New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-01
TAX ON STOCK TRANSFERS.
IMPORTANT QUESTIONS ANSWERED BY COMMITS
SIONER SCOT


Since I, was decided by the Government to levy
war taxes much has been said and written about
the or certain articles. Authorities such
matters have differed widely times, and have
called Commissioner Scott 10 set them right.
Collector Charles II Treat Yesterday received from
Commissioner Scott ruling concerning the tax on
stock transfers. as follows
On the question of the construction Of that part
Of Schedule a Of the act OF June b. 1895 imposing
a stamp tax each original issue. whether on
etosk houd be hed h S' The meaning Of the
words Original issue" as herein used : limited and
or reorganization" and that therefore the only
cents is on each so Of vaae or friction hereof
as imposed BY THIS act. are those certificates IS
organization Of a company.
In case Of, corporation having, for instance
an authorized capital stock OF $4,000 Of which II
has Issued only $5o0no prior 20 July !. ard after
additional issues under the authority possessed oy
IT, each additional issue thrs made is an Original
here under consideration. and the certificates Of
such issue are suGjert . tie s'a;np iaX
the suance Of another Certificate or cert.,cstes in
leu thereof the result being that one certificate
would be issued for the ten shares sold, and aso
remaining in him. TIE certificate for ninety shares
ISSUED WITH ihe Certificate ;or ten shaIes SOLO IN
cer;ifcatc for the ten shares does not require a
ss p or a he 'ai he as On o an
original issue. The only stamp required with refer
T the fet len shs.es sod rep?esenns raycn
OF the tax OF two cents on each $50 Of value or
In another case Stated for nIstration,. where a
areres9tng one hundred saarei and fo- his con-
yenence call. upoa n i@nlI any to ISSUE to nm
shares there beng 70 sale. or agreement 10 sell
nor me an G; SAG or {be or cereste
or certificates thefeIpon asued TO take me place
suage and limitations Of the statute above cited
quire any STAMP az long as there is no sale nor
iransfer Of any Of these certificates issued in lieu
In case Of sale where the evidence Of transfer IS
v twS ee or tsc0 thereof ana The taop REPRESENT
Ing sh easa to 3 HP04 SfS y Tsnr
certificate that is 10 say the executed authority
transfer Is n on e 1St 81 the e s siSfS
be placed on the transfer certificate. that Is 10 say
upon the surrendered certificate containing the
IN case Of agreements 10 sell where the
t fif Is ppSere must be executed a rne1norandurn
thereof which me stap Is Fegerea 10 be h.ea 10
supposed OF man who is the owner Of eerta-
ese s9r one sbem to another person he does not re-
au i' the afixnc Of any stamp 'hsrei 70 SCOTT
Commissioner Of Internal Revenue.
o.,a, ouestiort which have arise and been sub
,nt:et 20 Secretary Gage have been decided as fol-
lows:
Isa commission merchant liable for the SO license
rs merchant dcine an occasional commission
nj other places than on the floor OF the
E1n5angc liable for am license o. stamp tax?
Ye,: he IS required 20 pay license tax for each
Nae of business. Otherwise commission brokers
might do business al any'ruInber OF places with
", Sor,tract sor future delivery IL made OF the
noor Of the Exchange is such sale liable for the
one-cent tax? Yes.
Wan is the tax payable on contracts made
The roor Of the Exchange for future del.very-at
g., ,ss s si%s Ct 4 sif me o. a @
III = sale IS made on the floor OF the Exchange
ana mas paid the stamp tag o. one cent Is ~ ago
ia ls for the fer-cent tax NO .
''W,s, freight brokers pay any stamp TAX Yes
~ is ~ the one-cent or tho ten-cent tax Not
yet decided ,, D.,
-. on,nion was received yesterday morning
from Washington, "A wharf receipt given 10 &
shipper By his receiving Department in exchange
for which bin Of laG!ng ia issued az MS One
,s.,,nr one-cent stamp does not. az this Once .s
- nresent advised. require also ten-cent stamp
The stamp on the bill OF lading for such shipment
ensears 10 meet all the requirements OF the Ia"
n that regard - .@voa IN or exnor, hill Of