Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1917-11-30

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:. Here are the details of the !.
:. new war stamp taxes. Clip this i
:. article out and file it for refer !
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The stamp tax on legal instru-
ments, provided for in the recently
enacted war revenue measure, will
60 into effect Saturday. On and after
that date revenue stamps must be
affixed to notes, drafts, deeds, certifi-
Gates of stock, powers of attorney
and other legal papers. Severe pen
alties are provided for failure to
comply.
Exemptions from this tax are pro-
tvided only for bonds, notes, or other
instruments issued by the United
States, by foreign governments, or
by states and territories. sub-divi-
sions, or municipalities; and for
stocks and bonds issued by co-opera-
tive building and loan associations
which are organized and operated ex-
clusively for the benefit of their
members and make loans only to
their shareholders, or by mutual
ditch or irrigating companies.
The penalty for failing to affix the
proper amount of stamps to desig-
mated legal documents or papers is
| fixed at not more than 500 for each
offense, while the penalty for fraud
ulent use or alteration is fixed at not
more than $1,000. or by imprison-
ment for not more than five years. or
both, in the discretion of the court.
Parcel Post Included.
Included in the revenue measure
and subject to stamp tax are playing
cards, which must pay a tax of 5
cents a package, and parcel post
packages on which the postage
amounts to % cents or more, bear
ing per cent tax for every rs cents
postage or fraction thereof. No pack
age may be transported until the tax
is affixed.
Following, in summary, are the
documents subject to stamp tax, and
the amount Of tax:
Bonds, debentures, or certificates
Of Indebtedness issued on and after
December 1, 1917, by any person.
corporation, partnership, or associa-
ton. on each 800 of face valuation
or fraction thereof. cents. Every
renewal of the foregoing shall be
taxed as a new issue.
Indemnity and surety bonds. for
the indemnifying of. any person. cor
poration or partnership, or corpora
ton who shall have been bound or
engaged as surety. and all bonds for
the due enactment OF any contract,
obligation or requirement, or official
bonds, and to account for money re-
ceived, so cents. Policies of reinsur-
ance are exempt from the tax i'm
posed by this subdivision.
Capital Stock Taxed.
The tax on each original issue of
capital stock, whether on organiza-
ton or reorganization, on each 500
of face value or fraction thereof,
shall be 8 cents a share. II the ac-
tual value is in excess of 500 a
share, the tax shall be cents on
each 500 of actual value or fraction
thereof.
Capital stock, sales or transfers,
on each 500 OF face value or frac-
ton thereof. shall pay 2 cents, and
where such shares are without par
value the tax shall be cents on the
transfer or sale or agreement to sell
on, each share. If in excess of 500
a share, the tax shall be based on
each 800 of actual value or fraction
thereof.
Sales Of produce on exchange are
taxed as follows: Upon each sale,
agreement of sale, or agreement to
sell, including so-called transferred
or scratch sales, and products or mer-
chandise at any exchange, or board
of trade, or other similar place, for
future delivery, for each 500 in
value of the merchandise covered by
such sale or agreement, cents, and
| for each additional 500 or fractional
part thereof in excess of 800, 2
cents.
Drafts and checks payable other
wise than by sight or on demand,
promissory notes, except bank notes
issued for circulation. and for each
renewal of the same, for a sum not
exceeding 500, 2 cents; for each ad-
ditional 800 or fractional part,
cents.
Conveyances, deeds, instruments
or writings, whereby any realty shall
be conveyed or assigned. when the
consideration or value of any lien OF
encumbrance remaining thereon al
the time of sale, exceeds 500 and
does not exceed $500. tax OF so cents
and for each additional $500 or frac-