1971 Q TITLE :26.———-1.\’T1 · after the date of the enactment of this Act} of any article in respect of which a tax was imposed by section 600 of the Revenue Act of 1924,"' and in respect of which no corresponding tax is imposed by section 600 of this Act,‘2 (2) the contract price includes the amount of the tax imposed bysection 600 of the Revenue Act or 1924,9 and (3) such contract docs not permit deduction, from the amount to be paid thereunder, of the tax imposed by section 600 of the Revenue Act of 1924,** then the vendor or lessor shall refund to the veudee or lessee so much, of ·the amount of such tax as is hot so permitted to bedcducted from .tl1e contract price. · . ‘ l . (c) any refund by the vendor or lessor wldcr subdivision (a) or (b) shall be made at the time the sale or lease is cousummated. Upon the-failure of _ thetvendor or‘1essor_·so`_tq refund, he shall beliable to the —veudee,or lesseefor damages in the amount of three times the amount of such refund, and the court shallinclude inauy judgment in favor `of the vendee or iessee in any suit for the recovery·of such damages, ·co;sts of the salt and a reasonable attorneys fee to be fixed by the court. (Feb. 26. 1926, c. ,27,.5 -603, 44* Stat. 94.) - ‘ ·‘ Sectku 8`87 of Title 26 repcald and reenacted in part.-—gSee tool- _note to this chapter. t _ - -~ ‘ · _ 888. Refund of automobile tax; Uapplicatioui remission by manufacturer to dealer; damages for failure to· remitL—¥(a) Where prior to the effective date ,0f the repeal of subdivision (2) `of section 600 of the Revenue- Act/.6f1924" ariy article subject to the tax lmposed by such subdivision has. been sold by the manufacturer, producer, or i_mp6rter,_ audi is ou such date held by a dealer aud intended for sale, there shall be refunded to the manufacturer, producer, of importer au amount equal to 2 per ceutum of the price‘Tfo{· which such article was sold by him, or; it the tax has not been paid, an ‘am_0unt_equa1‘ to such· 2 ger centum shall be credited aga-inst the tax in respect of such article, . _ . ‘ r · · l - {b) As used in ._this section the term` "dealcr" includes a wholesaler, jobber, or distributor. _For‘ the purposes. of this section`; an article shall be considered as " held by a. dealer" it title thereto has passed to such dealer (whether or not delivery to him has been made) ; and if for purposes ot consumption title to such article`or"·_’possesslo¤ thereothhas not at any t time been transferred to any person other·tha¤·a dealer. s . · » (c) Under regulations prescribed by the commissioner with the approval of the Secretary, the `refuutl provided by this section (1) may be applied as a credit against the tax shown by subsequent returns of the manufacturer, prpau¤e¤·;· or importer, and (2) may be made to the dealer instead of to the xaaautacturer, producer or importer, Lf the manufacturer, §1‘0· ducer or importer waives any claim for the amount so-to be refunded, . . ‘ ‘· _‘ . · — 4 = __ (G) When the refund or credit province for in this section has been allowed to the manufacturer, producer, or importer, he shall remit to the dealerpto ·whom"was_sold the article iu reswt of which the refund or credit was allowed, so much ot that amount of the ta; corresponding to the refund or credit, as ujas paid or agreed to-bepald Yby the dealer. Upon the fallure of the_mam1facturer,_ produceror importer tomake such remission he Q shall be liable to the dealer for damages in the ' aatouut ot three times the amountthereot, and the court shall include in aayjudgmeut ln favor ot the dealer lu any suit for the recovery of such damages. costs of-the suit a reasonable
- “ Section eco of thl•tAct*• constitutes .56 881 wd 882 or this title
of the Code and appendix. _ ' ° . . . . " ; . “ “Sectleu 600 of the Revenue Act ot l924" la set out ln H 881`aqd 882 of Title 26.ot the Code. · - _ . "““Act" refers to Act or Feb. l26, 1026, set out in this title of the appendix. — " _ ·. _ _ _ _ “" Subdivision (2) of section 600 of the Revenue Act of 1924" la set out lu $.881 (3) pt Title ze ot the Code. · · ·- `
ww.41, ·REVHNL’E §9()1 o attorney‘s fee/to be fixed by the court. (Feb. 26, l€?2?{3, G- 27, · § 1204, 44 Stat. 128.) Z New section._ ' B Chapter 18.-——-STAMP TAXES ON SPECIFIC OBJECTS.
- Sec. _ _ ‘ ‘ {
I 901. Tax on certain enumeragted d()(‘UIl\|‘Ilt‘·§ and instruments. I -902. Same; exemptions. · _ ‘ L 903; Same ;/ stamps: preparation and distribution. “ 904. Samei cancellation ofgstanzps. ` 905. Same;` collection of omtttedtaies. . . 906. Same; stamps for Postmaster General; clistribution and sale. [Repealed.] w ` _ . t_ 907. Same; stamps for designated dopositaries or State agents: beznls; · regulations. . I · 008. Same; olfenses. · Y 009. Same; other offenses. _ _ · _ The statutes constitutiug §§ 901 to 909, inclusive, of Title 26, N IN·ma1uL Rsvsmm, were repealed by Act of— Feb; 26, 1026, c. _2'?, b. . $1200, 4Q Stat. 125, totake élfect 30 days thereafter. - T . The subject matter of the repealed statutes was in substance`
_ carried into .the .se,id Act ih"1*l%le”.\’Ill, herein set out in corresponding sections. · _ - _ ·
1 . 901. Tax on- ’ certain enumerated documents and instruments;—On and after the explratiorrof thirty. days after the
enactment of this Act there shall be lesied, collected, and paid,
for and in respect of the several bonds, ilebeuturesy or certifi—
cates of `stock_ and of indebtedness, and other documents, instru-
, ments, matters, and things mentioned and described in Schedule A°0f__this tit1e,‘0r for or in respectof the vellum, parchment, or paper upon w?hieh_sucl1 instrumeuts;" matters, erthlugs, or any "· ` of them} are written or printed, ’by any person who makes, signs, issues, sells, removes, conslgus, or ships the same,_or for whcse use or benefit the same"·&re made, signed, issued, sold, removed, consigned, or shipped, the several taxes specfiled in 0 such schedule; The taxes imposed by this section shall, in the case ot- any article upon which a corresponding stamp tax is new irqposed by law, be in lieu of such tax. ` l , Scmzutmm A.-—S·r.uu· Taxes t (1) Bonds, debentures, certiylcatea of indebtedness, and other corporate securitics.~Boads of indebtedness: On all bonds, debentures, o1·.certii·lcates` of indebtedness issued by any eerporation, aud all instruments, however termed, issued bi any corporation with interest coupons or in registered form, ·kl1€}Wll generally as corporate securities, on each $100 of face value or traction thereof, 5 cents: Provided, That every renewal of. thetoregoing shall be taxed asa new issue: Provided further, That when a bond coudltloued for the repayment or payment of money is given ni a penal sum greater than the debt secured, — theftax shall be based upon the smount secured. ‘ (2) Issues of capital stock.-+·Caplth1 stock, issue: On. each original issue, whether ou organiaation or reorganization, of certificates of stock, or of prohts, or of interest in property or accumulations, by any eorporatioin, on each $100 ot face value or fraction thereof, 5 cents: Provided, That where ·a certificate is issued without taee value, the tax shall be 5 cents per share,_ unless. the actual value is in excess of $100per share, in which E case the tax shall be 5 cents ou each $100 of actualvalue or traction thereof, or unlessthe aetuakvalue is less than $100 per share, in which casethe "tax shall `be 1 cent orreach $20 ot actual $··alue,.or fraction thereof; ‘ - The stamps reyireseutlug the tax lmposecl by this subdivision shall be attachedto the stock books and not to the certiticates ‘ `issued. . f" _ _` ‘ ‘ ‘ (3) Sales or transfers of capital stock.-—Car•ltal stock, sales · or transfers: On all sales, or, agreements te sell, or memo-I randa ot sales or- deliveries .of,Qor transfers of lazy title to shares or certificates of stock or of profits or of interest in property or accuihulations in any corporation, or torights to ‘
