10 18 UNIVERSITY OF CALIFORNIA LOS ANGELES SCHOOL OF LAW LIBRARY SUPPLEMENT TO TREASURY DECISIONS (T. D. 2867) TREASURY DEPARTMENT UNITED STATES INTERNAL REVENUE REGULATIONS 55 RELATING TO V | 1 ON DOCUMENTS (EXCEPT ON ISSUE, SALES AND TRANSFERS OF - CERTIFICATES OF STOCK AND SALES OF PRODUCTS FOR FUTURE DELIVERY) IMPOSED BY TITLE XI OF THE REVENUE ACT OF 1918 (APPROVED, FEBRUARY 24. 1919) WASHINGTON GOVERNMENT PRINTING OFFICE 1919 s 5Q \9)$ is re m. REGULATIONS RELATING TO ON DOCUMENTS (Except on issue, sales, and transfers of certificates of stock and sales of products for future delivery) UNDER TITLE XI OF THE REVENUE ACT OF 1918. [Public No. 254, G5th Cong., H. R. 128G3.] Page. Table of contents 5 Part I. Regulations • 11 Part II. Title XI. Stamp taxes, revenue act of 1918 35 Title XIII. Administrative provisions 39 Index 43 (3) TABLE OF CONTENTS. PART I. STAMP TAXES on Documents. Page. Schedule A 1. Bonds of indebtedness 11 Article 1 . Delivery essential to issue 11 2. "Foregoing" defined 11 3. Bonds accompanying real estate mortgages 11 4. Bond renewed by agreement extending mortgage 11 5. Agreement extending maturity of mortgage bond ; additional bond 11 6. Stamps to be affixed to bonds or indenture; bonds to bear legend 11 7. Interim certificates and temporary bonds 12 8. Instruments issued by corporations in numbers, under a trust indenture, are bonds 12 9. Scrip dividend certificates or warrants 12 10. Instrument styled a bond and under seal a bond 12 11. Business property investment bond 12 12. Instrument assigning interest in bond 12 13. Certificates of deposit; Morris plan banks 12 14. Conditional bills of sale 13 15. Certificates of indebtedness issued by receivers 13 1G. Bonds of indebtedness executed and delivered as security 13 17. Bonds executed in Canada and delivered in the United States. . 13 18. Bonds issued in satisfaction of insurance policies 13 19. Bonds issued by school districts 13 Schedule A 2. Bonds, indemnity and surety 13 Article 20. Guarantee under seal 13 21. Bonds of brewers, etc. ; notation to be made on duplicates 13 22. Guarantee title insurance policies 14 23. Indemnity and fidelity bonds and premiums thereon 14 24. Rate and amount of premium charged to be shown on face of bond or policy 14 25. What premiums taxable; notation to be made on renewal or continuance certificates and stamps to be affixed thereto 14 26. Agreements to build; bonds for faithful performance of con- tract 15 27. Bonds required in legal proceedings 15 28. Bonds of public officials 15 29. Bonds of depositaries designated by court 15 30. Bonds of warehousemen and jitney-bus owners 15 31. Agreements to hold harmless, not under seal and without surety 15 32. Amount of the tax 15 (5) Schedule A 3. (See Regulations No. 40, Revised 1919, covering this Page. subject) 1" Schedule A 4. (See Regulations No. 40, Revised 1919, covering this subject) 1" Schedule A 5. (See Regulations No. 40, Revised 1919, covering this subject) 1" Schedule A 6. Drafts, checks, and promissory notes 16 Article 33. Drafts and checks payable otherwise than at sight or on demand. 16 34. Time draft or check taxable on acceptance or delivery 16 35. Drawee, payee, or indorsee to see that tax is paid 16 36. Draft drawn abroad, on foreign drawee, with foreign payee 16 37. Inability to tax determined by form or face of check or draft. . 16 38. Draft accepted for payment at future date 17 39. Trade acceptances '■ 17 40. Drafts against actual shipments 17 41 . Time draft covering export to foreign country 17 42. Time draft to eecuro purchase money 17 43 . Time drafts covering period of transit to seaboard 17 44. Time drafts payable in foreign countries 17 45. Time drafts covering shipments to Canal Zone 17 46. Time drafts covering shipments to Virgin Islands, Philippines, and Porto Rico 17 47. Timo drafts covering shipments from Virgin Islands, Philip- pines, and Porto Rico 17 48. "Promissory note' ' defined 18 49. Notes payable on demand promissory notes - 18 50. Promissory notes given as security 18 51. Renewal of promissory note taxable 18 52. Extension or renewal of promissory note by extension of mort- gage by which secured 18 53. Promissory note secured by joint-stock land bank mortgage 18 54. Promissory notes issued by foreign governments 18 55. Promissory notes secured by obligations of the United ' States. . 18 56. Promissory notes secured by certificates of indebtedness issued by Director General of Railroads or by bonds of the War Fi- nance Corporation 18 57 . Suspension of payment or forbearance 18 58. Coupons and interest notes 18 59. Payment of interest on demand note not a renewal 19 60. Payment of interest in advance after maturity of promissory note a renewal 19 61. Policy loan and premium extension agreements 19 62. Certificates of deposit 19 63. Post-dated checks 19 64. Promissory note executed and mailed in Canada 19 65. Promissory note executed and mailed to payee in Canada 19 Schedule A 7. Conveyances 19 Article 66. Who should affix stamps 19 67. Actual value at time of conveyance the measure of the tax 20 68. Tax, how computed 20 69. Tax on deed executed by sheriff or referee, how computed 20 70. "Sold" denned 20 71. Deeds executed and delivered on or after April 1, 1919 20 72. Deed dated prior to April 1, 1919, but acknowledged and de- livered after that date ■• 20 Schedule A 7. Conveyances — Continued. p age . Article 73. Deeds in escrow 20 74. Deeds conveying property sold under foreclosure or execution; tax, how paid 20 75. Deeds on exchange of properties • 21 76. What constitutes real property determinable by law of State wbere located; standing timber 21 77. Deeds conveying mines 21 78. Conveyance of property subject to equity of redemption 21 79. Conveyance of land in consideration of maintenance 21 80. Deeds of building and loan associations 21 81. Stock in corporation a valuable consideration 21 82. Quit-claim deeds 21 83. Options and contracts for real estate 21 84. Deeds of release and deeds of trust 21 85. Deeds by State, county, or municipal officer 21 86. Deeds to a State 21 87. Deeds to burial sites 21 88. Deed to cover gift 22 89. Deed to trustee for benefit of creditor 22 90. Deed to building and loan association 22 91 . Deed by husband and wife to "straw man " 22 92. Deeds from agent to principal 22 93. Reconveyances of partnership property by receivers 22 94. Partition deeds 22 95. Conveyances without consideration 22 90. Conveyances of real estate in foreign country 22 97. Deeds confirming title 22 98. Contracts for sale of real property 22 99. Abstracts of title 22 100. Leases of real property 22 101. Conveyance by coowners in consideration of capital stock 23 102. Deeds by executor 23 103. Conveyance by corporation to owner of all the capital stock. . 23 104 . Conveyance by mortgagor to mortgagee 23 105. Conveyance to trustee, or from trustee to cestui qui trust, without consideration 23 106. Conveyance to United States 23 107. Deed from one corporation to another owning capital stock of former in consideration of payment of debts 23 108. Judgment or decree of State court transferring title to real estate 23 1 09. Taxes and assessments, when deductibl e 23 110. Conveyance by corporation to an officer through third party. . 23 Schedule A 8. Customhouse entries for comsumption or warehousing 24 Article 111. Customhouse entries by United States officials and representa- tives of foreign countries 24 Schedule A 9. Withdrawal entries from customs bonded warehouses. . 24 Article 112. Entries for withdrawal of goods or merchandise 24 Schedule A 10. Passage tickets 24 Article 113. Passage tickets issued to Federal and State officials, Military and Naval forces, and certain foreign representatives 24 114. Passage tickets issued to private individuals 24 115. Passage tickets to Porto Rico and Philippine Islands ....... 24 8 Schedule A 10. Passage Tickets— Continued. rage. Article 11G. Passage tickets to Hawaii and Alaska 24 117. Prepaid orders for passage tickets 25 118. Passage t ickets issued on exchange orders purchased in Canada of Mexico 25 L19 Passage t ickets to ports not in United States, Canada, or Mexico 25 120. Passage tickets sold in United States from ports not in United States, Canada, or Mexico to ports not in said countries not subject to tax, unless 25 Schedule All. Proxies • 25 Article 121 . Tax on proxies attaches to the instrument 25 122. Stamp may be affixed and canceled by cither party to proxy .. 25 123. Directors of corporations officers 25 124. Proxies to vote stock of building and loan associations 25 125. Proxies executed and accepted before April 1, 1919 25 126. Proxy to vote for officers and for other purposes 25 127. " Corporation " defined 26 128. Proxies 6ent out by corporations may be stamped after execu- tion and delivery 26 Schedule A 12. Powers of attorney 26 Article 129. Tax on power of attorney, when due 26 130. Tax attaches to the instrument 26 131. Resolution of board of directors authorizing an officer of the corporation to sell, etc., stock or bonds, not taxed as power of attorney: otherwise in case of person not an officer 26 132. Revenue stamp required on each instrument executed under general power of attorney granted to person not an officer of tho corporation 26 133. Power of sale embodied in mortgage not taxable 26 134. Powers of attorney contained in assignments of insurance policies 27 135. Powers of attorney from corporations to resident agents 27 136. Power of attorney to sell or transfer Government bonds 27 137. Powers of attorney contained in assignments, for valuable consideration, conferring no authority upon assignee not implied by the assignment, not taxable 27 138. Authority to secretary of corporation to transfer stock on the books not taxable. 27 139. Pro forma power of attorney to transfer bonds or stock on books of corporation, printed on bond or stock certificate, not taxable 27 140. A warrant of attorney in a judgment note or promissory note authorizing confession of judgment 27 141. Warrant of attorney in a lease 27 142. Power of attorney mailed in United States to point abroad; power of attorney mailed abroad to party in United States. . 27 143. Power of attorney to sell, etc., shares of capital stock, taxable, unless 27 144. Power of attorney authorizing vendee of shares of stock to transfer same 28 145. Copy of power of attorney, printed on form provided by Gov- ernment and filed in executive department 28 146. Power of attorney authorizing deputy to have access to safe.. 28 9 Schedule A 12. Powers of attorney — Continued. Page. Article 147. Power of attorney authorizing officer of Federal Reserve Bank to assign United States bonds deposited as security 28 148. Powers of attorney executed and delivered before April 1, 1919 . Schedule A 13. Playing cards 28 Article 149. Person receiving for sale packages of playing cards opened and on •which stamps are broken 28 Schedule A 14. Parcel-post packages 28 Article 150. Shipments by Federal Reserve Banks 28 151. Packages to or from Hawaii or Alaska 29 152. Packages to or from Porto Rico, Philippine Islands, Canal Zone, and Virgin Islands 29 153. Packages mailed from one point to another in Porto Rico 29 154. Packages to United States naval vessels or United States Ex- peditionary Forces 29 155. Packages sent by a State or political subdivision thereof 29 Schedule A 15. Foreign insurance policies 29 Article 156. Taxability governed by date of delivery 29 Miscellaneous 30 Article 157. Stamp affixed and canceled can not lawfully be removed and affixed to another instrument; refund 30 158. Both parties to taxable instrument liable 30 159. Stamp taxes under revenue act of 1917; present regulations generally applicable 30 160. Schedule A of revenue act of 1918 an extension of Schedule A of revenue act of 1917 30 161. Former stamp tax acts 30 Denominations of documentary stamps 31 Article 162. Documentary stamps issued 31 Purchase of stamps 31 Article 163. Stamps, where purchased 31 164. Assistant Treasurer of the United States, designated deposi- taries, and postmasters to be furnished stamps; bonds re- quired 31 165. Stamps on articles manufactured in foreign countries 31 Cancellation of documentary stamps 31 Article 166. Cancellation of stamps 31 167. Additional cancellation required in case of stamps of value of 10 cents or more 32 Stamps under former acts; postage stamps 32 Article 168. Documentary stamps only to be used 32 169. Documentary stamps issued under act of October 22, 1914, and act of October 3, 1917 32 170. Ordinary postage stamps not to be used for internal-revenue taxes 32 Redemption of stamps 32 Article 171. Stamps rendered useless 32 Affixing stamp3 32 Article 172. Two or more stamps may be used, when 32 Duties of officers 32 Article 173. Revenue officers to make investigations 32 174. Revenue agents and collectors to report 33 175. Quarterly reports 33 117566 8 — 19 2 10 Duties of officers — Continued. Pag*. Article 176. Stamp tax to be reported for assessment only where instru- ments can not be stamped 83 177. Regulations covering tax on issue, sales, and transfers of stock and sales of products 83 Authority for regulations 33 Article 178. Promulgation of regulations 83 PART II. Act of February 24, 1919: Title XI, Stamp taxes 85 Schedule A (except subdivisions 3, 4, and 5) 37 Title XIII, Administrative provisions 89 PART I. REGULATIONS— STAMP TAXES. DATE EFFECTIVE. Title XI, Kevenue Act of 1918, imposing stamp taxes is effective on and after April 1, 1919. See section 1100. BONDS, DEBENTURES, AND CERTIFICATES OF INDEBTEDNESS. Schedule Al. Bond of indebtedness: On all bonds, debentures, or certificates of indebtedness issued by any person, and all instruments, however termed, issued by any corporation with interest coupons or in registered form, known generally as corporate securities, on each $100 of face value or fraction thereof, 5 cents : Provided, That every renewal of the foregoing shall be taxed as a new issue: Provided further, That when a bond conditioned for the repayment or payment of money is given in a penal sum greater than the debt secured, the tax shall be based upon the amount secured. Article 1. Delivery essential to issue. — Delivery is essential to con- stitute an issue of bonds. Art. 2. " Foregoing " defined. — The word " foregoing " in Schedule Al, is held to apply to the class of instruments listed therein, re- gardless of whether issued prior to, or after April 1, 1919, and not merely to instruments issued on or after April 1, 1919. Art. 3. Bonds accompanying real estate mortgages. — Bonds accom- panying real estate mortgages are taxable as bonds of indebtedness upon the amount secured and not as bonds of indemnity under Schedule A2. Art. 4. Bond renewed by agreement extending mortgage. — An agree- ment extending a mortgage upon maturity, where a bond is secured by the mortgage and such agreement operates to renew the bond, subjects the latter to stamp tax as a renewal. Ajst. 5. Agreement extending maturity of mortgage bond; additional bond. — An agreement between the holder of a bond and the present owner of a parcel of real estate, extending maturity of a mortgage bond executed by a former owner, operates as a renewal and such renewal is subject to tax. If in addition a new bond is given for the same indebtedness, it also is subject to tax. Art. G. Stamps may be affixed to bonds or indenture; bonds to bear legend. — The necessary revenue stamps may be affixed either to the (ID 12 bonds or to the indenture under which the bonds are issued. If the stamps are affixed to the indenture the bonds must bear a legend showing thai the proper revenue stamps have beeir affixed to the indenture and duly canceled. If the indenture provides for the issue of bonds over a period of years, the necessary stamps may bo affixed at the time of each issue. Art. 7. Interim certificates and temporary bonds. — Interim certifi- cates or temporary bonds issued in lieu of definitive bonds are tax- able, but no additional tax is required upon the issue of the perma- nent or definitive bonds, which, however, should bear notation of the fact that stamps in the proper amount w T ero duly attached to the interim certificates. Art. 8. Instruments issued by corporations in numbers, under a trust indenture, are bonds. — Instruments containing the essential features of a promissory note, but issued by corporations in series, secured by a trust indenture, either in registered form or with coupons attached, embodying provisions for acceleration of maturity in the event of any default by the obligor, for optional registration in the case of bearer bonds, for authentication by the trustee, and in some instances for redemption before maturity, or similar provisions, are bonds within the meaning of the statute, whether called bonds, debentures, or notes. Art. 9. Scrip-dividend certificates or warrants. — Scrip-dividend cer- tificates or warrants are taxable as certificates of indebtedness. Art. 10. Instrument styled a bond and under seal a bond, unless. — An instrument which is styled a "bond" and which is under seal should be held subject to tax as a bond unless it is shown affirmatively that it is not a bond. Art. 11. Business property investment bond. — A business property investment bond wherein it is certified that the holder thereof is the owner of an interest in certain specified real property, legal title to which has previously been conveyed to a trustee, and whereby the corporation issuing the same agrees to manage the property and dis- tribute the proceeds in a certain manner, is not subject to tax as a bond, debenture, or certificate of indebtedness, but as a certificate of interest in property. Art. 12. Instrument assigning interest in bond. — An instrument which merely represents an assignment of interest in a bond accom- panying a mortgage is not taxable. Art. 13. Certificates of deposit; Morris-plan banks. — Any instrument which is actually a certificate of deposit issued by a bank is exempt from stamp tax, regardless of whether it is negotiable or nonnegoti- able or whether it is payable on demand or at some specified time. Certificates of deposit issued by banks or organizations operating upon the Morris plan are not subject to stamp tax. 13 Art. 14. Conditional bills of sale. — Conditional bills of sale used in sale of merchandise on the installment plan are not certificates of in- debtedness within the meaning of Schedule A 1 and are not subject to stamp tax, unless in the form of promissory notes. Art. 15. Certificates of indebtedness issued by receivers. — A certificate of indebtedness issued under order of a Federal court by a receiver is subject to tax. Art. 16. Bonds of indebtedness executed and delivered as security. — The tax applies to bonds of indebtedness executed by the obligor and delivered to a bank or trust company as security for the payment of an obligation. Art. 17. Bonds executed in Canada and delivered in the United States. — Bonds executed in Canada by a Canadian corporation, certified to by a trustee in the United States, given for part of the purchase price of timber located in Canada, and delivered in the United States are sub- ject to tax. Art. 18. Bonds issued in satisfaction of insurance policies. — Bonds issued by life insurance companies in satisfaction of insurance policies are subject to tax. Art. 19. Bonds issued by school districts. — Bonds issued by school districts for school purposes are exempt from tax. BONDS, INDEMNITY AND SURETY. Schedule A 2. Bonds, indemnity and surety : On all bonds executed for indemnifying any person who shall have become bound or engaged as surety, and on all bonds executed for the due execution or per- formance of any contract, obligation, or requirement, or the duties of any office or position, and to account for money received by virtue thereof, and on all policies of guaranty and fidelity insurance, includ- ing policies guaranteeing titles to real estate and mortgage guarantee policies, and on all other bonds of any description, made, issued, or executed, not otherwise provided for in this schedule, except such as may be required in legal proceedings, 50 cents : Provided, That where a premium is charged for the issuance, execution, renewal, or continu- ance of such bond the tax shall be 1 cent on each dollar or fractional part thereof of the premium charged : Provided -further, That policies of reinsurance shall be exempt from the tax imposed by this subdivision. Art. 20. Guaranty under seal. — A guaranty under seal of the per- formance of the conditions of a contract by persons not parties thereto is taxable as a bond. Art. 21. Bonds of brewers, etc.; notation to be made on duplicates. — Bonds of brewers, manufacturers of oleomargarine, tobacco and cigars, also distiller's annual and warehousing bonds, and transpor- tation bonds, are required to be stamped. Whero these bonds are required by law to be made in duplicate or triplicate, only tho orig- inal is required to be stamped, and on the duplicates and triplicates 14 ft memorandum must be made stating that the tax lias been paid by stamp attached to tho original bond. Copies of distiller's bonds for- warded to this office for office use need not bo stamped. Art. 22. Guarantee title insurance policies. — Guarantee title insur- ance policies or contracts of guarantee title insurance companies, insuring against loss by reason of defect of title, arc taxable as policies of guaranty insurance. Art. 23. Indemnity and fidelity bonds and premiums thereon. — All bonds executed for indemnifying any person who shall have become bound or engaged as surety, and all bonds executed for the due execu- tion or performance of any contract, obligation, or requirement, or tho duties of any office or position, and to account for any money received by virtue thereof, and all policies of guaranty and fidelity insurance, including policies guaranteeing titles to real estate and mortgage guaranty policies, and all other bonds of any description not otherwise provided for in Schedule A, Title XI, revenue act of 1918, except such as may be required in legal proceedings, executed on or after April 1, 1919, and also the premiums charged upon such bonds or policies heretofore issued, which are paid for the purpose of renewing or continuing such bonds or policies in force beyond the date of March 31, 1919, are subject to tax. Art. 24. Rate and amount of premium charged to be shown on face of bond or policy. — Where a premium is charged upon any bond or pol- icy designated in Schedule A2, executed or issued on or after April 1, 1919, a statement must be made on the face of the bond or policy showing the rate and amount of premium charged, and bonding com- panies or other persons executing such bonds or policies must affix thereto the necessary amount of stamps, based upon the premium charged, canceling the same. Art. 25. What premiums taxable; notation to be made on renewal or continuance certificates and stamps to be affixed thereto. — Where a pre- mium is paid after April 1, 1919, for the issuance or execution after said date, or for the renewing or the continuing in force after said date, regardless of the date of original issuance or execution, of any bond or policy designated in Schedule A2, the tax due upon such premium payment must be paid by internal-revenue stamps. The renewal or continuance certificate or other paper showing the re- newal or continuance of such bond or policy or the receipt or other paper showing the payment of any premium or charge for the re- newal or continuance of such bond or policy must contain on the face thereof a statement showing the rate and amount of the pre- mium charged and collected, and the bonding company or other person issuing or executing such certificate, receipt, or paper must affix thereto the necessary amount of stamps based upon the premium charged, canceling the same. 15 Art. 26. Agreements to build; bonds for faithful performance of con- tract. — Mere agreements to build houses are not taxable, but if bonds are included for the faithful performance of the work or contracts, they are subject to tax as indemnity or surety bonds. Art. 27. Bonds required in legal proceedings. — Bonds " required in legal proceedings " are exempt from stamp tax. These include at- tachment bonds, injunction bonds, bonds to stay proceedings, bonds on appeal or writ of error, bonds for costs, recognizances, supersedeas bonds; also official bonds of trustees, receivers or referees in bank- ruptcy and other court receivers, assignees, executors, administrators, and guardians. Art. 28. Bonds of public officials. — Bonds given by officials of a State, township, county, or village, for the faithful performance of duties, and bonds given to the same political subdivisions covering contracts for governmental purposes or for the protection of the State, township, county, village, or municipality, are not subject to the stamp tax. This ruling does not apply to bonds otherwise taxable given to the Federal Government for any purpose. This exemption is construed as applying to bonds of notaries public. Art. 29. Bonds of depositaries designated by court. — Bonds of deposi- taries designated by the United States District Court for the keeping of bankruptcy estates' moneys are likewise not taxable. Art. 30. Bonds of warehousemen and jitney-buss owners. — Bonds re- quired by a State statute from warehousemen and owners of jitney busses running in favor of the State are not subject to the tax. Art. 31. Agreements to hold harmless, not under seal and without surety. — Applications addressed to surety and fidelity companies wherein the applicant agrees to indemnify the surety company in case of loss under the bond applied for, agreements executed by shippers undertaking to hold railroads harmless on account of any loss occurring by reason of the payment of claims against such railroads without the presentation of original bills of lading, etc., agreements, executed by depositors of banks and institutions of a similar character, agreeing to hold such institutions harmless on account of the payment to depositors of sums covered by pass books or checks and drafts, etc. which have been lost, and other instruments of similar character and scope, not under seal and without surety, which impose upon those executing them no liability other than that which would be automatically imposed upon them by operation of law, are not subject to stamp tax. It must, however, bo clearly understood that any form of agreement of indemnification to which sureties arc parties is taxable as an indemnity bond. Art. 32. Amount of the tax. — If no premium is charged, the tax is 50 cents; if a premium is charged, the tax is 1 cent on each dollar or fractional part thereof of such premium. 16 CAPITAL STOCK, ISSUE. Schedule A 3. (See Regulations No. 40, Revised 1919, covering this subject.) SALES AND TRANSFERS OF CERTIFICATES OF STOCK. Schedule A 1. (See Regulations No. 40, Revised 1919, covering this subject.) SALES OF PRODUCTS FOR FUTURE DELIVERY. Schedule A 5. (See Regulations No. 40, Revised 1919, covering this subject.) DRAFTS, CHECKS, AND PROMISSORY NOTES. Schedule A G. Drafts or checks (payable otherwise than at sight or on demand) upon their acceptance or delivery within the United States whichever is prior, promissory notes, except bank notes issued for cir- culation, and for each renewal of the same, for a sum not exceeding $100, 2 cents; and for each additional $100, or fractional part thereof, 2 cents. This subdivision shall not apply to a promissory note secured by the pledge of bonds or obligations of the United States issued after April 24, 1917, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the par value of such bonds or obligations shall be not less than the amount of such note. Art. 83. Drafts and checks payable otherwise than at sight or on de- mand. — Drafts and checks payable otherwise than at sight or on de- mand become subject to stamp tax if delivered or accepted within the United States. Art. 34. Time draft or check taxable on acceptance or delivery. — A time draft or check becomes subject to tax concurrently with its acceptance or delivery, whichever is prior, within the territorial juris- diction of the United States, which includes the States, District of Columbia, Hawaii, and Alaska. Art. 35. Drawee, payee, or indorsee to see that tax is paid. — The drawee, payee, or indorsee should see that the tax is paid before or at the time of acceptance or delivery. The question of who shall pay for the stamp is a matter for adjustment between the parties. Art. 36. Draft drawn aboard on foreign drawee with foreign payee. — If a draft drawn abroad on a foreign drawee with a foreign payee passes through a bank here in the course of collection, no tax is pay- able unless it should be delivered by an agent of the drawer to an agent of the payee within the United States. A_rt. 37. Liability to tax determined by form or face of check or draft. — The liability of drafts or checks to stamp tax as well as the amount of such tax is determined by their form and face and can not be affected by proof of facts or instructions outside of the drafts 17 or checks. A draft expressed to be payable at sight on " arrival of car," or embodying a memorandum to hold until arrival of car, is taxable. A sight draft accompanied by instructions outside the instrument deferring time of payment is not taxable. Art. 38. Draft accepted for payment at future date. — A draft stating no time for payment which is accepted for payment at a certain future date is taxable upon such acceptance as a time draft. Art. 39. Trade acceptances. — So-called " trade acceptances " arc taxable in the same manner as ordinary time drafts. Art. 40. Drafts against actual shipment. — Drafts directly against an actual shipment are taxable in the same manner as other domestic time drafts. Art. 41. Time draft covering exports to foreign country. — A time draft directly covering exports to a foreign country and which con- stitutes an inherent, necessary, and bona fide part of the actual process of exportation is exempt from stamp tax. This exemption does not depend on whether or not the time which the draft has to run will expire before or after the ocean shipment. Time drafts drawn against the proceeds of the foregoing draft are subject to stamp tax. Art. 42. Time draft to secure purchase money. — A time draft drawn on a domestic bank for the purpose of securing money to purchase goods to be exported is subject to tax regardless of the fact that a contract for the sale of the goods existed at the time the draft is drawn. Art. 43. Time drafts covering period of transit to seaboard. — Time drafts drawn on domestic banks against export shipments delivered to the first carrier for transportation, covering the period of transit from the interior point to the seaboard, are not subject to tax. Art. 44. Time drafts payable in foreign countries. — Time drafts not covering exports drawn and delivered or accepted in the United States and payable in foreign countries are taxable. Art. 45. Time drafts covering shipments to Canal Zone. — Stamp tax attaches to time drafts covering articles shipped from the United States, Hawaii, and Alaska to Canal Zone, if the drafts are delivered within the United States, Hawaii, or Alaska. Art. 40. Time drafts covering shipments to Virgin Islands, Philip- pines, and Porto Rico. — Stamp tax does not attach to time drafts cov- ering shipments to the Virgin Islands, Philippines, and Porto Rico, because of express legislation exempting shipments to these de- pendencies. Art. 47. Time drafts covering shipments from Virgin Islands, Philip- pines, and Porto Rico. — Time drafts drawn against shipments from the Virgin Islands, the Philippines, and Porto Rico, into the United States, are subject to stamp tax if delivery or acceptance of said drafts first takes place within the United States, Alaska, or Hawaii. 117566°— 19— :: 18 Art. 48. "Promissory note" defined. — A promissory note is an un- conditional promise in writing made by one person to another signed by the maker engaging to pay on demand or at a fixed or determin- able future time, a sum certain in money to such other person or to order or to bearer, free from restrictions as (o registration or transfer and usually without coupons. \kt. 49. Notes payable on demand promissory notes. — Tho term "promissory notes," as used in this Schedule, includes those payable on demand. Art. 50. Promissory notes given as security. — Promissory notes given for security only are subject to tax. Art. 51. Renewal of promissory note taxable. — Each renewal of a promissory note is taxable. Any writing or instrument however designated which operates as a renewal of a promissory note is taxable. Art. 52. Extension or renewal of promissory note by extension of mortgage by which secured. — Where a contract or agreement extend- ing either a chattel or real estate mortgage operates to extend or re- new a promissory note secured by the mortgage, the renewal of such note is taxable. Art. 53. Promissory note secured by joint-stock land bank mortgage. — Promissory notes accompanying mortgages of joint-stock land banks are taxable. Art. 54. Promissory notes issued by foreign governments. — Promis- sory notes issued directly by foreign governments and placed in this country for sale are exempt from stamp tax. Art. 55. Promissory notes secured by obligations of the United States. — Promissory notes secured by United States bonds and obliga- tions issued after April 24, 1917, of a par value of not less than the amount of such notes, are exempt from tax. Art. 56. Promissory notes secured by certificates of indebtedness issued by Director General of Railroads or by bonds of the War Finance Corpora- tion.— Promissory notes secured by certificates of indebtedness issued by the Director General of Railroads are exempt from stamp tax. Promissory notes secured by bonds of the War Finance Corporation are subject to tax. Art. 57. Suspension of payment or forbearance. — Mere suspension of payment or forbearance is not taxable. Art. 58. Coupons and interest notes. — Instruments in the form of coupons representing the interest on bonds, debentures, or certifi- cates of indebtedness, or on instruments however termed, issued by any corporation, known generally as corporate securities, which are attached to a principal obligation and are substantially but repeti- tions of the promise to pay interest contained in the principal obli- gation, are not subject to tax. Instruments in the form of promis- 19 sory notes, representing the interest upon promissory notes, not included in the above classification, and either separate from or pre- pared in a form and for the purpose of being separated from the principal note, are subject to tax as promissory notes. Art. 59. Payment of interest on demand note not a renewal. — The mere payment of interest on a demand note without any agreement in writing extending the note, is not a renewal within the meaning of this act. Art. 60. Payment of interest in advance after maturity of promissory note a renewal. — Where after maturity of a promissory note, interest is paid in advance, and as evidence of such payment an indorsement in substance as follows : " 19 — . Received six months' interest to , 19 — $ " is made on the note, the indorsement operates as a re- newal, and the renewal is subject to tax. Art. 61. Policy loan and premium extension agreements. — Policy loan and premium extension agreements which contain an unqualified promise to pa}'' a specified sum of money at a certain date are subject to stamp tax as promissory notes. Where the sole remedy of payee in case of nonpayment of the premiums or loans is to reduce or cancel the rights of the insured, tax does not accrue. Art. 62. Certificates of deposit. — A certificate of deposit is not sub- ject to tax as a promissory note. Art. 63. Post-dated checks. — Post-dated checks are not subject to tax unless expressly payable after their date. Art. 64. Promissory note executed and mailed in Canada. — A promis- sory note executed and mailed in Canada to a payee within the United States is not subject to tax. Art. 65. Promissory note executed and mailed to payee in Canada. — A promissory note executed and mailed in the United States to a payee in Canada is subject to tax. DEEDS OF CONVEYANCE. Schedule A 7. Conveyances: Deed, instrument, or writing, whereby any lands, tenements, or other realty sold shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his, her, or their direc- tion, when the consideration or value of the interest or property con- veyed, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale, exceeds ?100 and does not exceed $500, 50 cents ; and for each additional $500 or fractional part thereof, 50 cents. This subdivision shall not apply to any instrument or writing given to secure a debt. Art. 66. Who shall affix stamps.— The law requires that (lie person who makes, signs, or issues any instrument taxable thereunder shall 20 allix and cancel the revenue stamps. It also prohibits any person from accepting such instruments unless they are properly stamped. The grantee in a deed is liable for the tax as well as the grantor. Art. 67. Actual value at time of conveyance the measure of the tax. — Where the consideration for a conveyance of lands, tenements, or other real property, is left open, to be fixed by future contingencies, the actual value at the time of conveyance is the measure of the tax upon the deed, instrument, or writing whereby the conveyance is made. Art. GS. Tax, how computed. — In calculating the amount of stamps which must be affixed to a deed of conveyance, the tax is computed upon the full consideration for the transfer less all encumbrances which rest on the property before the sale and which are not removed by the sale. Encumbrances placed on the property in connection with and as a result of the sale or transfer, as well as notes for de- ferred payments, can not be deducted in determining the amount upon which tax is calculated. Art. 69. Tax on deed executed by sheriff, referee, or commissioner, how computed. — The stamp tax on a deed of real property executed by a sheriff, referee, or commissioner to mortgagee, who bids in the prop- erty at foreclosure sale to satisfy a mortgage lien, should be com- puted upon the amount bid for the property plus the cost, if paid by the purchaser. Art. 70. " Sold " defined. — The term " sold " imports the transfer of the absolute or general title for a valuable consideration or price. Art. 71. Deeds executed and delivered on or after April 1, 1919. — Deeds executed and delivered on or after April 1, 1919, conveying property in pursuance of a contract made prior to that time are taxable. The same rule applies to similar deeds delivered prior to April 1, 1919, and taxable under the act of October 3, 1917. Art. 72. Deed dated prior to April 1, 1919, but acknowledged and de- livered after that date. — A deed dated prior to April 1, 1919, but delivered subsequent to that date, is taxable. If delivered between December 1, 1917, and April 1, 1919, it is taxable under the act of October 3, 1917. • Art. 73. Deeds in escrow. — Deeds in escrow become subject to stamp tax upon delivery to the grantee. If delivered between December 1, 1917, and April 1, 1919, the}' - are taxable under the act of October 3, 1917; if delivered on or after April 1, 1919, they are taxable under the act of February 24, 1919. Art. 74. Deeds conveying property sold under foreclosure or execu- tion; tax, how paid. — Deeds executed by masters in chancery, sheriffs, clerks of courts, etc., to cover transfers of property sold under a foreclosure or execution are subject to tax. The grantee or vendee 21 maj' be required to pay the tax or the cost of revenue stamps may be included in the expenses of foreclosure sale. Art. 75. Deeds on exchange of properties. — In the case of an ex- change of two properties, the deeds transferring title to each are subject to tax, which should in each case be computed on the basis of the actual value of the interest or property conveyed, the amount of any preexisting lien or encumbrance which is not removed by the sale being deductible. Art. 70. What constitutes real property determinable by law of State where located; standing timber. — What constitutes "lands, tenements, or other realty " is determinable by the law of the State in which the property is situated. Standing timber is ordinarily held to be real estate and, where so held, the deed transferring it is subject to the tax. Art. 77. Deeds conveying mines. — Deeds conveying mines are tax- able. Art. 78. Conveyance of property subject to equity of redemption. — A conveyance of property subject to an equity of redemption is taxable when made, not when the time for the equity of redemption has expired. Art. 79. Conveyance of land in consideration of maintenance. — A conve}"ance of land in consideration of life maintenance is taxable, the tax to be measured by the value of the property or interest conveyed. Art. 80. Deeds of building and loan associations. — Deeds of building and loan associations conveying realty are taxable. Art. 81. Stock in corporation a valuable consideration. — Stock in a corporation is a valuable consideration for the transfer of real prop- erty. Art. 82. Quit-claim deeds. — A quit-claim deed given for no con- sideration, or merely the nominal consideration of $1, for the purpose of correcting a flaw in title is not subject to tax. Art. 83. Options and contracts for real estate. — No tax is imposed upon an option for the purchase of real property or upon a contract for the sale of real estate. Art. 84. Deeds of release and deeds of trust. — Deeds of release and deeds of trust are exempt from tax under the provisions of this law. Art. 85. Deeds by State, county, or municipal officers. — Deeds exe- cuted by State, county, or municipal officers conveying realty sold for nonpayment of taxes are not subject to stamp tax. Art. 8G. Deeds to a State. — Deeds conveying to a State real estate purchased by it are not subject to tax. Art. 87. Deeds to burial sites. — Deeds to burial sites which do not convey title to land, but only a right to sepulture, to erect monuments, etc., are 2iot subject to stamp tax. 22 Art. 88. Deed to cover gift. — A deed issued to cover a pure and bona fide ait' 1 , of property from husband to wife, or from parent to child, or from an individual to a municipality or other political sub- division, or to the United States, wherein ihc consideration named is "natural love and affection and $1," "desire to promote public wel- fare and r "$] and other valuable considerations" is not tax- able. Art. 89. Deed to trustee for benefit of creditor. — A deed executed by a debtor covering an assignment of property to a trustee to be held for the benefit of a creditor is not subject to tax. When, however, the trustee sells or conveys such property either to the creditor or any other person, the deed executed by him is taxable. Art. 90. Deed to building and loan association. — A deed transfer- ring title to property to a building and loan association for the pur- pose of securing a loan on the property so conveyed, which prop- erty is immediately rcconveyed to its owner, is not subject to tax, the deed of reconveyance being likewise exempt. Art. 91. Deed by husband and wife to " straw man." — A deed given by a husband and wife to a " straw nam " who immediately executes a deed reconvening the property to the wife is not subject to tax if given for no valuable consideration, or merely the nominal considera- tion of $1, and, likewise, the deed of reconveyance is exempt. Art. 92. Deeds from agent to principal. — Deeds from an agent to his principal conveying real estate purchased for and with funds of the principal are not taxable. Art. 93. Eeconveyances of partnership property by receivers.— Con- veyances of property of a copartnership, in the hands of receivers, back to the owners after administration of the estate are not taxable. Art. 94. Partition deeds. — Partition deeds are not subject to tax unless a consideration passes between the parties by reason of one or more of them taking under the division a share of real estate of greater value than his undivided interest, in which event stamp tax attaches to the deeds conveying such greater shares, calculated upon the value of such consideration. Art. 95. Conveyances without consideration. — Conveyances of realty, not in connection with a sale, to trustees or other persons without consideration are not taxable. Art. 96. Conveyances of real estate in foreign country. — A deed con- veying real estate in a foreign country is not subject to tax:. Art. 97. Deeds confirnimg title. — Deeds that are simply confirm- atory and do not vest title not already vested are exempt from tax. Art. 98. Contracts for sale of real property. — Contracts for the sale of real property are not taxable unless they vest title. Art. 99. Abstracts of title. — Abstracts of title are not taxable. Art. 100. Leases of real property. — Leases of real property are not subject to the tax. AitT. 101. Conveyance hy ccowners in consideration of capital stock.— » A conveyance of real estate by coowners to a corporation organized for convenience in handling the property, made in consideration of the issue to them of the corporation's capital stock, is subject to tax. Art. 102. Deeds by executor. — Deeds by an executor to devisees, conveying specific parcels of real estate, devised to them in common, are not subject to tax unless a consideration passes between the devisees by reason of some of them taking a greater share in the real estate than that to which entitled under the will, in which event tax attaches to the deeds conveying such greater shares, and is cal- culated upon the amount of value of such consideration. Art. 103. Conveyance by corporation to owner of all the capital stock. — A conveyance of real estate by a corporation without valuable consideration to an owner of all its capital stock in consequence of its dissolution is not subject to tax. Art. 101. Conveyance by mortgagor to mortgagee. — A conveyance by defaulting mortgagor to mortgagee in consideration of the cancella- tion of mortgage debt is subject to tax calculated on the amount of the mortgage debt plus unpaid accrued interest. Art. 105. Conveyances to trustee, or from trustee to cestui qui trust, without consideration. — Conveyances to a trustee without valuable con- sideration or from a trustee to a cestui qui trust without valuable consideration are not subject to tax. Art. 10G. Conveyance to United States. — A conveyance of real estate sold to the United States Government is subject to tax. Art. 107. Deed from one corporation to another owning capital stock of former in consideration of payment of debts. — A deed from a corpora- tion, the entire capital stock of which is owned by another corpora- tion, conveying real estate to the latter in consideration of the pay- ment by the grantee of all obligations of the grantor is subject to tax. Art. 108. Judgment or decree of State court transferring title to real estate. — Judgment or decree of a State court operating to transfer title to real estate is not taxable as a conveyance. Art. 109. Taxes and assessments, when deductible. — Taxes and assess- ments which have become a lien on real estate by operation of statute and which are not paid at time of sale are deductible from the con- sideration in computing the stamp tax. Art. 110. Conveyance by corporation to an officer through third party. — Where an officer of a corporation purchases real estate from the corporation, conveyance being first made to a third party and a3 part of the same transaction, the property is conveyed by the third party to the officer, the conveyance to the third party is subject to tax, while the conveyance from the third party is not subject to tax. 24 CtTSTOMHOUSE ENTRIES FOR CONSUMPTION OR WAREHOUSING. Sim run; A S. Entry of any goods, wares, or merchandise at any customhouse, either for consumption or warehousing, not exceeding $100 in value. 25 cents; exceeding $1.00 and not exceeding ,$500 in value. ;">() cents ; exceeding $500 in value, $1. Art. 111. Customhouse entries by United States officials and representa- tives of foreign countries. — Customhouse entries made by United States officials traveling as such on Government funds are not taxable. Likewise entries made by all representatives of foreign countries in their official capacit} T are by comity exempt. WITHDRAWAL ENTRIES FROM CUSTOMS BONDED WAREHOUSES. Schedtoe A 9. Entry for the withdrawal of any goods or merchan- dise from customs bonded warehouse, 50 cents. Art. 112. Entries for withdrawal of goods or merchandise. — Entries for withdrawal of any goods or merchandise from customs bonded warehouses are subject to stamp tax. PASSAGE TICKETS. Schedule A 10. Passage ticket, one way or round trip, for each pas- senger, sold or issued in the United States for passage by any vessel to a port or place not in the United States, Canada, or Mexico, if costing not exceeding $30, $1; costing more than $30 and not exceeding $60, $3; costing more than $00, $5. This subdivision shall not apply to passage tickets costing $10 or less. Art. 113. Passage tickets issued to Federal and State officials, military and naval forces, and certain foreign representatives. — Passage tickets issued to United States Government officials, employees, military and naval forces, as well as officials of States and their political sub- divisions, traveling in the course of their duty as such on vessels operated by private parties or by any government are not taxable when the amount of the passage is paid for by the United States Government, State or political subdivision thereof. Ambassadors, ministers, and properly accredited diplomatic repre- sentatives of any foreign government to the United States are exempt from the payment of taxes on such passage tickets. All other for- eign agencies not specifically mentioned above are subject to the tax as levied under this schedule. Art. 114. Passage tickets issued to private individuals. — Passage tick- ets issued to private individuals traveling on vessels operated pri- vately or by any government are taxable. Art. 115. Passage tickets to Porto Xico and Philippine Islands. — Pas- sage tickets to Porto Rico or Philippine Islands are taxable. Art. 116. Passage tickets to Hawaii and Alaska. — Passage tickets issued to Hawaii and Alaska are not taxable. 25 Art. 117. Prepaid orders for passage tickets. — Prepaid orders for passage tickets are not subject to tax. Art. 118. Passage tickets issued on exchange orders purchased in Can- ada or Mexico. — Passage tickets issued in the United States to ports not in the United States, Canada, or Mexico, on exchange orders pur- chased in Canada or Mexico, in connection "with through transporta- tion from points in Canada or Mexico, are subject to tax. Art. 119. Passage tickets to ports not in United States, Canada, or Mexico. — Passage tickets issued in the United States to ports not within the United States, Canada, or Mexico, on exchange orders, purchased other than in the United States, Canada, or Mexico, are subject to tax. Art. 120. Passage tickets sold in "United States from ports not in United States, Canada, or Mexico, to ports not in said countries, not subject to tax, unless. — Passage tickets sold in the United States from ports not within the United States, Canada, or Mexico, to a port in the United States, Canada, or Mexico, are not subject to tax unless sold as part of a round trip or through ticket from a port in the United States, Canada, or Mexico. PROXIES. Schedule A 11. Proxy for voting at any election for officers, or meet- ing for the transaction of business, of any corporation, except religious, educational, charitable, fraternal, or literary societies, or public ceme- teries, 10 cents. Art. 121. Tax on proxies attaches to the instrument. — The stamp tax on proxies attaches to the instrument and is not measured by the number of grantors and grantees. Art. 122. Stamp may be affixed and canceled by either party to proxy. — The stamp may be affixed and canceled either by the party who executes the proxy or by the party to whom the proxy is given. Art. 123. Directors of corporations officers. — Directors of a corpora- tion are officers within the meaning of the clause imposing a tax on proxies for voting at the election for officers of an incorporated company. Art. 124. Proxies to vote stock of building and loan associations. — Proxies for the purpose of voting the stock of building and loan associations are taxable. Art. 125. Proxies executed and accepted before April 1, 1919. — Proxies executed and accepted before April 1,1919, are not taxable, even though used subsequent to that date, except such as are taxable under the act of October 3, 1917. Art. 126. Proxy to vote for officers and for other purposes. — A proxy for voting at any election for officers of a corporation and authoriz- ing the proxy to act in such capacity upon all questions or matters presented at a stockholders' meeting, is subject to tax of 10 cents only. 117566°— 19 4 26 Art. 127. " Corporation " denned. — The term " corporation " includes associations, joint stock companies, and insurance companies. Art . 128. Pi'oxies sent out by corporations may be stamped after execu- tion and delivery. — Where proxies are sent out by a corporation to be executed and returned to the corporation or to the person named in the proxy, such proxies may be stamped after execution and delivery by the person receiving - same as the agent of the person executing the proxy. POWERS OF ATTORNEY. Schedule A 12. Power of attorney granting authority to do or per- form some act fur or in behalf of the grantor, which authority is not otherwise vested in the grantee, 25 cents. This subdivision shall not apply to any papers necessary to be used for the collection of claims fjjom the United States or from any State for pensions, back pay, bounty, or for property lost in the military or naval service, or to pow- ers of attorney required in bankruptcy cases. Art. 129. Tax on power of attorney, when due. — The tax on a power of attorney is due when the instrument is executed and delivered. Delivery includes depositing- instrument in the mails. Art. 130. Tax attaches to the instrument. — Tax is imposed on the in- strument itself, and is not measured by the number of persons join- ing therein. Art. 131. Hesolution of board of directors authorizing an officer of the corporation to sell, etc., stock or bonds, not taxed as power of attorney; otherwise in case of person not an officer. — Where a corporation, by resolution of its board of directors, has empowered an officer thereof to sell, assign, or transfer stock or bonds standing in the name of the corporation, or to perform any act in the name of the corporation, such authority is not taxable as a power of attorney for the reason that it is necessary for a corporation to perform its corporate acts through one of its officers. If, however, a person other than an officer of the corporation acting in his official capacity is given this au- thority, the power of attorney so granted is subject to stamp tax. Art. 132. Eevenue stamp required on each instrument executed under general power of attorney granted to person not an officer of the corpora- tion. — A general power of attorney granted by a board of directors to a person, other than an officer of a corporation acting in his official capacity for the purpose of transacting business of the corporation, including making conveyances of land and acknowledging deeds, is considered specific authority for each such transaction, and a revenue stamp is required on each instrument executed under the power of attorney. Art. 133 Power of sale embodied in mortgage not taxable. — A power of sale embodied in a mortgage, authorizing and empowering a mort> 27 gagee liimself, upon default, to make public sale of the property affected and to convey the title to the purchaser at such sale free from all rights or equity of redemption, thus avoiding the necessity of resorting to the courts for foreclosure, is not taxable. Art. 134. Powers of attorney contained in assignments of insurance policies. — -Powers of attorney contained in assignments, absolute or as collateral security, of insurance policies are not subject to tax. Art. 135. Powers of attorney from corporations to resident agents. — Powers of attorney executed by corporations to resident agents au- thorizing the latter to accept service of process are taxable. Art. 136. Power of attorney to sell or transfer Government bonds. — A power of attorney to sell or transfer Government bonds is taxable. Art. 137. Powers of attorney contained in assignments, for valuable consideration, conferring no authority upon assignee not implied by the assignment, not taxable. — An assignment, for a valuable consideration, of debts, wages, mortgages, bonds, etc., ordinarily transfers to the assignee all the rights of the assignor and the remedies necessary for their enforcement, and the assignee acquires no further rights by the means of a power of attorney clause in the assignment than are conveyed by the instrument itself, and such pro forma power of attorney is therefore not taxable. Art. 138. Authority to secretary of corporation to transfer stock on the books not taxable. — An instrument authorizing the secretary to transfer stock on the books of a corporation is not taxable as a power of attorney, but an instrument appointing an attorney in fact to transfer stock on the books of a corporation is taxable. Art. 139. Pro forma power of attorney to transfer bonds or stocks on books of corporation, printed on bond or stock certificate, not taxable. — The pro forma power of attorney to transfer bonds or stocks on the books of a corporation, embodied in the assignment printed on the back of the bond or stock certificate, is not subject to tax. Art. 140. A warrant of attorney in a judgment note or promissory note authorizing confession of judgment. — The clause in a judgment note or a promissory note authorizing confession of judgment is not taxable as a power of attorney. Art. 141. Warrant of attorney in a lease. — A warrant of attorney embodied in a lease is not taxable. Art. 142. Power of attorney mailed in United States to point abroad; power of attorney mailed abroad to party in United States. — A power of attorney executed and mailed within the United States to a foreign point is subject to tax, but a power executed in a foreign country and mailed there to an agent in the United States is not subject to tax. Art. 143. Power of attorney to sell, etc., shares of capital stock, tax- able, unless. — A power of attorney to sell, assign, and transfer shares 28 of capital stock is subject to tax unless it is given in connection with a deposit of the stock as security for a loan. Art. 144. Power of attorney authorizing* vendee of shares of stock to transfer same. — A power of attorney by which a person executing the instrument sells, assigns, and transfers shares of stock and ap- points the vendee agent for the transfer is not subject to tax. Art. 145. Copy of power of attorney, printed on form provided by Gov- ernment and tiled in executive department. — Whore the original power of attorney has been properly stamped and a copy of it is printed on a card (Form 272) provided by the Government, and the card is tiled in the executive departments of the Government or with a col- lector of internal revenue, such copy is not subject to tax. Art. 1 If). Power of attorney authorizing deputy to have access to safe. — A power of attorney authorizing a deputy to have access only to a safe or safety deposit box is not subject to tax, but a power of attorney to have access and control over its contents is subject to tax. Art. 147. Power of attorney authorizing officer of Federal reserve bank to assign United States bonds deposited as security. — A power of attorney executed by a bank, authorizing a designated officer of a Federal reserve bank to assign United States bonds, deposited with the Federal reserve bank, and designed to protect it in event of de- fault in payment of a loan is not taxable. Art. 148. Powers of attorney executed and delivered before April 1, 1919.— Powers of attorney executed and delivered before April 1, 1919, are not taxable, even though used subsequent to that date, except such as are taxable under the act of October 3, 1917. PLAYING CARDS. Schedule A 13. Playing cards: Upon every pack of playing cards containing not more than fifty-four cards, manufactured or imported, and sold, or removed for consumption or sale, a tax of 8 cents per pack. Art. 149. Person receiving for sale packages of playing cards opened and on which stamps are broken. — Where packages of playing cards are opened and the stamps thereon broken, any person afterwards receiving same for sale must pay tax and affix new stamps to the packages. PARCEL-POST PACKAGES. Schedule A 14. Parcel-post packages : Upon every parcel or package transported from one point in the United States to another by parcel post on which the postage amounts to 25 cents or more, a tax of 1 cent for each 25 cents or fractional part thereof charged for such trans- portation, to be paid by the consignor. No such parcel or package shall be transported until a stamp or stamps representing the tax due shall have been affixed thereto. Art. 150. Shipments by Federal reserve banks. — Parcel-post ship- ments made by Federal reserve banks are exempt from taxation. 29 Art. 151. Packages to or from Hawaii or Alaska. — Parcel-post pack- ages mailed to or from Hawaii and Alaska are taxable. Art. 152. Packages to or from Porto Rico, Philippine Islands, Canal Zone, and Virgin Islands. — Parcel-post packages mailed to or from Porto Rico, Philippine Islands, Canal Zone, and the Virgin Islands are not taxable. Art. 153. Packages mailed from one point to another in Porto Rico. — Parcel-post packages mailed from one point in Porto Hico to an- other point in the same island are not taxable. Art. 15-1. Packages to United States naval vessels or United States Expeditionary Forces. — Parcel-post packages mailed to United States naval vessels in foreign waters or to United States Expeditionary Forces abroad are not taxable. Art. 155. Packages sent by a State or political subdivision thereof. — Parcel-post packages sent by a State, or political subdivision thereof, in the exercise of its governmental functions, are not subject to tax. To relieve a package from the payment of the tax, the postmaster at the point of mailing should, however, require satisfactory evidence that it is sent by an officer or employee of a State or subdivision of a State, in the discharge of such functions. FOREIGN INSURANCE POLICIES. Schedule A 15. On each policy of insurance, or certificate, binder, covering note, memorandum, cablegram, letter, or other instrument by whatever name called whereby insurance is made or renewed upon property within the United States (including rents and profits) against peril by sea or on inland waters or in transit on land (including trans- shipments and storage at termini or way points) or by fire, lightning, tornado, windstorm, bombardment, invasion, insurrection or riot, issued to or for or in the name of a domestic corporation or partnership or an individual resident of the United States by any foreign corpora- tion or partnership or any individual not a resident of the United States, when such policy or other instrument is not sipied or counter- signed, by an officer or agent of the insurer in a State, Territory, or district of the Tinted States within which such insurer is authorized to do business, a tax of 3 cents on each dollar, or fractional part thereof of the premium charged : Provided, That policies of re-insur- ance shall be exempt from the tax imposed by this subdivision. Any person to or for whom or in whose name any such policy or other instrument is issued, or any solicitor or brokei acting for or on behalf of such person in the procurement of any such policy or other Instrument, shall affix the proper stamps to such policy or other in- strument, and for failure to affix such stamps with intent to evade the tax shall, in addition to other penalties provided therefor, pay a fine of double the amount of the tax. Art. 150. Taxability governed by date of delivery. — Policies delivered on or after April 1, 1919, but effective prior thereto arc subject to tax. Policies delh ered prior to April 1, 1919, but effective on or after April 1, 1919, ate not subject to tax. 80 MISCELLANEOUS. Art. 157. Stamp affixed and canceled can not lawfully be removed and affixed to another instrument; refund. — A stamp affixed to an instru- ment and canceled can not lawfully be removed therefrom and affixed to another instrument requiring a stamp. Amounts paid for stamps used in excess, or on instruments not actually effective and for which a substitute is prepared and stamped, or on instruments not subject to tax may be refunded, upon claim properly presented to the collector. Art. 158. Both parties to taxable instrument liable. — Both parties to a taxable instrument are responsible to the Government for affixing and canceling stamps in the required amount. The law does not prohibit parties in interest from entering into an agreement as to which of them shall actually pay same. Art. 159. Stamp taxes under revenue act of 1917; present regulations generally applicable. — As documentary stamp taxes under the war revenue act of October 3, 1917, were very similar to those imposed under the revenue act of 1918, these regulations are generally appli- cable to all taxable documents issued and delivered on and after December 1, 1917. Art. 160. Schedule A of revenue act of 1918 an extension of schedule A of the revenue act of 1917.— The revenue, act of 1918 simply super- sedes and extends schedule A, Title VIII, of the act of October 3, 1917, except in a few instances where the language of the present act slightly modifies or amends that of the former act. These slight changes will be readily noticeable by a comparison of the two acts. Schedule A 15 of the revenue act of 1918, however, is entirely new. Art. 161. Former stamp-tax acts. — For still older acts of Congress requiring stamps to be affixed to certain written instruments, see act of July 1, 1862, schedule B following section 110 (12 Stat., 479) ; act of March 3, 1863, section 6 (12 Stat., 720) ; act of June 30, 1864, sec- tion 151 (13 Stat., 291) ; act of March 3, 1865, section 1 (13 Stat., 469) ; act of July 13, 1866 (14 Stat,, 141) ; act of June 23, 1874, sec- tion 1 (18 Stat, pt. 3, 250). The act of June 6, 1872, section 36 (17 Stat., 256), provided for the repeal, on and after October 1, 1872, of stamp taxes on instruments, except the tax of 2 cents on bank checks, drafts, and orders, which was repealed by the act of March 3, 1883 (22 Stat., 488) . Taxes were imposed by the act of June 13, 1898, on instruments and documents, under schedule A thereof, and were repealed in part by the act of March 2, 1901, and wholly repealed by the war-revenue repeal act (act of Apr. 12, 1902) (32 Stat., 96), taking effect July 1, 1902. Taxes were imposed by schedule A of the act of October 22, 1914, upon certain instruments and documents, from December 1, 1914, to December 31, 1915. These taxes were con- 31 tinued in force by the joint resolution of December 17, 1915, until December 31, 1916, but were repealed by the act of September 8, 1916, as of that date. DENOMINATIONS OF DOCUMENTARY STAMPS. Art. 162. Documentary stamps issued. — Under authority conferred upon the Commissioner of Internal Revenue in section 1105 of said Act, the following adhesive stamps have been prepared : Documentary stamps, Schedule A : One cent, 2 cents, 3 cents, 4 cents, 5 cents. 8 cents, 10 cents, 25 cents, 40 cents, 50 cents, 80 cents, $1, $2, $3, $5. $10, $30, $60, $100, $500, $1,000. PURCHASE OF STAMPS. Art. 163. Stamps, where purchased. — The above stamps may be purchased from collectors and stamp deputy collectors of internal revenue. Art. 161. Assistant Treasurers of the United States, designated de- positaries, and postmasters to be furnished stamps; bond required. — In addition, provision has been made in the Act for the delivery of stamps by collectors without prepayment to any Assistant Treasurer of the United States, designated depositary of the United States, or post- master, who may be required to give bond for the value of stamps so deposited. It is not mandatory upon the persons named to make the required bonds and secure the stamps. Art. 165. Stamps on articles manufactured in foreign countries.— Stamps to be affixed to articles manufactured in a foreign country and imported into the United States may be purchased and for- warded to the plaee of manufacture and there affixed to the articles before the same are packed for importation. CANCELLATION OF DOCUMENTARY STAMPS. Art. 166. Cancellation of stamps. — In any and all cases where an adhesive stamp shall be used for denoting any tax imposed by Schedule A of the revenue act of 1918, the person using or affixing the sumo shall write or stain)) thereon, or cause to be written or stamped thereon, with ink, the initials of his name and the date (year, month, and day) in which the same shall be attached or used; or shall, by cutting and canceling said stamp with a machine or punch, which will ailix the initials and date as a rid, so deface the stamp as to render it, unlit for reuse. The cancellation by either method should not so deface the stamp as to prevent its denomination and genuine- ness from being readily determined. '62 Art. 107. Additional cancellation required in case of stamps of value of 10 cents or more. — In addition to the foregoing, stamps of the value of 10 cents or more shall have throe parallel incisions made by some sharp instrument lengthwise through the stamp after the stamp has been attached to the document; provided, this will not be required where, stamps arc canceled by perfpration. STAMPS UNDER FORMER ACTS; POSTAGE STAMPS. Art. 108. Documentary stamps only to be used. — Documentary stamps only must be used upon papers, documents, and instruments subject to tax as provided in Schedule A, except as provided in Regulations 40., Revised 1919, relating to stamp taxes on issue and transfers of stock and sales of products for future delivery. Art. 169. Documentary stamps issued under act of October 22, 1914, and act of October 3, 1917. — Documentary revenue stamps issued under act of October 22, 1914, and under act of October 3, 1917, may be used to pay stamp taxes required by the revenue act of 1918. Art. 170. Ordinary postage stamps not to be used for internal-revenue taxes. — Ordinary postage stamps can not be used for the payment of any internal-revenue taxes. REDEMPTION OF STAMPS. Art. 171. Stamps rendered useless. — Where documentary stamps are rendered useless by gumming or sticking together in transit or other- wise without the fault of the purchaser, they may be exchanged by a collector for other stamps of exactly the same quantity and denomi- nation. AFFIXING STAMPS. Art. 172. Tv/o or more stamps may be used, when. — Where a stamp of the proper denomination to pay the tax due on an article or docu- ment can not be. procured, two or more stamps may be used. In such case as few stamps as possible should be attached and each stamp used should be canceled in the manner provided by regulation. DUTIES OF OFFICERS. Art. 173. Eevenue officers to make investigations. — It is the duty of revenue officers in canvassing for taxes due to investigate as to viola- tions of Title VIII of the act of October 3, 1917, and Title XI of the act of February 24, 1919, and for this purpose they should visit all State, county, and municipal offices, also banks and trust companies, having to do with the issuance, handling, or recording of documents taxable under these Titles, as well as customs houses and customs 13 bonded warehouses and steamboat offices and agencies for such infor- mation as will lead to the detection of violators of said Titles. Art. 174. Revenue agents and collectors to report. — Revenue agents and collectors will report to this office all such violations, separate letter reports being made in each case marked " Sales Tax Division," and where proper stamp tax has not been paid and requisite stamps affixed the amount of tax due should be shown. Aet. 175. Quarterly reports. — All cases so disposed of should be re- ported to this office quarterly on Form 8. Separate letter reports need not be made in each instance reporting post stamping, except in cases where prosecution is recommended or offer in compromise under section 3229, R. S., is made. Art. 176. Stamp tax to be reported for assessment only where instru- ments can not be stamped. — Only in cases where instruments are no longer in existence or can not possibly be stamped will tax be reported for assessment, but in no case must a receipt, Form 1, be issued for a tax paid by a purchaser of documentary stamps (sec. 3183, R. S.). Art. 177. Regulations covering tax on issue, sales, and transfers of stock and sales of products.— Sec separate regulations (No. 40) rela- tive to collection of tax on issue, sales, and transfers of stock and on sales of products for future delivery. AUTHORITY FOR REGULATIONS. Sec. 1309. That the Commissioner, with the approval of the Secre- tary, is hereby authorized t<> make all needful rules and regulations for the enforcement of the provisions of this Act. Art. 178. Promulgation of Regulations. — In pursuance of the statute the foregoing Regulations are hereby made and promulgated, and all rulings inconsistent herewith are hereby revoked. Daniel C. Roper, Commissioner of Internal Revenue. Approved June 11, 1919. Carter Glass, Secretary of the Treasury. PART II. REVENUE A€T OF 1018. TITLE XL STAMP TAXES. Sec. 1100. That on and after April 1, 1919, there shall be levied, collected, and paid, for and in respect of the several bonds, deben- tures, or certificates of stock and of indebtedness, and other docu- ments, instruments, matters, and things mentioned and described in Schedule A of this title, or for or in respect of the vellum, parchment, or paper upon which such instruments, matters, or things, or any of them, are written or printed, by any person who makes, signs, issues, sells, removes, consigns, or ships the same, or for whose use or benefit the same are made, signed, issued, sold, removed, consigned, or shipped, the several taxes specified in such schedule. The taxes imposed by this section shall, in the case of any article upon which a corresponding stamp tax is now imposed by law, be in lieu of such tax. Sec. 1101. That there shall not be taxed under this title any bond, note, or other instrument, issued by the United States, or by an}' foreign Government, or by any State, Territory, or the District of Columbia, or local subdivision thereof, or municipal or other cor- poration exercising the taxing power; or any bond of indemnity re- quired to be filed by any person to secure payment of any pension, allowance, allotment, relief, or insurance by the United States; or stocks and bonds issued by cooperative building and loan associa- tions which are organized and operated exclusively for the benefit of their members and make loans only to their shareholders, or by mutual ditch or irrigating companies. Sec. 110-2. That whoever— (a) Makes, signs, issues, or accepts, or causes to be made, signed, issued, or accepted, any instrument, document, or paper of any kind or description whatsoever without the full amount of tax thereon being duly paid ; (b) Consigns or ships, or causes to be consigned or shipped, by parcel post any parcel, package, or article without the full amount of tax being duty paid ; (c) Manufactures or imports and sells, or offers for sale, or causes to be manufactured or imported and sold, or offered for sale, any playing cards, package, or other article without the full amount of tax being duly paid ; (d) Makes use of any adhesive stamp to denote any tax imposed by this title without canceling or obliterating such stamp as prescribed in section 1104; Is guilty of a misdemeanor and upon conviction thereof shall pay a fine of not more than $100 for each offense. Sec. 1103. That whoever— (a) Fraudulently cuts, tears, or removes from any vellum, parch- ment, paper, instrument, writing, package, or article, upon which any (35) 36 tax is imposed by this title, any adhesive stamp or the impression of any stamp, die, plate, or other article provided, made, or used in pursuance of this title; (b) Fraudulently uses, joins, fixes, or places to, with, or upon any vellum, parchment, paper, instrument, writing, package, or article, upon which airy tax is imposed by this title, (1) any adhesive stamp, or the impression of any stamp, die, plate, or other article, which has been cut, torn, or removed from any other vellum, parchment, paper, instrument, writing, package, or article, upon which any tax is im- posed by this title; or (2) any adhesive stamp or the impression of any stamp, die, plate, or other article of insufficient value; or (3) any forged or counterfeit stamp, or the impression of any forged or coun- terfeited stamp, die, plate, or other article; (c) Willfully removes, or alters the cancellation or defacing marks of, or otherwise prepares, any adhesive stamp, with intent to use, or cause the same to be used, after it has been already used, or knowingly or willfully buys, sells, offers for sale, or gives away, any such washed or restored stamp to any person for use, or knowingly uses the same ; (d) Knowingly and without lawful excuse (the burden of proof of such excuse being on the accused) has in possession any washed, restored, or altered stamp, which has been removed from any vellum, parchment, paper, instrument, writing, package, or article ; Is guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not more than $1,000, or by imprisonment for not more than five years, or both, and any such reused, canceled, or counterfeit stamp and the vellum, parchment, document, paper, package, or article upon which it is placed or impressed shall be forfeited to the United States. Sec. 1104. That whenever an adhesive stamp is used for denoting any tax imposed by this title, except as hereinafter provided, the person using or affixing the same shall write or stamp or cause to be written or stamped thereupon the initials of his or its name and the date upon which the same is attached or used, so that the same may not again be used : Provided, That the Commissioner may prescribe such other method for the cancellation of such stamps as he may deem expedient. Sec. 1105. (a) That the Commissioner shall cause to be prepared and distributed for the payment of the taxes prescribed in this title suitable stamps denoting the tax on the document, articles, or thing to which the same may be affixed, and shall prescribe such method for the affixing of said stamps in substitution for or in addition to the method provided in this title, as he may deem expedient. (b) The Commissioner, with the approval of the Secretary, is authorized to procure any of the stamps provided for in this title by contract whenever such stamps can not be speedily prepared by the Bureau of Engraving and Printing; but this authority shall expire on January 1, 1920, except as to imprinted stamps furnished under contract, authorized by the Commissioner. (c) All internal-revenue laws relating to the assessment and col- lection of taxes are hereby extended to and made a part of this title, so far as applicable, for the purpose of collecting stamp taxes omitted through mistake or fraud from any instrument, document, paper, writing, parcel, package, or article named herein. 87 Sec. 1106. That the Commissioner shall furnish to the Postmaster General without prepayment a suitable quantity of adhesive stamps to be distributed to and kept on sale by the various postmasters in the United States. The Postmaster General may requiie ^ach such postmaster to give additional or increased bond as postmaster for the value of the stamps so furnished, and each such postmaster shall deposit the receipts from the sale of such stamps to the credit of and render accounts to the Postmaster General at such times and in such form as he may by regulations prescribe. The Postmaster General shall at least once monthly transfer all collections from this source to the Treasury as internal-revenue collections. Sec. 1107. That the collectors of the several districts shall furnish without prepayment to any assistant treasurer or designated deposi- tary of the United States located in their respective collection districts a suitable quantity of adhesive stamps for sale. In such cases the collector may require a bond ? with sufficient sureties, to an amount equal to the value of the adhesive stamps so furnished, conditioned for the faithful return, whenever so required, of all quantities or amounts undisposed of, and for the payment monthly of all quantities or amounts sold or not remaining on hand. The Secretary may from time to time make such regulations as he may find necessary to insure the safekeeping or prevent the illegal use of all such adhesive stamps. Schedule A. — Stamp Taxes. 1. Bonds of indebtedness: On all bonds, debentures, or certificates of indebtedness issued by any person, and all instruments, however termed, issued by any corporation with interest coupons or in regis- tered form, known generally as corporate securities, on each $100 of face value or fraction thereof, 5 cents: Provided, That every renewal of the foregoing shall be taxed as a new issue : Provided further, That when a bond conditioned for the repaj'inent or payment of money is fiven in a penal sum greater than the debt secured, the tax shall be ased upon the amount secured. 2. Bonds, indemnity, and surety : On all bonds executed for indem- nifying any person who shall have become bound or engaged as surety, and on all bonds executed for the due execution or per- formance of any contract, obligation, or requirement, or the duties of any office or position, and to account for money received by virtue thereof, and on all policies of guaranty and fidelity insurance, includ- ing policies guaranteeing titles to real estate and mortgage guarantee policies, and on all other bonds of any description, made, issued, or executed, not otherwise provided for in this schedule, except such as may be required in legal proceedings, 50 cents: Provided, That where a premium is charged for the issuance, execution, renewal or con- tinuance of such bond the tax shall be 1 cent on each dollar or frac- tional part thereof of the premium charged: Provided further, That policies of rei Lee shall bo exempt from the tax imposed by this sul .n. '.). Capita] si ssued: On each original issue, whether on organ- ization or reorganization, of certificates of stock, or of profits, or of rest in property or accumulations, by any corporation, on each $100 of face value or fraction thereof, 5 cents: Provided, Unit where 38 n certificate is issued without face value, the tax shall be 5 cents per share, unless the actual value is in excess of $100 per share, in which case the tax shall be 5 cents on each $100 of actual value or fraction thereof. The stamps representing the tax imposed by this subdivision shall be attached to the stock books and not to the certificates issued. (Subdivisions 4 and 5 of this schedule relate to stamp taxes on transfers of stock, and on sales of products for future delivery, re- spectively, and are covered by Revised Regulations No. 40.) 6. Drafts or checks (payable otherwise than at sight or on demand) upon their acceptance or delivery within the United States whichever is prior, promissory notes, except bank notes issued for circulation, and for each renewal of the same, for a sum not exceeding $100, 2 cents; and for each additional $100, or fractional part thereof, 2 cents. This subdivision shall not apply to a promissory note secured by the pledge of bonds or obligations of the United States issued after April 24, 1917, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations : Provided, That in either case the par value of such bonds or obligations shall be not less than the amount of such note. 7. Conveyances : Deed, instrument, or writing, whereby any lands, tenements, or other realty sold shall bo granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his, her, or their direction, when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining thereon at the time of sale, exceeds $100 and does not exceed $500, 50 cents ; and for each additional $500 or fractional part thereof, 50 cents. This sub- division shall not apply to any instrument or writing given to secure a debt. 8. Entry of any goods, wares, or merchandise at any customhouse, cither for consumption or warehousing, not exceeding $100 in value, 25 cents; exceeding $100 and not exceeding $500 in value, 50 cents; exceeding $500 in value, $1. 0. Entry for the withdrawal of any goods or merchandise from customs bonded warehouse, 50 cents. 10. Passage ticket, one way or round trip, for each passenger, sold or issued in the United States for passage by any vessel to a port or place not in the United States, Canada, or Mexico, if costing not exceeding $30, $1 ; costing more than $30 and not exceeding $60, $3 ; costing more than $60, $5. This subdivision shall not apply to passage tickets costing $10 or less. 11. "Proxy for voting at any election for officers, or meeting for the transaction of business, of any corporation ; except religious, edu- cational, charitable, fraternal, or literary societies, or public ceme- teries, 10 cents. 12. Power of attorney granting authority to do or perform some act for or in behalf of the grantor, which authority is not otherwise vested in the grantee, 25 cents. This subdivision shall not apply to any papers necessary to be used for the collection of claims from the United States or from any State for pensions, back pay, bounty, 39 or for property lost in the military or naval service, or to powers of attorney required in bankruptcy cases. 13. Playing cards: Upon every pack of playing cards containing not more than fifty-four cards, manufactured or imported, and sold, or removed for consumption or sale, a tax of 8 cents per pack. 14. Parcel-post packages: Upon every parcel or package trans- ported from one point in the United States to another by parcel post on which the postage amounts to 25 cents or more, a tax of 1 cent for eacli 25 cents or fractional part thereof charged for such transporta- tion, to be paid by the consignor. No such parcel or package shall be transported until a stamp or stamps representing the tax due shall have been affixed thereto. 15. On each policy of insurance, or certificate, binder, covering- note, memorandum, cablegram, letter, or other instrument by what- ever name called whereby insurance is made or renewed upon prop- erty within, the United States (including rents and profits) against X^eril by sea or on inland waters or in transit on land (including transshipments and storage at termini or way points) or by lire, lightning, tornado, windstorm, bombardment, invasion, insurrec- tion or riot, issued to or for or in the name of a domestic corporation or partnership or an individual resident of the United States by any foreign corporation or partnership or any individual not a resident of the United States, when such policy or other instrument is not signed or countersigned by an officer or agent of the insurer in a State, Territory, or district of the United States within which such insurer is authorized to do business, a tax of 3 cents on each dollar, or fractional part thereof of the premium charged: Pivvided, That policies of re-insurance shall be exempt from the tax imposed by this subdivision. Any person to or for whom or in whose name any such policy or other instrument is issued, or any solicitor or broker acting for or on behalf of such person in the procurement of any such policy or other instrument^ shall affix the proper stamps to such policy or other instrument, and for failure to affix such stamps with intent to evade the tax shall, in addition to other penalties provided therefor, pay a fine of double the amount of the tax. TITLE XIII. GENERAL ADMINISTRATIVE PROVISIONS. Sko. 1305. That all administrative, special, or stamp provisions of law, including the law relating to the assessment of I so far as applicable, are hereby extended to and made a part of this Act, and every person liable to any tax imposed by this Act, or for the collec- tion thereof, shall keep such records and render, under oath, such andreti 11 comply with, such regulations as the Comn with th royal of the Secretary, may from time to tim< '. That the < issioner, with the approval of the Sec- re! . lio ized to make all needful rules and regulations dor th< enforcement of the provisions of this Act. Sec. L311. That where the rate of tax imposed by this Act, pay- able by stamps, is an increase over previously existing rales, stamps 40 on hand in the collectors' offices and in the Bureau of Internal Revenue may continue to be used until the supply on hand is ex- hausted, but shall be sold and accounted for at the rates provided by this Act, and assessment shall be made against manufacturers and oilier taxpayers having such stamps on hand on the day this Act (akes effect for the difference between the amount paid for such stamps and the tax due at the rates provided by this Act. Sec. 1312. (1) That (a) if any person has prior to May 9, 1917, made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article in respect to which a tax is imposed under Title VI, VII, or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and (b) if such contract does not permit the adding of the whole of such tax to the amount to be paid under such contract, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such tax as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer, the tax col- lected under this Act shall be the tax in force on May 9, 1917. (2) If (a) any person has prior to September 3, 1918, made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article in respect to which a tax is imposed under Title VI, VII, or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and in respect to which no corresponding tax was imposed by the Eevenue Act of 1917, and (b) such contract does not permit the adding, to the amount to be paid under such con- tract, of the whole of the tax imposed by this Act, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of the tax imposed by this Act as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer, no tax shall be collected under this Act, (3) If (a) any person has prior to September 3, 1918, made a bona fide contract with a dealer for the sale or lease, after the tax takes effect, of any article in respect to which a tax is imposed under Title VI, VII, or IX, or under subdivision 13 of Schedule A of Title XI, or under this subdivision, and in respect to which a corresponding tax was imposed by the Revenue Act of 1917, and (b) such contract does not permit the adding, to the amount to be paid under such contract, of the whole of the difference between such tax and the corresponding tax imposed by the Eevenue Act of 1917, then the vendee or lessee shall, in lieu of the vendor or lessor, pay so much of such difference as is not so permitted to be added to the contract price. If a contract of the character above described was made with any person other than a dealer the tax collected under this Act shall be the tax in force on September 3, 1918. (4) The taxes payable by the vendee or lessee under this section shall be paid to the vendor or lessor at the time the sale or lease is consummated, and collected, returned, and paid to the United States by such vendor or lessor in the same manner as provided in section 502. (5) The term "dealer" as used in this section includes a vendee who purchases any article with intent to use it in the manufacture or production of another article intended for sale. 41 Sec. 1316. (a) That section 3220 of the Revised Statutes is hereby amended to read as follows: " Sec. 3220. The Commissioner of Internal Revenue, subject to regulations prescribed by the Secretary of the Treasury, is authorized to remit, refund, and pay back all taxes erroneously or illegally assessed or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected; also to repay to any collector or deputy collector the full amount of such sums of money as may be recovered against him in any court, for any internal revenue taxes collected by him, with the cost and expenses of suit; also all damages and costs recovered against any assessor, assistant assessor. colle- tor, deputy collector, agent, or inspector, in any suit brought against him by reason of anything done in the due performance of his official duty, and shall make report to Congress at the beginning of each regular session of Congress of all transactions under this section." Approved Februar}' 24, 1010. INDEX [References in italics are to pages ; other references are to articles of the regulations.] Page. Abstracts ox title 09 Acceleration of maturity, provision for, in instrument, effect of 8 Acceptance, for payment at future date 38 Of deed without proper stamps prohibited 66 Or delivery in the United States of time draft payable in foreign country 44 Or delivery in United States, Alaska, or Hawaii, of time draft against shipment from Virgin Islands, Philippines, and Porto Rico 47 Time draft or Chech, taxable on, in United States 34 Act of October 22, 1914, documentary stamps issued uuder 169 Act of October 3, 1917, documentary stamps issued under 169 Present regulations generally applicable to stamp taxes under 159 Actual value, basis of tax on exchange of properties 75 Measure of the tax where consideration for deed is left open 67 Additional bond, secured by mortgage, subject to tax 5 Additional cancellation, when required 107 Adhesive stamps, cancellation of 166 Administrative provisions, general, Title XIII 39 Administrator, bond of 27 Affixing stamps 172 Agent, deed to principal by 92 Agreement, as to who pays for stamps, not prohibited 15S Executed by shipper 31 Extending maturity of mortgage bond 5 Extending mortgage, subjects bond to tax 5 To build 2 ' hold harmless, executed by depositor , of bank 31 :er seal and without surety 31 indemnify, with sureties 31 Agreement to build •tion therewith 26 st pack;: or from 151 to 116 ipments from, to Canal Zone 45 ued to 113 Ameri ary Forces, parcel-post packages mail unt of tax 32 Applieati L agreeing to hold 31 Ai tared in m 105 Ass r, when 176 le 109 y to 137 (43) 44 Taee. Assigmm snt, of Insurance policy, power of attorney contained in 134 Of Interest in bond 12 Of stock, power of attorney in connection with 144 Power of attorney contained In 137 Assistant treasurers, stamps to be delivered to 164 Attachment bonds 27 Attorney in fact, to transfer stock, appointment of 138 Authentication by trustee, provision for, in instrument, effect of 8 Authority for regulations, section 1309 S3 Bankruptcy estates, bonds of depositaries for keeping moneys of 29 Bills of sale, conditional 14 Board of directors, resolution of, authorizing an officer of the corpora- tion to sell, etc 131 Resolution of, authorizing person not an officer to sell, etc 131 Bond, accompanying real estate mortgage 3 Additional 5 Attachment 27 Business property investment 11 Delivery essential to issue 1 Executed before April 1, 1919, premiums on 23 Executed in Canada and delivered in the United States 17 For costs 27 For faithful performance of contract 20 For value of stamps, may be required 164 Given by county official 28 Given by State official 28 Given by township official 2S Given by village official 28 Given to Federal Government for any purpose 28 Given to political subdivision 28 Guaranty under seal a 20 Indemnity or fidelity 23 Indemnity or surety, rate and amount of premium shown on 24 Indemnity, taxability of 31 Injunction 27 Instrument assigning interest in 12 Instrument styled a bond and under seal 10 Issued by school district 19 Issued in satisfaction of insurance policies 18 Mortgage, agreement extending maturity of 5 New, given for same indebtedness, subject to tax 5 Notation on 21 Not mandatory to £ive_ 164 Of administrator- 27 Of assignee , 27 Of brewer, etc 21 Of court receiver— 27 Of depositary, designated by United States District Court 29 Of distiller 21 Of executor 27 Of guardian 27 Of jitney-buss owner 30 Of manufacturer of oleomargarine 21 45 Page. Bond of manufacturer of tobacco and cigars 21 Of notary public 28 Of public official 28 Of receiver in bankruptcy 27 Of referee in bankruptcy 27 Of trustee in bankruptcy 27 Of warehouseman 30 On appeal 27 Renewed by agreement extending mortgage accompanied by bond 4 Required in legal proceedings 27 Supersedeas 27 To stay proceedings 27 Temporary, stamps to be affixed to 7 Upon writ of error 27 Warehousing 21 Bonds, indemnity and surety, Schedule A 2 13,87 Instruments issued by corporations in numbers, under a trust in- denture 8 Made in duplicate or triplicate, notation on 21 Made in duplicate or triplicate, original only to be stamped 21 Not otherwise provided for in Schedule A 23 Of indebtedness, Schedule A 1 11, 37 Of War Finance Corporation 56 Or stocks, pro forma power of attorney in printed assignment on 139 Resolution of board of directors authorizing officer to sell, etc 131 Resolution of board of directors authorizing person not an officer to sell, etc 181 Stamps to be affixed to G To bear legend 6 Bonds of indebtedness, executed and delivered as security 16 Brewers, bonds of 21 Building and loan associations, deeds of 80 Deeds to 90 Proxies to vote stock of 124 Burial site, deed to 87 Canada, bonds executed in, and delivered in United States 17 Passage tickets issued in United States, on orders purchased in 118 Passage tickets sold in United States from ports not in 120 Passage tickets to ports not in 119 Promissory note executed and mailed in 64 Promissory note executed and mailed to payee in 65 Canal Zone, parcel-post packages to or from : 152 Time drafts covering shipments to 45 Cancellation of stamps 166 Additional 167 Capital stock, conveyance by coowners in consideration of 101 Conveyance by corporation to owner of 103 Deed from one corporation to another owning 107 Power of attorney to sell, etc., taxable, unless 143 Certificates, interim 7 Stamps affixed to 7 Certificalcs of deposit . 13,62 Of Indebtedness, Schedule A 1 , 11,37 46 Page. Certificates, of Indebtedness, issued by receivers 15 Of interest, business property investment bond taxed as 11 Of Morris plan banks 13 Renewal of continuance 25 Scrip dividend 9 Certificates of indebtedness, business property investment bond not tax- able as 11 Conditional bills of sale not 14 Issued by Director General of Railroads, promissory notes secured by_ 56 Issued by receivers z 15 Scrip dividend certificates or warrants taxable as 9 Cestui qui trust, conveyance to, from trustee, without consideration 105 Checks, and drafts payable otherwise than at sight or on demand 33 Drafts, and promissory notes, Schedule A G 16, 38 Liability to tax determined by form or face of 37 Post-dated 63 Cigars and tobacco, bonds of manufacturers of 21 Claim for refund to be presented to collector 157 Clerk of court, deed by 74 Collector, claim for refund to be presented to 157 Copy of power of attorney filed with 145 Delivery of stamps by 164 Reports of , 174 Stamps for sale by 163 Stamps rendered useless, may be exchanged by 171 and revenue agent to report 174 Collectors and revenue agents 74 Commissioner, deed executed by ; tax on 69 Computation of tax on deed executed by sheriff, referee, or commissioner- 69 Conditional bills of sale 14 Confession of judgment, warrant of attorney authorizing 140 Consideration, conveyances without 95 For deed left open, measure of the tax 67 Value of, basis of tax 102 Continuance certificate 25 Contracts, and options for purchase of real estate S3 Bonds for faithful performance of 26 For governmental purposes, bonds covering 28 For sale of real property j. 98 Of guarantee title insurance companies 22 Conveyance, actual value at time of; measure of tax ._ 67 By coowners in consideration of capital stock 101 By corporation to an officer through third party 110 By corporation to owner of all the capital stock 103 By mortgagor to mortgagee, measure of tax 104 In consideration of payment of obligations 107 Of land in consideration of maintenance 79 Of property subject to equity of redemption 7S Of real estate in foreign country 90 Through third party 110 To trustee, or from trustee to cestui qui trust, without consideration- 105 To United States 106 Transfer of title to real estate by judgment or decree not taxable as_ 108 Without consideration 95, 103, 105 47 Page. Conveyances, Schedule A 7 . 19, 88 Coowners, conveyance by, in consideration of capital stock 101 Copartnership, see Partnership. Copies of distiller's bonds, for office use, not to be stamped 21 Copy of power of attorney, filed in executive department 145 Filed with collector of Internal revenue 145 Corporation, authority to secretary of, to transfer stock on the books 138 Conveyance by, to an officer through a third party 110 Conveyance by, to owner of all the capital stock 103 Coupons attached to obligation of 58 Deed from one, to another 107 Defined 127 Directors of, officers^ 123 Instruments issued by, in numbers, etc 8 Powers of attorney by, to resident agents 135 Proxies sent out by, may be stamped after execution and delivery — 128 Proxies to vote for officers of, and for other purposes 12G Resolution of board of directors authorizing officer to sell, etc 131 Resolution of board of directors authorizing person not an officer to sell, etc 131 Revenue stamp required on each instrument executed under general power of attorney granted to person not an officer 132 Stock in, a valuable consideration 81 County officer, deeds by S5 County official, bond of _ 28 Coupons, or notes, covering interest 58 Not subject to tax 58 Creditor, deed to trustee for benefit of 89 Customhouse entries for consumption or warehousing, Schedule A 8 28, 88 Customhouse entries by United States officials and representatives of foreign countries 111 Customs bonded warehouses, withdrawal entries from, Schedule A 9 28, 88 Withdrawals of goods from 112 Debenture, business property investment bond not taxable as 11 Debentures, Schedule A 1 11,87 Debtor, deed by, for benefit of creditor 89 Decree of State court transferring title to real estate 108 Deductions, taxes and assessments, when 109 Deed, by executor 102 By husband and wife to "straw man" 91 By State, county, or municipal officer 85 Confirming title 97 Conveying mine ' 77 Conveying property sold under foreclosure or execution 74 Conveying real estate in foreign country „ 96 Dated prior to April 1, 1919, but delivered after that date 72 Delivered between December 1, 1917, and April 1, 1919, taxable under Act of October 3, 1917 72 Delivered prior to April 1, 1919 71 Executed and delivered on or after April 1, 1919 — . 71 Executed by sheriff, referee, or commissioner, tax on 69 From agent to principal 92 From one corporation to another 107 In consideration of payment of obligations — .. . 107 48 Pace. Deed In escrow 73 Of building and loan association 80 Of release 84 Of trust 84 On exchange of properties 75 Partition 94 Quit-claim., 82 To a burial site 87 To a State 86 To building and loan association 90 To cover gift 88 To trustee for benefit of creditor 89 When exempt from tax 88 Deeds in escrow 73 Definitions, "corporation " 127, " Foregoing " 2 " Promissory note " 48 " Sold " 70 Definitive bonds . 7 Delivery, includes mailing 129 Of bonds, essential to issue 1 Of draft in United States 36 Of power of attorney 129 Of stamps by collector to Assistant Treasurer of the United States, etc 164 Or acceptance in United States, Alaska, or Hawaii, of time draft against shipment from Virgin Islands, Philippines, and Porto Rico_ 47 Or acceptance in the United States of time draft payable in foreign country 44 Time draft or check taxable on, in United States 34 Demand draft, accepted for payment at future date 38 Demand note, payment of interest on 59 Denominations of documentary stamps 162 Deposit, certificate of 62 Deposit of stock as security, power of attorney given in connection with__ 143 Depositaries, stamps to be delivered to designated 164 Designated by United States district court, bonds of 29 Of moneys of bankruptcy estate 29 Depositor of bank, agreement by, to hold harmless 31 Deputy, power of attorney authorizing, to have access to safe 146 Power of attorney authorizing, to have access to and control of con- tents of safe ._ 146 Diplomatic representatives, passage tickets issued to 113 Director General of Railroads, promissory notes secured by certificates of indebtedness issued by 56 Directors, of corporation officers 123 Distiller's annual bonds 21 Distiller's bonds, office copies of, not to be stamped 21 Documentary stamps, additional cancellation required 167 Cancellation of 166 Issued 162 Issued under act of October 22, 1914 169 Issued Older act of October 3, 1917 169 49 Pa go, Documentary stamps only to be used 168 Rendered useless , 171 Documentary stamp taxes, applicability of regulations 159 Draft, accepted for payment at future date 38 Against actual shipment 40 Drawn abroad on foreign payee, and foreign drawee 3G Liability to tax determined by form or face of 37 Payable " on arrival of car " , 37 Drafts, and checks payable otherwise than at sight or on demand 33 Checks and promissory notes, Schedule A-6 16, 38 Drawee, foreign, draft drawn abroad on , 36 Payee or endorsee to see that tax is paid 35 Duplicate, bonds made in, notation on 21 Duties of officers 173, 177 Encumbrances, placed on property in connection with sale not deductible- 68 Resting on real estate before sale only to be deducted 68 Endorsee, drawee, or payee to see that tax Is paid 35 Entries, for withdrawal of goods or merchandise from customs bonded warehouses 112 Customhouse, for consumption or warehousing, Schedule A 8, 2J t , 88 Equity of redemption, conveyance of property subject to 78 Escrow, deeds In 73 Exchange of real properties, tax on deeds 75 Exchange of stamps rendered useless 171 Exchange orders, passage tickets issued on '. 118, 119 Execution, deeds to cover transfers of property sold under 74 Executive department, copy of power of attorney filed in 145 Executor, bond of 27 Deeds by 102 Export bonds 21 Exports to foreign country, time draft covering 41 Extension of promissory note, by extension of mortgage 52 Extension of stamp tax, Schedule A of revenue act of 1918 an extension of Schedule A of revenue act of 1917 ; 160 Federal Government, bonds given to 28 Federal officials, passage tickets to 113 Federal reservo bank officer, power of attorney authorizing to assign United States bonds 147 Federal reserve banks, shipments by 150 Fidelity and indemnity bonds 23 Forbearance, suspension of payment or 57 Foreclosure, deeds to cover transfers of property sold under a 95 Foreclosure sale, tax on deed 69 " Foregoing " defined 2 Foreign country, conveyance of real estate in 96 Stamps on articles manufactured in 165 Time draft payable in 44 Foreign draft, delivered in United States 36 Foreign drawee, draft drawn abroad on 36 Foreign governments, promissory notes issued by 54 Foreign insurance policies, Schedule A 15 89, S9 Taxability governed by date of delivery 156 Foreign payee, draft drawn abroad with 36 50 Page. Foreign representatives, customhouse entries by 111 Passage tickets issued to 113 Form 1, not to be used In reporting tax paid for stamps 176 Form S, quarterly reports on 175 Former stamp tax acts 161 General administrative provisions, Title XIII . — 29 General power of attorney, granted by corporation to person not an officer 132 Gift, deed to cover 88 Government, copy of power of attorney filed In executive department of — 145 Government bonds, power of attorney to sell or transfer 136 Governmental purposes, bonds covering contracts for 28 Grantee, in deed liable for tax 66 Or vendee to pay the tax 74 Grantor, in deed liable for tax 66 Guarantee title insurance policies 22 Rate and amount of premium charged to be shown on face of 24 Guaranty, under seal 20 Guardian, bond of 27 Hawaii, parcel-post packages to or from 151 Passage tickets to 116 Time drafts covering shipments from Canal Zone 45 Husband and wife, deed by, to " straw man " 91 Incumbrance, see encumbrances. Indebtedness, certificates of, issued by receivers - 15 Indemnity and fidelity bonds 23 Indemnity bonds, Schedule A 2 13. 37 Bonds for faithful performance of work or contract taxable as 26 Taxability of 31 Indenture, stamps may be affixed to 6 Indorsement, of payment of interest in advance 60 Initials and date, to be written or stamped on stamps 166 Injunction bond 27 Insurance policies, bonds issued in satisfaction of 18 Powers of attorney contained in assignments of 134 Title guaranty 22 Interest, notes or coupons covering 58 Payment of, in advance after maturity or promissory note 60 Payment of, on demand note 59 Interest notes, separated from or in form to be separated from principal obligation 58 Subject to tax 58 Interim certificates 7 Stamps affixed to 7 Internal-revenue taxes, postage stamps not to be used for 170 Investment bond, business property 11 Issue, of bonds over period of years ; stamps to be affixed to indenture, when 6 Of stock, regulations covering tax on 177 Jitney-buss owners, bonds of 30 Joint-stock land bank mortgage, promissory notes secured by 53 Judgment note, warrant of attorney In, authorizing confession of judg- ment 140 51 Page. Judgment, or decree of State court transferring title to real estate 108 Lands, tenements or other realty, what constitute 76 Lease, of real property 100 Warrant of attorney In 141 Legend, to be borne by bonds where stamps are affixed to the indenture— 6 Liability of parties, both parties to taxable instrument liable for stamps 158 Liability to tax, determined by form or face of check or draft 37 Life maintenance, conveyance of land in consideration of 79 Mailing, constitutes delivery 129 Maintenance, conveyance of land In consideration of 79 Manufacturers, of oleomargarine, bonds of 21 Of tobacco and cigars 21 Master in chancery, deed by 74 Measure of tax, actual value at time of conveyance G7 Mexico, passage tickets issued in United States, on orders purchased in__ 118 Passage tickets sold in United States from ports not in 120 Passage tickets to ports not in 119 Military forces, passage tickets issued to 113 Mines, deeds conveying 77 Ministers, foreign, passage tickets issued to 113 Morris-plan banks, certificates of 13 Mortgage, bond renewed by agreement extending 4 Joint-stock land bank, promissory note secured by 53 Power of sale embodied in, not taxable 133 Securing promissory note, effect of extension 52 Mortgage guarantee policies 23 Mortgagee, conveyance by mortgagor to 104 Power of sale to, in mortgage 133 Mortgagor, conveyance by, to mortgagee 104 Municipal officer, deeds by S5 Naval forces, passage tickets issued to 113 New bond, given for same mortgage indebtedness, subject to tax 5 New stamps, required on packages of playing cards, when 149 Nonpayment of taxes, deeds conveying property sold for 85 Notary public, bond of 2S Notation, on bonds 6, 7, 21 To be made on renewal or continuance certificate 25 Notes, for deferred payments, amount if not deductible 68 Given as security 50 Or coupons covering interest 58 Payable on demand promissory notes 49 Offer in compromise, report of 175 Officers, directors of corporations are 123 To make Investigations 173 Oleomargarine, bonds of manufacturers of 21 Optional registration, provision for in instrument, effect of 8 Options, and contracts for purchase of real estate 83 Packages, see parcel-post packages. Parcel-post packages, Schedule A 14 28, 39 Mailed from one point to another in Porto Rico 153 Postmaster to require evidence 155 Sent by a State or political subdivision thereof 155 To or from Hawaii or Alaska 151 52 Page. Parcel-post packages to or from Porto lllco, Philippines, Canal Zone, and Virgin Islands 152 To United States Expeditionary Forces 154 To United States naval vessels 154 Parcel-post shipments, by Federal reserve banks 150 Partnership property, reconveyance of, by receivers 93 Partition deeds, when subject to tax . — 94 Passage tickets, Schedule A 10 2J,,88 Issued on exchange orders 119 Issued on exchange orders purchased in Canada or Mexico 118 Issued to certain foreign representatives 113 Issued to Federal and State officials 113 Issued to military and naval forces 113 Issued to private individuals 114 Prepaid orders for 117 Sold in United States from ports not in United States, Canada, or Mexico 120 To Hawaii and Alaska 116 To Porto Rico and Philippine Islands 115 To ports not in United States, Canada, or Mexico 119 Payee, foreign, draft drawn abroad with 36 Drawee or indorsee to see that tax is paid 35 In Canada, promissory note executed and mailed to, in the United States 65 In United States, promissory note executed and mailed to, in Canada- 64 Payment, suspension of, or forbearance 57 Philippines, parcel-post packages to or from 152 Passage tickets to 115 Time drafts covering shipments from 47 Time drafts covering shipments to •— 46 Place of manufacture, stamps may be affixed at 165 Playing cards, Schedule A 13 28, 39 Person receiving packages of, for sale, on which stamps are broken — 149 Policies executed before April 1, 1919, premiums on 23 Guaranteeing title to real estate 23 Mortgage guarantee 23 Of guaranty and fidelity insurance 23 Of guaranty insurance, guarantee title insurance, taxed as 22 Policy loan agreements 61 Policy loan and premium extension agreements, when not taxable 61 Porto Rico, parcel -post packages mailed from one point to another in 153 Parcel -post packages to or from 152 Passage tickets to 115 Time drafts covering shipments from 47 Time drafts covering shipments to 46 Postage stamps, not to be used for internal-revenue taxes 170 Post-dated checks_J 63 Postmaster, stamps to be delivered to 164 To require evidence relative to parcel-post packages 155 Post stamping, separate report not required in each instance 175 Power of attorney, authorizing deputy to have access to safe 146 Authorizing deputy to have access to and control of contents of safe— 146 Authorizing officer of Federal reserve bank to assign United States bonds deposited as security I 47 53 Paga. Power of attorney, authorizing vendee of shares of stock to transfer saine_ 144 Contained in assignment, for valuable consideration 137 Contained in assignment of insurance policy 134 Copy of, printed on form 'provided by Government and filed in execu- tive department 145 Executed and delivered before April 1, 1919 >. 14S From corporation to resident agent 135 General, to person not an officer; revenue stamp required on each instrument executed under 132 Including sale, assignment, or transfer of stock 144 Pro forma, in printed assignment on bonds or stocks 139 Instrument appointing attorney in fact to transfer stock on books of corporation 138 Instrument authorizing secretary of corporation to transfer stock on books of corporation not taxable as 138 Mailed abroad to party in United States 142 Mailed in United States to point abroad 142 Resolution of board of directors, when not taxable as 131 Tax on, when due 129 To sell or transfer Government bonds 136 To sell, etc., shares of capital stock, taxable, unless 143 Power of sale, embodied in mortgage not taxable 133 Powers of attorney, Schedule A 12 : __ 26, 38 Premium, notation of, to be made on renewal or continuance certificate— 25 Rate and amount of, shown on bond or policy 24 Premium extension agreements 61 Premiums, on bonds , 23 What taxable 25 Prepaid orders, for passage tickets 117 Principal, deed by agent to 92 Private individuals, passage tickets issued to 114 Proceeds of draft covering exports to a foreign country, draft drawn against 41 Pro forma power of attorney, in assignment 137 In printed assignment on stock or bonds 139 Promissory note, certificate of deposit not taxable as 62 Conditional bills of sale in form of 14 Coupon covering interest not a 58 Defined 48 Executed and mailed in Canada 64 Executed and mailed to payee in Canada 65 Extension or renewal of, by extension of mortgage 52 Given as security 50 Instrument containing essential features of, issued by corporation in numbers, under trust indenture, a bond 8 Issued by foreign government 54 Note payable on demand is 49 Payment of interest in advance after maturity of 60 Policy loan and premium extension agreement taxable as, when 61 Renewal of 51 Secured by certificate of indebtedness issued by Director General of Railroads 56 Secured by joint-stock land-bank mortgage _• 53 Secured by obligations of United States 55 54 Page. Promissory note, secured by United States bonds 55 Warrant of attorney in, authorizing confession of judgment 140 Promissory notes, drafts, and checks, Schedule A 6 16, SS Promulgation of regulations 178 Prosecution recommended, separate report required 175 Proxies, Schedule A 11 25,38 Executed and accepted before April 1, 1919 125 Sent out by corporations, may be stamped after executed and delivery 128 Stamp may be affixed and canceled by either party 122 Tax on, attaches to instrument 121 To vote for officers and for other purposes 120 To vote stock of building and loan associations 124 Purchase money, time draft to secure. 42 Purchase of stamps 163 Public officials, bonds of 28 Quarterly reports 175 Quit-claim deeds S2 Railroads, undertaking by shipper to hold harmless— 31 Rate of premium and amount to be shown on face of bond or policy 24 Real estate, conveyance of, by coowners, in consideration of capital stock- 101 Conveyance of, by corporation to owner of capital stock 103 Conveyance to officer of corporation by corporation 110 Deed by executor conveying parcels of 102 Deed conveying, to a State SO In foreign country, conveyance of 96 Judgment or decree of State court transferring title to 108 Options and contracts for purchase of S3 Sold for nonpayment of taxes, deeds conveying S5 Sold to United States Government 106 Real estate mortgages, bonds accompanying 3 Real property, contracts for sale of 98 Leases of 100 What constitutes, determinable by law of State where located 76 Realty, what constitutes 76 Receipt, Form 1, not to be xtsed in reporting tax paid for stamps 176 Receivers, certificates of indebtedness issued by 15 Court, bonds of 27 In bankruptcy, bonds of - 27 Reconveyance of partnership property by 93 Recognizance 27 Recommendation of prosecution, separate report required 175 Reconveyance, of partnership property by receivers 93 By building and loan association 90 By "straw man" 91 Redemption of stamps 171 Referee, deed executed by, tax on 69 Referee in bankruptcy, bond of 27 Refund, for stamps 157 Regulations, covering issue, sales, and transfers of stock, and sales of products for future delivery 178 Generally applicable to stamp taxes under act of October 3, 1917 159 Promulgation of 178 55 Page. Release, deeds of 84 Renewal, agreement extending maturity of mortgage bond taxable as 5 indorsement of payment of interest in advance after maturity of promissory note, a 60 Of bond, agreement extending mortgage accompanied by bond, op- erates as 4 Of promissory note 51 Of promissory note by extension of mortgage 52 Payment of interest on demand note not a 59 Renewal certificate 25 Reports, bow marked 174 Resident agents, powers of attorney by corporations to 135 Revenue Act of 1918 85 Date effective 11 Schedule A 37 Title XI, Stamp taxes, Section 1100 35 Section 1101 85 Section 1102 85 Section 1103 85 Section 1104 _ 3G Section 1105 86 Section 1106 37 Section 1107 37 Section 1305 39 Section 1309 39 Section 1311 89 Section 1312 J f Section 1316 £1 Revenue agents, reports of : 174 Revenue agents and collectors to report ! — 174 Revenue officers to make investigations . . — 173 Round-trip tickets : — 120 Sale of stock, power of attorney in connection with 144 Sale, power of, embodied in mortgage 133 Sales of products for future delivery, regulations covering tax on 177 Schedule A, revenue act of 1918, an extension of Schedule A of revenue act of 1917 1G0 Schedule A 1 11, 37 School districts, bonds issued by : 19 Scrip dividend certificates, or warrants '•> Seal, guaranty under, a bond 20 Security, bonds of indebtedness, executed and delivered as 16 Promissory notes given as 50 Section 1100 I 35 Section 1101 35 Section 1102 35 Section 1103 85 Section 1104 36 Section 1105 86 Section 1106 _ ' 37 Section 1107 37 Section 1305 39 Section 1309—- 89 56 Page. Section 1311 89 Section 1312 40 Section 1S1G U Separate reports, to be made 174 When not required 175 Sheriff, deed executed by 69,74 Shipments, by Federal reserve banks 150 Shipper, agreement by, to hold harmless 31 Sight draft, accompanied with instructions 37 When taxable 37 44 Sold " defined 70 Stamp deputy collectors, stamps for sale by 163 Stamp tax acts, former 161 Stamp tax, to be reported for assessment only where instruments can not be stamped 176 When not to be reported for assessment 176 Stamp taxes, present regulations generally applicable 159 Title XI 35 Schedule A 37 Under revenue act of 1918 159 Stamps, affixed and canceled not to be again used 157 Affixed to interim certificates 7 Affixed to temporary bonds 7 Assistant treasurers of United States, stamps to be delivered to 164 Both parties to taxable instrument responsible for affixing 15S Documentary, issued 162 May be affixed to indenture, when 6 May be affixed to proxies by corporation 128 Necessary amount of, to be affixed to indenture at time of each issue of bonds 6 New, on packages of playing cards, when required 149 Not to be defaced by cancellation 166 Of value of 10 cents or more, cancellation of 167 On articles imported into the United States 165 On articles manufactured in foreign countries 165 On imported articles, may be affixed at place of manufacture 165 On proxies, may be affixed and cancelled by either party 122 On time drafts, who pays for, subject for adjustment between parties thereto 35 Refund for 157 Removal from instrument 157 Rendered useless 171 Revenue, required on each instrument executed under general power of attorney by person not an officer 132 To be affixed to bonds 6 To be affixed to renewal or continuance certificates 25 Two or more may be used, when 172 Where purchased 163 Who should affix 66 Stamps, documentary, additional cancellation required 167 Cancellation of 166 Issued under act of October 22, 1914 169 Issued under act of October 3, 1917 , 169 Only to be used 16S 57. Page. Standing timber 7G State, deeds to S6 Parcel-post packages sent by 155 State officials, bonds of 28 Passage tickets issued to 113 State officer, deeds by 85 Stock, authority to secretary of corporation to transfer, on the books 138 In corporation a valuable consideration 81 Of building and loan association, proxies to vote 124 Power of attorney authorizing vendee to transfer 144 Or bonds, pro forma power of attorney in printed assignment on 139 Or bonds, resolution of board of directors authorizing an officer of the corporation to sell, etc 131 Or bonds, resolution of board of directors authorizing person not an officer to sell, etc 131 " Straw man," deed by husband and wife to 91 Supersedeas bonds , 27 Surety bonds, Schedule A 2 13, 87 Bonds for faithful performance of work or contract taxable as 26 Suspension of payment or forbearance 57 Tax, attaches to instrument 130 Liability to, determined by form or face of draft 37 Not measured by number of parties to power of attorney 130 On conveyance of land in consideration of maintenance, how measured 79 On deed, executed by sheriff, referee, or commissioner, how computed- 69 On deed, how computed 68 On deeds on exchange of properties 75 On indemnity and surety bonds, amount of 32 On proxies, not measured by number of grantors or grantees 121 On time draft or check, by whom paid 35 Payment of, on deed on foreclosure or execution 74 Taxability of foreign insurance policies . 156 Taxes and assessments, when deductible 109 Temporary bonds 7 Through ticket 120 Timber, standing 76 Time draft, covering exports to foreign country 41 Covering period of transit to seaboard 43 Covering shipment to Canal Zone 45 Covering shipment to Virgin Islands, Philippines, and Porto Rico 46 Covering shipment from Virgin Islands, Philippines, and Porto Itico_ 47 Delivered or accepted in the United States 44 Draft against actual shipment taxable as 40 Drawn against proceeds of draft covering exports to foreign country, 41 Or check, when taxable 34 Payable in foreign country 44 To secure purchase money 42 Trade acceptance taxable as 39 Title, abstract of 99 Deed confirming 97 To real estate, judgment or decree of State court transferring 108 Title XI, Stamp taxes 35 XIII, General administrative provisions &St 58 Page. Tobacco and cigars, bonds of manufacturers of 21 Township official, bond of 28 Trade acceptances , 39 Transfer of stock, power of attorney in connection with 144 Transit to seaboard, time draft covering period of 43 Transfers of stock, regulations covering tax on 177 Transportation bonds 21 Triplicate, bonds made in, notation on 21 Trust, deeds of 84 Trust indenture, instruments issued by corporations in numbers, under — 8 Trustee, conveyance by, to cestui qui trust, without consideration 105 Conveyance to, witbout consideration 105 Deed to, for benefit of creditor 89 Trustee in bankruptcy, bond of 27 United Slates, bonds executed in Canada and delivered in 17 Conveyance to 100 Includes States, District of Columbia, Hawaii, and Alaska 34 Passage tickets issued in, to ports not in the United States, Canada, or Mexico 118 Passage tickets sold in United States from ports not in 120 Passage tickets to ports not in 119 Power of attorney mailed in, to point abroad 142 Power of attorney mailed in foreign country to point in 142 Time drafts covering shipments from, to Canal Zone 45 United States bonds, power of attorney authorizing Federal reserve bank officer to assign 147 Promissory notes secured by 55 United States Expeditionary Forces, parcel-post packages mailed to 154 United States naval vessels, parcel-post packages mailed to 154 United States obligations, promissory notes secured by 55 United States officials, customhouse entries by 111 Passage tickets issued to 113 Valuable consideration, stock in a corporation is a SI Value, actual, basis of tax on exchange of properties 75 Actual, measure of tax, when 67 Vendee, of shares of stock, power of attorney authorizing transfer by 144 Or grantee to pay the tax 74 Village officials, bonds of 28 Virgin Islands, parcel-post packages to or from 152 Time drafts covering shipments from 47 Time drafts covering shipments to 46 War Finance Corporation bonds 56 Warehousemen, bonds of 30 Warehousing bonds 21 Warrant of attorney, in a judgment note authorizing confession of judg- ment 140 In a lease 141 In a promissory note authorizing confession of judgment 140 Warrants, scrip dividend certificates or 9 Withdrawal entries from customs bonded warehouses, Schedule A 9 23, 3S Withdrawal of goods, or merchandise, entries for 112 o LAW LIBRARY UJHVBRSITY OF CALIFORNIA LOS ANGELES Syracuse, N. Y. Stockton, Calif. UC SOUTHERN REGIONAL LIBRARY FACILITY A A 000 348 747