People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1898-07-28
New Stamp Rulings.

New Stamp Rulings.
Inc pubuc mas burL In tn dark As
Iir Correct Construction to put
irUn many paris II the ner revenue
lamp law. A recent ruling sent oui
rom the NATIONAL revenue collectors
tlice at Washington. d. c., throws
'-hl upon several monted points.
a written application for putting
lp lightning rod, Is not taxable, but
written contract wherein the light
Mug rod company guarantees the pro-
tectinn OF building by its lightning
rods from all damage by lightning for
any period Of years, is considered to
ne Dire insurance policy, tax Of /
PR rent On value Of rate allowed must
be paid.
Chattel mortgages, If over $1,000,
must pay D cents up to 81 800 and 25
Cents I"r zach additional $500 or frac.
tiOn ther nj. II murtvage requires
stamps, none need b. put on certitl-
cate Of acknowledgement; Otherwise,
certificates OF acknowledgment must
have % cent stamp.
The tax ON a deed of trust, or mort
tare, not exceeding 81 800 is 25 cents;
ana un each 500 or fractional part
thereof in excess OF 81 800 is % cents.
The deed Of trust for S.. 900 requires a
% cent stamp, aud all the nutes re-
Inlrr stamps also. The note for s., 900
will require a ~ cent stamp, aud each
OF the four semi-annual interest for
$40 must bear two cent stamp. The
duty on promisSory notes is . cents
for sum not exceeding 800 and 2
cents for each additional 500 or frac-
tiOnal part thereof in excess of 500.
A deed OF trust requires new stamp
when sold. If new notes are made
out each one must have stamp. An
acknowledgment to a deed requires no
stamp.
On the question Of the construction
OF that part OF the schedule imposing
stamp tax son each original issue.
whether on organization or reorganiz-
alton, or certificates Of stock" the
new rulings indicate that the mean
ing Of the words "Original issue" is
limited and controlled by the words
whether on organization or reorgan.
ization," land that the only certificates
Of stock on which the tax OF 5 cents
on leach 800 OF the face value or
fraction thereof" is imposed by this
act are those certificates issued on or
after July l, 1898, on the organization
or reorganization Of a company.
In case Of corporation having, for
instance, capital stock Of 100000,
OF which it has issued only $500, O0C
prior to July l, 1898, and on or after
that date finds it necessary to make
one or more additional issues, under
the authority possessed by it, each
additional issue thus made is al" orig.
inal issue" within the terms and
meaning of the statute here under
consideration, and the certificates OF
such issue are subject to the stamp
tax.
Where any original certificate is.
sued is presented by the holder to the
company, or corporation for the issu.
ance Of another certificate or certifi.
Gates in lieu to the certificate or Ger.
titlcates issued to take the place of the
original certificate does not require
any stamp as long as there is no sale
nor transfer OF any of these certif-
Gates issued in lieu Of the original.
10 case OF sale where the evidence
Of transfer is shown only by the books
OF the company, a tax of 2 cents Is re-
quired to be paid On each 500 OF face
value or fraction thereof; and the
stamp representing this is required to
be placed upon such books.
Where the change of ownership is
by transfer certincate-that is to say,
the executed authority to transfer is
contained on the back of the stock
certificate which is to be transferred