CH. 34—DOCUMENTARY STAMP TAXES
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Subchapter B—Sales or Transfers of Capital Stock and Certificates of Indebtedness of a Corporation Part I. Sales or transfers of capital stock and similar interests. Part II. Sales or transfers of certificates of indebtedness. Part III. Provisions common to sales or transfers of capital stock and certificates of indebtedness.
PART I—SALES OR TRANSFERS OF CAPITAL STOCK AND SIMILAR INTERESTS Sec. Sec. Sec. Sec.
4321. 4322. 4323. 4324.
Imposition of tax. Exemptions. Affixing of stamps. Cross references.
SEC. 4321. IMPOSITION OF TAX.
There shall be imposed a tax on each sale or transfer of shares or certificates of stock, or of rights to subscribe for or to receive such shares or certificates, issued by a corporation, at the following rates: (1) PAR-VALUE STOCK.—Five cents on each $100 or fraction thereof of the par or face value of each certificate (or of the shares where no certificate is sold or transferred), except as provided in paragraph (3). (2) NO-PAR-VALUE STOCK.—Five cents on each share, except as provided in paragraph (3). (3) EXCEPTION.—In the case of a sale at $20 or more per share, the rate provided in paragraphs (1) and (2) shall be 6 cents in lieu of 5 cents. SEC. 4322. EXEMPTIONS. (a) EXEMPTIONS FOR CERTAIN TRANSFERS.—The tax imposed by
section 4321 shall not apply to any delivery or transfer of shares, certificates, or rights— (1) LOANS.—To a borrower as a loan of such shares, certificates, or rights, or to the lender as a return of such loan; (2) BROKERS.—To a broker or his registered nominee for sale of such shares, certificates, or rights; by a broker or his registered nominee to a customer for whom and upon whose order the broker has purchased same; or by a purchasing broker to his registered nominee to be held by such nominee for the same purpose as if held by the broker; (3) CORPORATIONS.—From a corporation to a registered nominee of such corporation, or from one such nominee to another such nominee, provided that in each instance such shares, certificates, or rights are to be held by the nominee for the same purpose as if retained by the corporation; or from such nominee to such corporation; or (4) WORTHLESS STOCK.—By an executor or administrator to a legatee, heir, or distributee, if it is shown to the satisfaction of the Secretary or his delegate that the value of such shares, certificates, § 4322(a)(4)
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