Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1869-05-27
COnccrasssg Internal KcvcmNe
S1HaMns

| stamps.
We give below few decisions on the above
subject, to which all parties concerned will
do we'll to give attention.
The law does not designate which of the
parties 10 an instrument shall furnish the
necessary stamp, nor does the Commiss Toner
of Internal Revenue assume to determine tina
it shall be supplied by one party rather than
by another; but if an instrument subject to
stamp duty is issued without having the nec>
essary stamps affixed thereto, it cannot be re-
corded, or admitted, or used az evidence, in
any court, until legal stamp, or stamps, de-
'noting the amount of tax shall have been af-
fixed rs prescribed by law, and the person
who thus issues it, is liable to penalty, if he
omits the stamps with an intent TO cyade the
provisions Of the internal revenue act.
No stamp IS necessary upon an instrument
executed prior to October l, 1862. to make it
admissible in evidence, or cntitle it to rec
ord.
-Agadrdnfg endorsed upon note, bond, mort
gage, or contract, whether made at the time
Of the execution of the note Sc, or subse>
Quently, should be stamped as an agreement.
\ contract for the sale of land or to make
|. title-deed to the purchaser on the payment
OF the purchase money, requires five cent
stamp as an agreement for each sheet or piece
of paper upon which it is written
When TWO or more persons join in tho ex-
eeution OF an ms trument, the stamp to which
the instrument is liable under law may be af,
fixed and cancelled by either of them; and
when more than one signature is affixed to
the same paper, one or more stamps may be
affixed thereto, representing the whole
amount OF the stamp required for such sigma
lures.
No stamp is requircd on any warrant of at
torncy accompanying bond or note, when
such bond or note has aft xcd thereto the stamp
or stamps denoting the duty required, and
whenever any bond or note is secured by
mortgage, but one stamp duty is required on
such papers, such stamp duty being the high
est rate required for such instruments, or
either OF them In such case note or men,
otnndum Of the value or denomination Of the
stamp affixed should be made upon the mar
gin, or III the acknowledgment Of the instru>
meat which is not stamped This exemption
IN legard to bounties, &C., applies to those pas
pers only which relate to United States boun,
ties, pensions, &C., and does not extend to
those relating to State, county and town boun-
ties, &c. power Of attorney to endorse the
official check o: United States discussing
officer, issued for money to be applied in pay ..
ment of United States bounty or pension,
or in discharge of a claim against the United
States for what is technically known as arr
rearages of pay, is paper relating to the re-
ceipt Of such pension, bounty &C., and is
therefore exempt from stamp tax.
1t Is only upon conveyances Of realty sold
that conveyance stamps are necessary. a
deed OF real estate made without valuable
consideration need not be stamped s con-
veyance, but should be stamped as an agrees
mcnt or contract
When one person conveys property without
valuable consideration, through the interven-
ton of q trustee, neither the deed TO the trus-
tee, nor the trustees deed to the cestui que trust
need be stamped as conveyance of "realty
soid' but each should be stamped as contract
or agreement.
When conveyance of really is made upon
an actual valuable consideration which is
aanyestty alphabetically inadequate, the deed
should be stamped according to the amount
of valuable consideration, and succession
tax unless the success or be the wife of the
predecessor should be assessed upon the val
ue Of the land conveyed, less such considera>
ton.
mere unsigned memorandum Of the amount
OF money paid upon bond, or contract,
made upon the bond ITSELF in the usual
way of endorsing partial payments. need not
NC etaiiipeuI Whatever sum be payed,
A mortgage given to secure surety from los 9
or given for any purpose whatever other than
as security for the payment of definite and
certain sum of money, is taxable only as an
agreement or contract.
A mortgage securing 500 or less is not
subject to stamp tax, but the liability of the
bond or note, which is evidence of the amount
secured, is the same as though there were no
mortgage; the necessary stamp may, howev-
or, be affixed either to the bond or note, or to
the mortgage. lSec 1907
Upon every assignment or transfer Of q
mortgage, a stamp tax is required equal to
that imposed npon q mortgage for the amount
remaining unpaid; this tax is required upon
every such transfer in writing. whether there
is sale of the mortgage or no.; but 10 STAMP
is necessary upon the endorsement of = nego.
table instrument, even though the legal eff
feet of3ueh endorsement is to transfer a mort
gage by which the instrument is secured.
Deposit notes taken by mutual fire insu>
rance company, not as payment Of premium
nor as evidence Of Indebtedness therefor, but
to be used simply as a basis upon which to
make rateable assessments to meet the losses
incurred by the company. should not be reck-
oned as premium in determining the amount
of stamp taxes upon the policies.