation; or

(4) Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) all income, excess-profits, and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations.

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interest,

SEC. 2. (a) That until the expiration of five years : Exemption of after the date of the termination of the war between the United States and the German Government, as fixed by proclamation of the President, in addition to the exemptions provided in section 1 of the Second Liberty Bond Act in respect to the interest on an amount of bonds and certificates, authorized by such Act and amendments thereto, the principal of which does not exceed in the aggregate $5,000, and in addition to all other exemptions provided in the Second Liberty Bond Act or the Supplement to Second Liberty Bond Act, the interest received on and after January 1, 1919, on an amount of bonds of the First Liberty Loan Converted, dated November 15, 1917, May 9, 1918, or October 24, 1918, the Second Liberty Loan converted and unconverted, the Third Liberty Loan, and the Fourth Liberty Loan, the principal of which does not exceed $30,000 in

*

the aggregate, oined by any individual, partnership, association, or corporation, shall be exempt from graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations.

(b) In addition to the exemption provided in subdivision (a), and in addition to the other exemptions therein referred to, the interest received on and after January 1, 1919, on an amount of the bonds therein specified the principal of which does not exceed $20,000 in the aggregate, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes therein specified : Provided, That no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding three times the principal amount of notes of the Victory Liberty Loan originally subscribed for by. such owner and still owned by him at the date of his tax return.

SEC. 3.

SEC. 4. That section 3 of the Fourth Liberty Bond Act

is hereby amended to read as follows: Exemptions as “ Sec. 3. That, notwithstanding the provisions of the and foreign cor. Second Liberty Bond Act or of the War Finance Core

poration Act or of any other Act, bonds, notes, and certificates of indebtedness of the United States and bonds of the War Finance Corporation shall, while beneficially owned by a nonresident alien individual, or a foreign corporation, partnership, or association, not engaged in business in the United States, be exempt both as to principal and interest from any and all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States or by any local taxing authority."

to

nonresidents

Circular relating to tax exemptions of Liberty bonds and Victory notes. (T. D. 2836.)

For purposes of additional tax exemption for Liberty bonds and Victory notes of either series issued upon conversion of Victory notes of the other series which were originally subscribed for by any taxpayer will be deemed to have been originally subscribed for by such taxpayer. (T. D. 2857. )

Interest on 4 per cent Victory notes converted into 37 per cent Victory notes, and on 31 Victory notes converted into 44 Victory notes. (T. D. 2865.)

porations.

PROVISIONS COMMON TO SEVERAL OBJECTS OF

TAXATION.

Sec. 3441. Repealed. 3442. Obsolete. 3443. Fraudulent claims for drawback;

penalty. 3444. Collector's monthly account of

articles in bonded warehouses

and articles exported. 3445. Stamps, instruments for attach

ing, canceling, etc. 3446 (amended). Power to alter or

change stamps, marks, labels,

etc. 1. Act of August 15, 1876. Stamps

to be sent to officers by mail,

registered. 3447. Where mode of assessing or col

lecting tax is not provided for;

regulations authorized. 3148. Internal-revenue laws, when co

extensive with jurisdiction of

United States. 3119. Removing liquors under other

than the proper name known to

the trade; penalty. 3450. Removing or concealing articles

with intent to defraud; for

feiture and penalty. 3451. Fraudulently executing docu

ments; penalty. 3452. Having property in possession

with intent to sell in fraud of

law or to evade taxes; penalty. 3453. Property found in possession in

fraud of revenue laws; forfei

ture. 3454, Sales to evade tax; forfeiture. 3455. Disposing of or receiving or mak

ing empty stamped packages;

penalties. 3456. Penalty and forfeiture by dis

tillers, etc., for omitting things required and for doing things

forbidden. 3457. Packages included in forfeiture

of goods. 3458. Goods seized may be delivered to

marshal before process issues,

etc. 3459. Bonding of goods seized. 3460. Proceedings on seizure of goods

valued at $500 or less. 3461. Application for remission. 3462. Search warrants. 1-23. Act June 15, 1917–Title XI.

Same. 3463. Informers' rewards. 1. Act of July 1, 1918. Appropria

tion for detecting frauds. 3464. Purchasing for the Government

goods subject to tax.

Sec.
2982 (amended). Foreign war vessels.
3433 (amended). Articles for exporta-

tion, manufactured in bonded

warehouses. IV. Par. M, act of October 3, 1913.

Manufacturer of articles in tended for exportation ir

bondled warehouses. 20. Act of March 1, 1879, as amended

by act of May 28, 1880. Withdrawal of spirits by manufac

turer of cordials, etc. 15. Act of May 28, 1880. Allowance

for leakage. 3434. Superseded by Par. 1, Sec. IV,

act of October 1913. IV. Par. O, act of October 3, 1913.

Drawback equal to tax on domestic alcohol used in medici

nal and toilet preparations. IV. Par. P, act of October 3, 1913.

Articles reimported on which no revenue tax was paid, or,

if paid, was refunded. 3465. Construction of act March 2,

1833. Act of August 13, 1894, amended.

Guarantee corporation may be accepted as sole surety on recognizances, stipulations,

bonds, and undertakings. 1320. Act of February 24, 1919. Liberty

or other United States bonds

in lieu of surety bonds. Act of August 5, 1909. Bonds

from surety companies; joint

commission. 5. Legislative, executive, and ju

dicial appropriation act of

March 2, 1895. Official bonds. 1, 2. Act of August 8, 1888. Xotice of

deficiency in accounts of prin. cipals to be given to sureties upon bonds of United States officials; limitation of time within which suits shall be

brought against sureties. Legislation relative to Hawaii,

Porto Rico, the Philippines,

and the Virgin Islands. Provisions of act of February

24, 1919, of general application:

1. Definitions. 1305. Laws part of act; re

turns on notice from Commissioner; examination of books, etc.

[blocks in formation]

Provisions of act of February

24, 1919, of general applica-
tion-Continued.
1306. Floor taxes; returns ;

time for payment;

extension of time. 1307. Mode of collecting

taxes; stamp taxes.
1308. Failure to pay, col-

lect account for and
pay over tax or to
to make return or

supply information.
1309. Rules and regula-

tions; attestation

to certain returns.
1310. Credit of overpay-

ments or overcollec-
tions; payment of
taxes on sales on
credit; taxes on
article sold or leased

for export.
1311. Use of existing

stamps.

Provisions of act of February

24, 1919, of general applica-
tion-Continued.
1312. Payment of taxes by

vendee or lessee in

certain cases. 1313. Fractional part of

cent disregarded. 1314. Certificates of indebt

edness, etc., receiyable in payment of

certain taxes. 1318. Jurisdiction of dis

trict courts; issue

of writs, 1319. False statements as

to tax in connection

with sales or leases. 1400. Repeal of acts. 1402. Effect of partial in

validity of act. 1405. Citation of act. 1408. Copies of contracts

with United States. 1409. Effective date of act.

Sec. 3441. Relative to drawback on fermented liquors; repealed by act of June 18, 1890 (26 Stat., 162). See

page 317.

SEC. 3442. Obsolete by repeal of section 3141. Fraudulent claims for draw

Sec. 3143. Whenever any person fraudulently claims back; penalty. or seeks to obtain an allowance of drawback on goods,

wares, or merchandise on which no internal duty shall have been paid, or fraudulently claims any greater allowance of drawback than the tax actually paid as aforesaid, he shall forfeit triple the amount wrongfully or fraudulently claimed or sought to be obtained, or the sum of five hundred dollars, at the election of the Secretary of the Treasury.

Section 3330, page 281, provides a penalty in the case of fraudulent claims for drawback on spirits, and section 25, act of February 8, 1875 (p. 391), in the case of fraudulent claims for drawback on tobacco.

Drawback is now allowed on distilled spirits, page 279 ; tobacco, snuff, cigars, cigarettes, page 393; and stills, page 164.

No drawback is allowed upon spirits bottled in bond, page 294.

Drawback allowed on articles shipped to the Philippines

or Porto Rico, page 625. Collec SEC. 3444. Every collector who has charge of any ware

in house in which distilled spirits, or other articles, are houses and arti- stored in bond, shall render a monthly account of all such cles exported. articles to the Commissioner of Internal Revenue, by

whom such account shall be examined and adjusted monthly, so as to exhibit a true statement of the responsibility of such collector thereon. In adjusting such account, the collector shall be charged with all the articles

r's monthly account of articles

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