The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-07-23

A CONVENIENT PIGBoN-HoLE.
Since the federal war revenue law be-
came effective on July ist. Commission
or OF Internal Revenue N. g. Scott has
been very busy announcing decisions us
result OF many thousands OF requests
for Interpretations Of provisions Of the
act, and Wheeling people contributed =
few of these applications for Official
knowledge. Tho Commissioner has COM
piled these decisions, and they have
been sent to collectors of internal reve-
nue throughout the country The Intel
lgencer. approaching the tact that
probably more than every other person
In the community Is interested III these
decisions, prints the circular Ia full this
morning, as follows.
!. Checks drawn by United States dis
bursting officers against public funds
standing to their official credit IN per-
formance Of duties required by law do
not require 2-cent internal revenue
stamp placed thereon. And all checks
drawn by officers Of states, counties, and
municipalities for the discharge Of the
obligations Of etRSes. counties and muni-
cIpaIItles are exempt under section II
Of the act.
>. No camp IL required on ordinary
receipts.
3 The exemption from tax on ware
house receipts for agricultural products
IL restricted to receipts Tor 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 pro-
Dues In case the property deposited has
already passed from the ownership Of
the actual grower.
4. An inland bill OF exchange, within
the meaning of this act, is bill Of eX-
change drawn and made payable any
where in the United States.
5. ANY order for payment OF money
drawn in, but payable out Of the United
states, II drawn slngly, Is subject to tax
Of 4 cents for 800 or less, and for each
additional hundred dollars Of fraction, 4
cents s
s. Where certificates Of shares were
sold and delivered before July J. 1888,
entry of transfer on corporate books af-
ter June 80 does not reqhire a stamp.
T. New certificates OF stock issued to
holder in Heu OF original certificate, and
remaining In his ownership, do not re-
Qulre stamps.
S. When certificate OF stock is sold and
stamp tax Is paid on memorandum
thereof, upon transfer Of this certificate
to purchasers name, no additional tax
for such transfer is required. Where
one certificate repreEents several shares
OF stock however large the number OF
shares), on transfer OF this certificate
the stamp tax is to be reckoned on It's
face value OF ZACH separate share OF
stock which II represents.
8. A 2-cent stamp Is required on an or
der for cash drawn on a merchant BY
one Of his customers.
90. Certificates OF deposit drawing In
teresr, II left a certain time, are taxa
Die the same as promissory notes.
H. The withdrawal OF funds by a de-
posltor on the presentation OF his bank
book to the savings bank. does not re-
qulre a stamp, II there Is nothing ac-
companylng Il In the form Of an order
for the payment Of money.
12 II papers in the nature OF receipts
are given in lieu OF checks. and are used
MS commercial negotiable Instruments,
they are checks and not receipts, and
are subject to tax.
lS Where certificates OF stock are de-
lYered as collateral. the stock TO be.for-
felted anlysupon condition OF failure to
pay the debt for which Il Is pledged, a
stamp Is required as pledge and not as
sale.
Il. Real estate mortgage notes re-
quire to be stamped, In addition to the
stamps placed on the mortgage.
IL Where there Is pledge of property
accompanying any pr0missory note,
which pledge Is subject to stamp tax
under Schedule A. this stamp tax must
be paid, notwithstanding the fact that q
stamp Is also required on the note con-
nected with Il.
49, Only purely c0-operatly- or mutual
fire insurance companies carried on by
the members thereof solely for TIT. pro-
lection OF their own property. and not
for profit, are exempted from taxation.
IL. Assessment beneficiary life insur-
anre associations insuriDS the1r own
members, and mot for profit come WIN"
In the exemption provision.
Is. The exemption given TO fraternaI
beneficiary Me insurance ASSOCIATIONS
applies also to froterDal beneficiary ac-
cident insurance associations.
10. In cases OF loans on real estate
where puDmissory notes are given
which are not paid at maturity, out on
which an extension Of time OF payment
IA granted, without the taking OF new
note, II % held that every such eXten-
sion is 4 renewal OF the note within the
meaning Of the statute, ael that me
requisite stamp must beNthXed Tor
every such renewal or GTeruBion. This
also applies to notes discounted before
Jnly ], falling due ON br after that date.
%. The person who signs and issues
bank check, without afitxinB the proper
stamp, becomes involved In liability 10
penalties under section i0cf the set. un-
less Il Is shown that he had no design to
evade the payment Of the stamp TAX
and that the requisite stamp was nfiix-
ed and cancelled by the bank or person
upon whom II was drawn, before pay
mcnt
q. Whore check Is presented at n
hank, without having the requisite
stamp affixed. the bank. II u pays such
unstamped check, becomes liable to The
penalty provided By section 10 Of the
act Bank may cure defect by atiiNing
proper stnmp.
%. Bucket shop proprietors giving
memorandum Of transactinns are re-
Quircd TO pay special tax as brokers:
%. Where a tax OF 10 cents ls paid on
the btii Of ladlng for goods exported, It
81 held that no stamp tax is required TO
BE- paid on copies OF such bills OF lading.
a. on inland bills az fading, each
duplicate" requires "a stamp Of che
value Of one cent"
%. Bills Of fading for expectations by
railroad to British North America re-
pttfr. 4. IN cavN afnr,n