Слике страница
PDF
ePub
[graphic]

§ 6285. (Act April 9, 1912, c. 75, § 15.) Regulations.

The Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, may make all needful regulations for the carrying into effect of this Act. (37 Stat. 83.) § 6286. (Act April 9, 1912, c. 75, § 16.) Internal revenue laws ap

plicable. Sections thirty-one hundred and sixty-four to thirty-one hundred and seventy-seven, thirty-one hundred and seventy-nine to thirty-two hundred and forty-three, thirty-three hundred and forty-six as amended, thirty-four hundred and twenty-nine as amended, thirty-four hundred and forty-five to thirty-four hundred and forty-eight, thirty-four hundred and fifty to thirty-four hundred and sixty-three, all inclusive, of the Revised Statutes of the United States, and all other provisions and penalties of existing law relating to internal revenue so far as applicable, are hereby made to extend to and include and apply to the taxes imposed by this Act and to the articles upon which and to the persons upon whom they are imposed. (37 Stat. 83.)

R. S. 88 3164-3177, 3179–3243, 3346, mentioned in this section are set forth ante, 88 5844–5970.

R. S. $ 3429, also mentioned in this section, as amended by Act Feb. 27, 1877, c. 69, § 1, 19 Stat. 248, and by Act March 1, 1879, c. 125, § 17, 20 Stat. 349, to read as there set forth, was re-enacted, without material change in the Wilson Tariff Act of Aug. 27, 1894, c. 349, 8 42, set forth post, 8 6314, to which the provision of this section may be regarded as applying.

R. S. 88 3445–3448, 3450_3463, also mentioned in this section, are set forth

post, 88 6342, 6343, 6349, 6350, 6352-6365. § 6287. (Act April 9, 1912, c. 75, § 17.) Time of taking effect of

act. This Act shall take effect on July first, nineteen hundred and thirteen, except as previously provided in this Act; and except as to its application to the sale or removal of white phosphorus matches by the manufacturers, as to which it shall take effect on January first, nineteen hundred and fifteen. (37 Stat. 84.)

CHAPTER EIGHT

Banks and Bankers Sec.

Sec. 6288. Definition of words "bank,6295. Banks' and bankers' monthly re“banker."

turns. 6289. Tax on circulation of banks oth- 6296. In default of return, Commiser than national banks.

sioner to estimate, etc. 6290. Tax on notes of State banks, 6297. State banks converted into namunicipal corporations, etc.,

tional banks; returns, how used as circulation.

made. 6291. Banks' returns; payment of tax; 6298. Provisions for bank tax and repenalties.

turns not to apply to national 6292. Tax op circulation.

banks. 6293. Taxes, when payable.

6299. Insolvent bank exempt from tax. 6294. Circulation, when exempted from tax.

[graphic]

§ 6288. (R. S. § 3407.) Definition of words "bank," "banker."

Every incorporated or other bank, and every person, firm, or company having a place of business where credits are opened by the deposit or collection of money or currency, subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, or where stocks, bonds, bullion, bills of exchange, or promissory notes are received for discount or for sale, shall be regarded as a bank or as a banker.

Act June 30, 1864, c. 173, $ 79, 13 Stat. 251. Act July 13, 1866, c. 184, § 9, 14 Stat. 115. § 6289. (Act Feb. 8, 1875, c. 36, § 19.) Tax on circulation of

banks other than national banks. Every person, firm, association other than national bank associations, and every corporation, State bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for circulation and paid out by them. (18 Stat. 311.)

This and the two sections next following were provisions of an act to amend existing customs and internal revenue laws, cited above. § 6290. (Act Feb. 8, 1875, c. 36, § 20.) Tax on notes of State

banks, municipal corporations, etc., used as circulation. Every such person, firm, association, corporation, State bank, or State banking association, and also every national banking association, shall pay a like tax of ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them. (18 Stat. 311.)

This section superseded R. S. 88 3412, 3413. § 6291. (Act Feb. 8, 1875, c. 36, § 21.) Banks' returns; pay

ment of tax; penalties. The amount of such circulating notes, and of the tax due thereon, shall be returned, and the tax paid at the same time, and in the same manner, and with like penalties for failure to return and pay the same, as provided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. (18 Stat. 311.)

The time for payment of taxes was prescribed by R. S. § 3409, post, $ 6293.
Monthly returns were required by R. S. § 3414, post, $ 6295.

Insolvent banks were not to be required to pay the tax, by Act March 1, 1879, c. 125, $ 22, post, $ 6299. § 6292. (R. S. § 3408.) Tax on circulation.

There shall be levied, collected, and paid, as hereafter provided :

*

Third. A tax of one-twelfth of one per centum each month upon the average amount of circulation issued by any bank, association, corporation, company, or person, including as circulation all certified checks and all notes and other obligations calculated or in

[graphic]

*

[ocr errors]

*

*

tended to circulate or to be used as money, but not including that in the vault of the bank, or redeemed and on deposit for said bank; and an additional tax of one-sixth of one per centum each month upon the average amount of such circulation, issued as aforesaid, beyond the amount of ninety per centum of the capital of any such bank, association, corporation, company, or person.

In the case of banks with branches, the tax herein provided shall be assessed upon the circulation of each branch severally, and the amount of capital of each branch shall be considered to be the amount allotted to it. *

* Act June 30, 1864, c. 173, § 110, 13 Stat. 277. Act July 13, 1866, c. 184, $ 9, 14 Stat. 137. Act June 6, 1872, c. 315, $ 37, 17 Stat. 256.

This section, as enacted in the Revised Statutes, contained three subsec tions. The first imposed a tax on deposits, the second on capital, and the third is set forth here. The subsections were followed by a provision erempting savings banks from the tax on deposits. This provision was amended by Act March 1, 1879, c. 125, § 22, 20 Stat. 351. The taxes imposed by the first and second subsections were repealed by Act March 3, 1883, c. 121, § 1, 22 Stat. 488. The provision as to savings banks, as amended, was also superseded by said section.

Taxation of national banks was provided for by R. S. 88 5214–5219, post, 88 9779-9784.

National banking associations having circulating notes secured otherwise than by bonds of the United States were required to pay a tax on such notes by Act May 30, 1908, c. 229, $ 9, as amended by the Federal Reserve Act of Dec. 23, 1913, c. 6, § 27, post, $ 9743.

The special taxes imposed on bankers by the War Revenue Act of June 13, 1898, c. 448, § 2, 30 Stat. 448, and the amendment thereto by Act March 2, 1901, c. 806, § 2, 31 Stat. 938, were abrogated by the repeal of that section by Act April 12, 1902, c. 500, $ 2, 32 Stat. 96.

The Secretary of the Treasury was authorized to adjust and remit certain taxes and penalties claimed to be due from mining and other corporations by

Act March 3, 1875, c. 167, 18 Stat. 507. § 6293. (R. S. § 3409.) Taxes, when payable.

The taxes provided in the preceding section shall be paid semiannually, on the first day of January and the first day of July; but the same shall be calculated at the rate per month as prescribed by said section, so that the tax for six months shall not be less than the aggregate would be if such taxes were collected monthly.

Act June 30, 1864, c. 173, $ 110, 13 Stat. 277. Act July 13, 1866, c. 184, $ 9, 14 Stat. 146. Act June 6, 1872, c. 315, § 37, 17 Stat. 256.

The tax on bank circulation imposed by Act Feb. 8, 1875, c. 36, $$ 19, 20, ante, $$ 6289, 6290, was required to be paid at the time and in the manner provided by law by section 21 of said act, also set forth ante, 8 6291.

(R. S. § 3410. Superseded.) This section provided that the capital of a State bank ceasing to exist, or being converted into a national bank, should be assumed to be the capital as it existed immediately before such bank ceased to exist or was so converted. It was superseded by the repeal of the taxes on capital and deposits of banks

by Act March 3, 1883, c. 121, § 1, 22 Stat. 488. § 6294. (R. S. $ 3411.) Circulation, when exempted from tax.

Whenever the outstanding circulation of any bank, association, corporation, company, or person is reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation; and whenever any bank which has ceased to issue notes for circulation deposits in the Treasury of the United States, in lawful money, the amount of its outstanding circulation, to be redeemed at par, under such regulations as the Secretary of the Treasury shall prescribe, it shall be exempt from any tax upon such circulation.

[graphic]

Act March 3, 1865, c. 78, § 14, 13 Stat. 486. Act July 13, 1866, c. 181, § 9 bis, 14 Stat. 146.

(R. S. 88 3412, 3413. Superseded.) R. S. § 3412, required banks to pay a tax on the amount of notes of a person or State bank or State banking association used for circulation and paid out by them.

R. S. § 3413, required banks to pay a tax on the amount of notes of municipal corporations paid out by them.

Both these sections were superseded by Act Feb. 8, 1875, c. 36, 820, set

forth ante, § 6290. § 6295. (R. S. § 3414.). Banks' and bankers' monthly returns.

A true and complete return of the monthly amount of circulation, [of deposits, and of capital,] as aforesaid, and of the monthly amount of notes of persons, town, city, or municipal corporation, State banks, or State banking associations paid out as aforesaid for the previous six months, shall be made and rendered in duplicate on the first day of December and the first day of June, by each of such banks, associations, corporations, companies, or persons, with a declaration annexed thereto, under the oath of such person, or of the president or cashier of such bank, association, corporation, or company, in such form and manner as may be prescribed by the Commissioner of Internal Revenue, that the same contains a true and faithful statement of the amounts subject to tax, as aforesaid; and one copy shall be transmitted to the collector of the district in which any such bank, association, corporation, or company is situated, or in which such person has his place of business, and one copy to the Commissioner of Internal Revenue.

Act June 30, 1864, c. 173, § 110, 13 Stat. 278. Act July 13, 1866, c. 184, § 9 bis, 14 Stat. 147. Act March 26, 1867, c. 8, § 2, 15 Stat. 6. Act June 6, 1872, c. 315, $ 37, 17 Stat. 256. Act Dec. 24, 1872, c. 13, § 5, 17 Stat. 403.

The words of this section "of deposits, and of capital,” inclosed in brackets, were superseded by the repeal of taxes on deposits and capital by Act March 3, 1883, c. 121, § 1, 22 Stat. 488.

The taxes on circulation of banks other than national banks, and on banks using as circulation or paying out the notes of State banks and municipal corporations, were fixed by Act Feb. 8, 1875, c. 36, $$ 19, 20, ante, $8 6289, 6290. Banks were required to make the returns of such circulation, as pre

scribed by this section, by section 21 of said act, also set forth ante, $ 6291. § 6296. (R. S. § 3415.) In default of return, Commissioner to

estimate, etc. In default of the returns provided in the preceding section, the amount of circulation, [deposit, capital,] and notes of persons, town, city, and municipal corporations, State banks, and State banking associations paid out, as aforesaid, shall be estimated by the Commissioner of Internal Revenue, upon the best information he can obtain. And for any refusal or neglect to make return and payment, any such bank, association, corporation, company, or person so in default shall pay a penalty of two hundred dollars, besides the additional penalty and forfeitures provided in other cases.

[graphic]

Act June 30, 1864, c. 173, $ 110, 13 Stat. 278. Act July 13, 1866, c. 184, 8 9 bis, 14 Stat. 147. Act Dec. 24, 1872, c. 13, & 2, 17 Stat. 402.

The words of this section, “deposit, capital,” inclosed in brackets, were superseded by the repeal of taxes on deposits and capital by Act March 3, 1883, c. 121, § 1, 22 Stat. 488.

See notes to preceding section. § 6297. (R. S. § 3416.) State banks converted into national

banks; returns, how made. Whenever any State bank or banking association has been converted into a national banking association, and such national banking association has assumed the liabilities of such State bank or banking association, including the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such circulation shall exceed five per centum of the capital before such conversion of such State bank or banking association.

Act March 3, 1865, c. 78, § 14, 13 Stat. 486. Act July 13, 1866, c. 184,

§ 9 bis, 14 Stat. 146. § 6298. (R. S. § 3417, as amended, Act Feb. 18, 1875, C. 80, § 1.)

Provisions for bank tax and returns not to apply to national

banks. The provisions of this chapter, relating to the tax on the [deposits, capital, and] circulation of banks, and to their returns, except as contained in sections thirty-four hundred and ten, thirtyfour hundred and eleven, thirty-four hundred and twelve, thirtyfour hundred and thirteen, and thirty-four hundred and sixteen, and such parts of sections thirty-four hundred and fourteen, and thirty-four hundred and fifteen as relate to the tax of ten per centum on certain notes, shall not apply to associations which are taxed under and by virtue of Title "National Banks."

Act June 30, 1864, c. 173, § 110, 13 Stat. 278. Act July 13, 1866, c. 184, § 9 bis, 14 Stat. 146. Act Feb. 18, 1875, c. 80, 18 Stat. 319.

This section, as enacted in the Revised Statutes, was amended by inserting, among the sections mentioned, the words "thirty-four hundred and thirteen," as set forth here, by Act Feb. 18, 1875, c. 80, § 1, cited above.

The words of this section, “deposits, capital and," inclosed in brackets, were superseded by the abolition of taxes on deposits and capital by Act March 3, 1883, c. 121, § 1, 22 Stat. 488.

Insolvent national banks were exempted from tax by Act March 1, 1879, c. 125, § 22, set forth post, $ 6299.

R. S. § 3410, mentioned in this section, was superseded by the abolition of the tax on capital by Act March 3, 1833, c. 121, § 1, 22 Stat. 488. R. S. 88 3412, 3413, also mentioned in this section, were superseded by Act Feb. 8, 1875, c. 36, § 20, ante, $ 6290. R. S. 88 3411, 3414, 3415, 3416, also

mentioned in this section, are set forth ante, 88 6294–6297. § 6299. (Act March 1, 1879, c. 125, § 22.) Insolvent bank exempt

from tax. Whenever and after any bank has ceased to do business by reaCOMP.ST.'13–177

(2817)

« ПретходнаНастави »