The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-06-28
IT'S DECISION
NOT TENABLE.
Internal Revenue With
draws It's Ruling on
Stock Certificates.

Washington, June 27--The bureau of
International revenue has withdrawn the
decision which was given out Saturday res
lating to the stamp. tax on stock certif-
cates The que,tiOifas to 'what certificates
of stocks are to be regarded as Original
clause of schedule A, Is held under advise
ment by the commissioner, and the flnl
decision will be promulgated before July
l.. 1t was the desire of tho department to
construe this section Of the law in such
manner rs to bring the largest returns Of
revenue, but it is believed that the decis-
Ion from which 1t has receded Is unten.
able.
Decisions covering some of the minor
inade by the law division Of the bureau of
International revenue 10 day as follows:
= In the matter of the tax on customs bro
kers, it was held that these brokers are re-
quired to pay a special tax of SO and to
take out tho regular stamp for each place
OF business when they have offices In the
different cities. 1t Is held that the first
clause Of section 8, 23l RevisedStatutes ap-
plies to every business for which a special
taS Is required to be paid, whether under
old laws or upder the new revenue bill.
: Lent tobacco brokers who buy for dealers
and manufacturers and brokerage for
commission are required to pay the spec.
inl tax as commercial brokers.
Inquiry was made OF the bureau as to
the method of computing the tax on for
eign bills of exchange. whether tho rate Of
exchange should be computed at par or at
the rate prevailing on the day on which
the bill o. exchange is drawn, there often
being slight difference between the two.
It was held that until change of rulo,
stamp taxes due on foreign bills of ex-
change may be reckoned at the par OF ex-
change according to the country.
Au 1nPertant ruling made to-day was
one cTecting the withdrawal of deposits
from savings banks which is usually done
simply on depostor's pass book. The
bureau holds that a stamps not required
IN tho case of payment made by savings
bank to the depositor simply on his pass
book, where nothing in the form Of q check
or order for payment of money Is drawn.
Memorandum checks given by clearing
houses in daily settlement Of balances
with the different banks, If these checks
are issued" within the meaning of the act
OF June 49, are required TO be stamped
Warehouse receipts issued for whisky
in bond are subject to q stamp tax.
AN Important decision affecting import.
ers will lie rendered tomorrow by the Gus
toms division. This relates to the pay
ment of the internal revenue taxes ON ar
tlcles imported which are liable to the
stamp tax whom exposed for sale. The de-
partii'ent will probably hold that the i'm
porter stands Oh the same footing with
tho domestic manufacturer in that the
goods imported arc not liable to pay
ment OF tho tax until they are exposed for
sale
Tho Officials at tho bureau are con-
iident that enough stamps will have
been sent out by July to supply the de-
mand on collectors of internal revenue,
and that while it is possible these stamps
may not be in the hands Of the people,
thcy will be where tho people can get them
by applying for Them. Reports from COL
lectors indicate that many banks and pri-
vate Institutions are coming to tho re.
lief OF the government and will place
stamps on sale in email quantities.