Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-07-02

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| with the window sashes interferes with
| the free movement of the air.
1t is believed by many that a more sensi-
BILE style of arranging the window opening
is to have sash doors instead of the ordi-
nary window sashes and with outside
blinds the benefit of the entire window can
be enjoyed. 1t is possible, it is thought, to
render life more endurable during the hot
| weather by making the homes more COM
Portable, and If this was kept in mind by
architects and home builders, It is thought
| the warm season. especially IN this city,
would be much more attractive than 1t Is.
although that is saying a good deal, for
with the wide. well-shaded streets and
other advantages, the nations capital Is
summer resort of no mean attraction.
Mr.. Ashford on the New Law.
Real estate dealers and owners are large
| ly affected by the provisions of the war
revenue bill, and as these are rather nu-
merous and to some extent not very clear
Mr.. NJ. Ashford, whose expert knowledge
of such subjects qualities him to speak,
was asked to prepare schedule OF the
taxes imposed as well as his comments on
the bill. He responded with the following:
Under those provisions of the war reVe-
nue. law imposing a stamp tax upon all
deeds and other written instruments felat-
ing to the sale, conveyance and incumber-
ing of real estate several questions arise
of Importance to dealers in real estate and
to lawyers and title companies called upon
to examine and pass upon land titles.
Among the instruments enumerated in
schedule A of the act requiring stamp du-
ties are bonds and pronlissory notes, ex
oepting bank notes Issued for circulation
deeds and other Instruments transferring
title to real estate sold when the consider
tow do ut,6 nAvtrp
and trusts when the amount secured ex-
ceeds 81 900.
In all mortgages trusts given to Sc
cure payment of loans and deferred pur-
chase money or other Indebtedness the
amount secured is represented by bond or
promissory note, and the question is asked,
In such cases must tie note or other evil
dence of the debt secured be stamped as
we'll as the mortgage or trust?
THE act also requires any assignment or
transfer of a mortgage or trust to be
stamped at the same rate as the original.
Under existing law the Endorsement and
delivery of a promissory note secured by
mortgage or trust operates as an assign
| ment and transfer of the security, and in
such cases the question is asked Must the
Endorsement Of the note be stamped in Or
der to effect q valid transfer of the Sc
curtty?
Amount of the Tax.
I'm majority of cases of sales Of real
ance by promissory note secured by trust
on the property sold, and in such cases the
question is asked, Must the stamp on the
deed be regulated by the full purchase
price or by the cash payment
Many sales are made expressly subject
to an existing incumbrance, which is
rated as part of the considerable and as
sumed by the purchaser, and in such cases
the question is asked Must the amount of
the stamp duty he upon the full purchase
price or only upon the amount thereof less
the amount of the incumbrance?
THE act also imposes succession tax
on legacies and diStibutive shares arising
from personal property passing from do.
ceased persons either under the laws of
distribution or by bequest where the
amount of such personal property shall ex-
coed the sum Of SIC, 600 In actual value and
this tax is made lien and charge upon
the property of the teStator or Interstate
for twenty years unless paid within that
period.
Some Interesting Questions.
ut will be seen that the term real estate
or real property is nowhere used in the part
of the act relating to this subject, and yet
the question arises. Does the lien or charge
mentioned attach to the lands, tenements
AID hereditaments owned by the testator
or interstate at the time of his decease9
'1naSmuch as the act Is silent on these
subjects. until these questions are settled
either by the courts or by appropriate
amendments of the law. it would seem
that the only absolutely safe course to pur-
sue would be to treat the questions as hav-
ing been judicially settled in the affirmative
i and act accordingly.
Other questions have been asked, as for
instance, In conveyances, who should bear
the expense Of the stamp duties, but this
- not material, in all cases of loans the
borrower bears all expenses, and in sales
the question can be settled by convention
OF the parties.
THE law fixes a penalty upon the party
signing or delivering any instrument SUBJ
Ject TO stamp. duty, without aff1xing there
TO and canceling the proper stamp. and
renders the Instrument inadmissfble as evil
dence IN any court.
Schedule Of Taxes.
The following taxes are imposed by the
law:
Bank checks, drafts and certificates of de-
pa posit not drawing interest. OF
Contract Of sa1e y fssi estate or note: Of 80
ceassyance.,' consdei..iioa or value sioo to 10
Each additionsi $500 u traction thereof. SO SO
q ~ en e s to rsa e
Lease ease one year or less 1same rate on transfer
one year and less than three years. .S
Se5t "a sad deed: i aa.t. $1,000 to Loo
rate on transfer and renewnD ............ .25
Pfro o notes except b4nk notes issued
Ior circulation. first 500 and on each adj
Power Of sttOrie; to ..il ana convey or to w
y
Succession tai TOOK efect from and after ;b he
date Of the act (June is, 1885; applies only to
personal estate in excess OF the value Of $4,000
Some New Buildings.
Three houses are to be erected at 1925
Yale street. Columbia Heights, by Barr &
sanner. They are to be three stories in