Federal Stamp Taxes on Drafts, Checks and Promissory Notes

Federal Stamp Taxes on Drafts, Checks and Promissory Notes 1919 is a comprehensive guide detailing the application, interpretation, and enforcement of federal stamp taxes as mandated by the United States government in the early 20th century. This authoritative volume provides an in-depth analysis of the legal requirements imposed by the Revenue Act of 1918, which reintroduced stamp taxes on various financial instruments, including drafts, checks, and promissory notes, as a means of raising revenue during and after World War I. The book meticulously outlines the specific provisions of the law, offering clear explanations of which documents are subject to taxation, the rates applicable to each type of instrument, and the proper procedures for affixing and canceling stamps. It addresses common questions and ambiguities faced by bankers, lawyers, merchants, and the general public, providing practical examples and official rulings to clarify complex scenarios. The text also discusses the penalties for non-compliance, the responsibilities of parties involved in the creation and negotiation of taxable documents, and the methods for obtaining and accounting for revenue stamps. In addition to its legal and procedural guidance, the book includes references to relevant Treasury Department regulations, court decisions, and historical context, making it an invaluable resource for anyone involved in financial transactions during this period. Its thorough treatment of the subject matter ensures that readers gain a complete understanding of the federal stamp tax system as it applied to drafts, checks, and promissory notes in 1919, reflecting both the letter and the spirit of the law.