The Federal Tax System of the United States: A Survey of Law and Administration

By Joseph P. Crockett | Go to book overview

STAMP TAXES

CODE SECTIONS 1800-1838, 3480-3483; REGULATIONS 71 (DOCUMENTS); REGULATIONS 66 (PLAYING CARDS); REGULATIONS 85 (SILVER BULLION)

CERTAIN TAXES, payable by the purchase and use of stamps, are imposed upon the issuance, sale, or transfer of stocks and bonds, conveyances of real estate, sales of playing cards, the issuance or renewal of foreign insurance policies, and the transfer of an interest in silver bullion.

Upon the issuance of shares or certificates of stock by a corporation, investment trust, or similar organization, a tax of eleven cents is imposed on each $100 of par value, or fraction thereof. If the shares have no par value, the tax is imposed on each $100 of actual value, or if actual value is less than $100, three cents on each $20 of actual value. This tax does not apply to the issuance of rights to subscribe for shares or to new certificates which have been exchanged for old if the interest they represent in the enterprise is the same. This last holds good even though there has been a reorganization, provided that in the course of it no new capital was added. Payment of the tax is evidenced by documentary stamps affixed to the stubs of the issuer's stock book, not to the certificates issued.

Similarly, upon the issuance or renewal by a corporation of a bond, debenture, or other certificate of indebtedness and upon the issuance of corporate securities bearing interest coupons or in registered form, the tax is eleven cents on

-107-

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The Federal Tax System of the United States: A Survey of Law and Administration
Table of contents

Table of contents

  • Title Page iii
  • Foreword v
  • Preface xiii
  • Contents xix
  • Tables xxi
  • Illustrations *
  • Introduction 3
  • Part One - The Internal Revenue Code 11
  • The Income Tax 13
  • The Estate Tax 70
  • The Gift Tax 78
  • Employment Taxes (Social Security) 81
  • Taxes on Alcohols, Liquors, and Wines 90
  • Tobacco Taxes 98
  • Stamp Taxes 107
  • Excise Taxes 112
  • Interest, Fines, and Penalties 129
  • Part Two - The Internal Revenue Service 139
  • The Organization of the Internal Revenue Service 141
  • Office of the District Director of Internal Revenue 146
  • Judicial Review of Tax Determinations 188
  • Office of the Regional Commissioner 195
  • The National Office 202
  • Appendices 239
  • Index 269
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