Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1867-04-18
Stamps-Im Important Reve-
nue. Decision and In
structiOnS.

The following points with re-
ference to Internal Revenue, con-
tanned in recent decisions Of the
Commissioner, are of Importance
to business men and the public
generally:
When a subscription is for a
purpose in which there is a COM
munity of interest to the sub
scribers, the list should be stamp
ed as contract or agreement, at
the rate of five cents for each
sheet piece of paper upon which
II is written. When there is no
community of interest, and the sub
scription is conditional, each signer
executes a separate contract, re-
curing its appropriate amount OF
stamps; this amount depends upon
the number of sheets or pieces OF
paper upon which the contract is
written. When each OF the sub
scribers contracts to pay a certain
and definite sum of money on de-
mand. or at a time designated,
the separate contract OF each
should be stamped at the saml
rate as a promissory note. :,
A. ossirnment of q lease with
in the meaning and intent of sched-
ule B, is an assignment OF the
leasehold. or of some portion
thereof by the lessee, or by some
person claiming by, from or under
him: such an assignment subro'
gates the assignee, to the rights
or some portion of the rights, OF 81
the lessee, or Of the person stand
ing in his place. A transfer BY
the lessor of his part Of lease
neither giving nor purporting t.
rive a claim to the leasehold, OF
to any part thereof, but simply
right to the rents, etc., Is euoJ0o
to stamp tax as a contract o.
agreement only.
A marriage certificate issued oJ
the officiating clergyman or magls
trate. to be returned to the offic'
of a State, county, city, town o.
other municipal corporation t
constitute part of public record
requires no stamp; but if it is tt
be retained by the parties, a NV
cent stamp shall be affixed.
An instrument which operate
as the renewal of a policy OF in
surance is subject to the STAN!
tax as the policy itself; but suci
a receipt as is usually given TO
the payment of the monthly
quarterly or annual premium, i
not a renewal within the meanln;
of the statute. The paymen
simply prevents the policy from
expiring, by reason OF non-per
Torrance of its conditions; re
ceipt given for such a payment re
ouires a two cent stamp, II tn
amount received exceeds $50, ant
a two cent stamp only. But whel
the time of payment is passed
and a tender of the premium i
not sufficient to bind the company
but new policy or a new con
tract of some form, with the mu
tuality essential to every contract
becomes necessary between tn
insurer and the insured, the same
amount of stamps should be uset
as that required upon the origina
policy. A permit issued by.
fife insurance company, changln!
the terms of policy as to travel
residence, occupation, etc, should
be stamped as a contract or agree
ment.
A bond 10 convey real estate
requires stamps to the amount Oh
twenty-five cents. A mortgage
given to secure security iron
loss, or given for any purpose
whatever, other than a surety fol
the payment of a definite anc
certain sum of money, is taxa
BILE only as an agreement or con
tract. Upon every assignment OF
transfer of mortgage, a stamp
tax is required equal to that inf
posed upon mortgage Tor iae
amount remaining unpaid; TINS
tax is required upon every such
transfer in writing, whether there
is a sale of the mortgage or not;
but no stamp is necessary upon
the endorsement of d negotiable
instrument, even though the legal
effect of such endorsement is to
transfer mortgage by which the
instrument is secured.