Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1898-07-29
Revenue Law Decisions.

Some interesting rulings have been
made by the commissioner of internal
revenue upon the provisions of the new
revenue law. They will be of service to
many who are in doubt, and are as fol-
lows:
No stamp is required on ordinary re.
ceipts.
The exemption from tax on warehouse
receipts for agricultural products is re-
stricted to receipts for products of this
kind, which are deposited by the actual
grower thereof in the regular course of
trade for sale. This does not exempt
warehouse receipts for such products in
; case the property deposited has already
passed from the ownership of the actual
grower.
The withdrawal of funds by a deposi-
tor on presentation Of his bank book to
the savings bank does not require a
stamp, if there is nothing accompanying
it in the form of an order for the nav.
ment of money.
Ii papers in the nature of receipts are
given in lieu of checks, and are used as
commercial negotiable instruments, thew
are checks and not receipts, and are sub
ject to tax.
Real estate mortgage notes require to
be stamped, in addition to the stamps
placed on the mortgage.
In cases OF loans on real estate, where
promissory notes are given, which are
not paid at maturity, but on which an
extension Of time Of payment is granted,
without the taking of a new note, it is
held that every such extension is a re-
newal of the note within the meaning
of the statute, and that the requisite
stamp must be affixed for every such re-
newAl or extension. This also appliest to
notes discounted before July l, falling
due on or after that date.
When a check is presented at a bank.
without having the requisite stamp
affixed, the bank, if it pays such un-
stamped check, becomes liable to the
penalty provided by section 10 of the
act. The bank may cure defect by
atixing a proper stamp.
On bills of lading each duplicate re-
quires.a stamp Of the value Of 1 cent.
Bills OF lading for expectations by
railroad to British North America re-
quirc a 1O-cent stamp. A telegraphic
dispatch or message is required to be
stamped by the person who makes, signs
or issues it.
Bonds required in legal p~roceedingsn
are exempt from stamp tax. They are
such as are required in litigation in
either civil or criminal cases, such as
prosecution bonds, injunction bonds,
bonds to stay proceedings, bonds upon
appeal, writs of error, bonds for cost
and the like; and in criminal cases
recognizances, bonds for appearances.
bail bonds and also bonds in criminal
cases upon appeal and writs of error,
supersedeas bonds, etc. Bonds given
by persons appointed bv the court, con-
ditioned for the faithful performance of
duties Of their office or position, such as
receivers, a%ssiynees, executors, admins
traitors and guardians, are not EXEMPT,
and the stamp tax must be paid thereon.
In cases where the consideration in a
deed is nominal, the actual value of the
property conveyed should govern the
amount of the stamp required.
Original lease requires a stamp. No
stamp is required on copy executed by
the parties at the time Of the original.
In regard to the cancellation of in.
ternal revenue adhesive stamps, which
the law requires to be by writing or
stamping the initials of the person
using the same, and the date upon
which the stamp shall be attached or
used, it is held that the initials and the
year alone will be sufficient. This can
collation. may be by writing or imprint
ing with a hand stamp.
Old stamps issued under repealed acts
cannot be used in lieu Of stamps re-
quired by the present law.