The Somerset reporter., 1898-07-28
The Stamp Tax.

Commissioner Scott has issued an
important digest of decisions, which
he has recently rendered under the war
revenue stamp bill. The answers not
only give the affirmative decisions, but
many negative, with their reasons.
Here are some which are Of general
interest.
A person has to place stamp On an
order for cash drawn on merchant
by one OF his customers.
Certificates of deposit drawing inter.
est, If left a certain time, are taxable
the same as promissory notes.
The withdrawal of funds BY a depos.
tor on the presentation of his deposit
book at the savings bank does not re-
quire a stamp if there is nothing accom-
panying L in the shape of an order for
money. Receipts given for the with.
drawal of savings accounts do not re-
quire stamp.
Real estate mortgage notes require
to be stamped in addition to the stamp
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 is granted. without
the taking of a new note, it is held
til At every such extension is renewal
of the note within the meaning of the
statute, and that the requisite stamp
must be affixed for every such renewal
or extension.
All checks drawn by officers of states
counties and municipalities for the dis.
charge of the obligations of the states,
counties and municipalities are exempt
from stamp taxes.
The person who signs and issues a
bank check without affixing the proper
stamp becomes involved in liability un-
less il is shown that he had no design
to evade the payment of the stamp tax,
and that the stamp was affixed aud
cancelled at the bank before payment.
A bank may remedy the defect of an
unstamped check by aft king the stamp
itself; otherwise it becomes halle to
the penalty under the law.
Bucket shop proprietors giving memo
randa of transactions are required to
pay special tax as brokers.
The exception granted to co.Opera-
tive building and loan associations is
by the associations, and does not re-
lieye them from other stamp taxes.
The ordinary notary's jurat is not
required to be signed.
tertificates of death, marriage and
birth given in pursuance of the laws
of the state, requiring the collection
of vital statistics as basis of the ad-
ministration of the public health laws,
come within the exemption of Sect II.
The term, Certificates of any descrip.
ton not otherwise specified in this act
but which are required by law has
caused more inquiries than any other
one matter.
Deeds signed, acknowledged and
fully executed in June do not require
a stamp even though delivered in July
AS to mortgages, it is the general
principle that a mortgage is not valid
unless admitted to registration. No
mortgage should be admitted to regis
tration without the proper stamp atfix.
ed.
A policy of insurance does not require
the stamp until it is issued or is offered
as an insurance policy. The Local
agent can atfix the stamp when policy
is presented to the customer just as
well as the general agent A stamp
must be attached to premium notes as
we'll as to policies.
An original lease requires a stamp
No stamp is required for copies of the
lease issued at the same time as the
lease.
Bonds given by persons appointed by
the court, such as guardians, receivers
assignees, executors, are taxable.
In regard to the cancellation OF
stamps, which is required by law, it ii
held that cancellation by initials anC
the date is sufficient.