Page:United States Statutes at Large Volume 68A.djvu/553

 CH. 3 4—DOCUMENTARY STAMP TAXES

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CHAPTER 34—DOCUMENTARY STAMP TAXES SUBCHAPTER A, Issuance of capital stock and certificates of indebtedness by a corporation. SUBCHAPTER B. Sales or transfers of capital stock and certificates of indebtedness of a corporation. SUBCHAPTER C. Conveyances.

SUBCHAPTER D. Policies issued by foreign insurers. SUBCHAPTER E. Miscellaneous provisions applicable to documentary stamp taxes.

Subchapter A—Issuance of Capital Stock and Certificate of Indebtedness by a Corporation Part I. Issuance of capital stock and similar interests. Part II. Issuance of certificates of indebtedness.

PART I—ISSUANCE OF CAPITAL STOCK AND SIMILAR INTERESTS ,, ^ '"

Sec. Sec. Sec. Sec. Sec.

4301. 4302. 4303. 4304. 4305.

Imposition of tax. Recapitalization. Exemptions. Affixing of stamps. Cross references,

SEC. 4301. IMPOSITION OF TAX.

There shall be imposed a tax on each original issue of shares or certificates of stock, issued by a corporation, whether on organization or reorganization, a t the following rates: (1) P A R VALUE STOCK.—Eleven cents on each $100 or fraction thereof of the par or face value of each certificate (or of the shares where no certificate is issued). J,,

(2) NO-PAR-VALUE STOCK.— (A) ACTUAL VALUE OF $100 OR MORE PER SHARE.—Eleven

cents on each $100 or fraction thereof of the actual value of each certificate (or of the shares where no certificate is issued). (B) ACTUAL VALUE OF LESS THAN $100 PER SHARE.—Three cents on each $20 or fraction thereof of the actual value of each certificate (or of the shares where no certificate is issued). SEC. 4302. RECAPITALIZATION. In the case of a recapitalization, the tax imposed by section 4301 shall be that proportion of the tax computed on the certificates (or on the shares where no certificates are issued) issued in the recapitalization that (1) the amount dedicated as capital for the first time by the recapitalization, whether by a transfer of earned surplus or otherwise, bears to (2) the total par value tor actual value if no par stock) 01 such certificates or shares issued in the recapitalization.

§4302

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