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PUBLIC LAW 87-408-MAR. 2, 1962
[76 STAT.
Y. Deeds between husband and wife, or parent and child, without actual consideration therefor. 8. Tax deeds. 9. Deeds of release of property which is security for a debt or other obligation. SEC. 303. IMPOSITION or T A X. — (a) There is hereby imposed on each deed at the time it is submitted to the Commissioners for recordation u tax at the rate of one-half of 1 per centum of the consideration for such deed: Provided, That in any case where application of the rate of tax to the consideration for a deed results in a total tax of less than $1 the tax shall be $1. (b) Each such deed shall be accompanied by a return under oath in such form as the Commissioners may prescribej executed by all the parties to the deed, setting forth the consideration for the deed, the amount of tax payable, and such other information as the Commissioners may require. (c) The parties to a deed which is submitted to the Commissioners for recordation shall be jointly and severally liable for payment of the taxes imposed by this section: Provided, That neither the United States nor the District of Columbia shall be subject to such liability. (d) The Commissioners are authorized— (1) to prescribe by regulation for reasonable extensions of time for the filing of the return required by subsection (b) of this section; and (2) to waive as to any party to a deed the requirement for the filing of a return by such party whenever it shall be determined by the Commissioners that a return cannot be filed: Provided, That any waiver granted by the Commissioners to a party shall not, unless specifically authorized, be deemed to be a waiver as to any other party. Any waiver made pursuant to this subsection shall not affect the requirements of subsection (c) of this section. SEC. 304. ABSENCE OF CONSIDERATION.—Where no price or amount is paid or required to be paid for real property or where such price or amount is nominal, the consideration for the deed to such property shall, for purposes of the tax imposed by this title, be construed to be the fair market value of the real property, and the tax shall be based upon such fair market value. I n any such case, the return required to be filed with the deed shall contain such information as to the fair market value of the real property as the Commissioners shall require. Whenever, in the opinion of the Commissioners, a return does not contain sufficient information as to the fair market value of such real property, the Commissioners are authorized to make a determination thereof from the best information available. SEC. 305. INVESTIGATION BY COMMISSIONERS.—The Commissioners,
for the purpose of ascertaining the correctness of any return, statement, affidavit, or other document filed pursuant to the provisions of this title or pursuant to any regulations of the Commissioners promulgated hereunder, or for the purpose of ascertaining the correctness of any payment of the tax imposed by this title, or the consideration for any deed upon which a tax is imposed, are authorized to examine any books, papers, records, or memorandums of any person bearing upon such matters and may summon any person to appear and produce books, records, papers, or memorandums pertaining thereto and to give testimony or answer interrogatories under oath respecting the same, and the Commissioners shall have power to administer oaths to such person or persons. Such summons may be served by any member of the Metropolitan Police Department. I f any person having been personally summoned shall neglect or refuse to obey the summons issued as herein provided then, and in that event, the Commissioners may re-
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