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72d CONGRE SS . SESS. I. CH . 209. JUNE 6,1932 . MISCELLANEOUS TAXES " 2 cents ", and by striking out the following : " in case the selling price, if any, is $20 or more per share the above rate shall be 5 cents instead of 4 cents : Provided further, That " . Bond transfers, etc . SEC. 724 . STAMP TAX ON TRANSFER OF BONDS, ETC . Vol . 44,p.103.
(a) Schedule A of Title VIII of the Revenue Act of 1926 is amende d by adding at the end thereof a new subdi vision to read as follows Bonds, etc ., sales or
" 9 . Bonds, etc., sales or transfers : On all sales, or agreements t ransfers . t o sell, or memoranda of sales or deliveries of, or transfers of legal title to any of the instruments mentioned or des cribed in subdivi sion 1 and of a kind the issue of which is taxable thereunder, whether ma de by any assignment in blank or by any delivery, or by any paper or agreement or- memorandum or other evidence of transfer or sale (whether entitling the holder in any manner to the benefit Rate ,
of such instrument or not), on each $100 of face value or fraction Dep 03'
thereof, 4 cents : Pro vid ed, That it is not intended b this title to osits as collateral
,
~
y security exempt .
impose a tax upon an agreement evidencing a deposit of instruments as collateral security for money loaned thereon, which instruments Transfer of bonds on are not actuall y sold, nor upon the del ivery or transfe r for su ch reorganizati on . Ante, p. 190. purpose of instruments so deposited : Provided further, That the tax shall not be imposed on deliveries or transfers of bonds in connection with a reorganization (as defined in section 112 of the Revenue Act of 1932) if an y of the gain or loss from the e xchange or distr ibution involved in the delivery or transfer is not recognized under the income tax law applicable to the year in which the delivery or trans- Brokers' deliveries. fer is made : Pr ovi ded fu rth er, That the tax shall not be imposed etc . upon deliveries or transfers to a broker for sale, nor upon deliveries or tr ansfe rs by a broker to a customer for whom and upon whose order he has purchased same, but such deliveries or transfers shall be accompanied by a certificate setting forth the facts : Provided fur- Transfers in trust . ther, That the tax shall not be imposed upon deliveries or transfers from a fiduciary to a nominee of such fiduciary, or from one nominee of such fiduci ary to another, if such instrume nts continue to be held by such nominee for the same pu rpose fo r which they wou ld be he ld if retained by such fiduciary, or from the nom inee to such fid uciary, but such deliveries or transfers shall be accompanied by a certificate cetifi ate . stamps on setting forth the facts : Provided further, That where the change of on bill of sale . ownership is by transfer of the instrument the stamp shall be placed upon the instrument ; and in cases of an agreement to sell or where the transfer is by delivery of the instrument assigned in blank there shall be made and delivered by the seller to the buyer a bill Deta ils requi red . or memorandum of such sale, to which the stamp shall be affixed ; and every bill or memorandum of sale or agreement to sell before mentioned shall show the date thereof, the name of the seller, the Punishment for sales amount of the sale, and the matter or thing to which it refers . Any without stamps . person liable to pay the tax as herein provided, br anyone who acts in the matter as agent or broker for such person, who makes any such sale, or who in pursuance of any such sal e delivers any c ertifi- cate or eviden ce of 'the sale of any such inst rument, or bill or mem- orand um th ereof, as h erein requi red, witho ut hav ing t he pr oper stamps affixed thereto, with intent to evade the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction thereof shall pay a fine of not exceeding $1,000, or be imprisoned not more than six months, or both ." Effective date .
(b) Subs ection ( a) shall take ef fect on the fifte enth day after the date of the enactment pf this Act .
