East Oregonian : E.O. (Pendleton, OR) 1888-current, 1915-02-02

9t
The operation OF the war tax up
or instruments filed for record has
caused much confusion since il be-
came effective and Recorder Bur
ioughs has had no end OF inconven-
ience in explaining and correcting.
He has just received a bulletin from
NJ. \. Miller. collector OF internal
revenue. which explains Just what in
struments are taxable and what ones
are exempt. For the benefit OF those
Interested. a brief summary Of the
bulletin is here given
Deeds or other instruments con
veying realty. when the consideration
exclusive OF any lien or ineumhrance
exceeds 500 and does not exceed
$500. are subject TO a tax OF 80 cents
and 50 cents for each additional $500
or fraction thereof In the event
that a promissory note Is given in
Part payment. the amount OF the tax
i computed on the basis OF the cash
received and the note becomes sub
jcct 70 the tax imposed upon such in
struments.
In the event that the consideration
i Cisen on the instrument al one dol
l7r ard other valuable consideration.
the tax must be computed upon the
actual value Of the property conveyed
with the amount OF the lien deduct
ed.
\ deed executed. dated and deliv-
cred PRIOR 10 December l. 1914. is not
.ubiect 10 tax and may be accepted
f,r recur.i subsequent 10 that date
without the documentary stamps at
tached. However. a deed dated prior
20 December ! and not acknowledged
tefCre a notary until after that date
Is taxab,e.
\ contract for the sale OF real es-
tate Is not subject 10 tax II executed
by the owner OF the property. II
executed by a broker, il Is subject to
a tax Of ten cents.
A PARTITION deed used in defining
boundaries or in showing location Is
exempt. A quit claim deed given with
out consideration for the purpose OF
correcting a flaw in title. OIL leases.
leases VI mining property. long term
mining leases which do not convey
title and deeds Of release and deeds
OF trust are exempt from taxation.
Deeds in escrow do not become sub
sect 10 tax until final delivery IS
made.
Deeds issued by masters in chan
cery. sheriffs. etc. TO transfer prop
erty sold under foreclosure are tax
able. the tax 70 be added TO the court
costs
Deeds TO burial sites which do not
convey title 10 land. deeds issued TO.
cover gifts Of property for nominal
considerations. and deeds executed BY
4 debtor covering an assignment OF
property to be held FOR the benefit Of
. creditor are not subject to tax
When the trustee conveys such prop
erty. the deeds are taxable.
II the case Of an exchange Of two
properties. the deeds transferring IL
tie 10 each are subject 70 be comput-
ed In each case on the basis OF the &C
tual value OF the interest or property
conveyed. the amount OF any lien or
cumberance TO be deducted.
Deeds transferring title TO a build
ing and loan association 10 secure a
loan and deeds reconveying the same
are not taxable and deeds given by
a husband and wife TO straw man
who Immediately executed a deed re-
conveying the property to a wife.
where there Is no consideration, are
exempt.
A stamp IS required upon a bond
accompanying a mortgage. It coming
under the provision requiring
stamp for a tax OF so cents upon all
bonds OF any description, except as
such as may be required in legal pro-
ceedings.