Rev. Rul. 57-5

The documentary stamp tax imposed by section 4331 of the Internal Revenue Code of 1954 on the sale or transfer of a certificate of indebtedness issued by a corporation is computed on the basis of the face value of the instrument. Payments made on account of principal noted on the instrument may be deducted from the original face value in determining the basis for computing the tax at the time of such transfer. It is not necessary that the payments on principal be actually endorsed on the instrument. It is sufficient if the instrument incorporates by reference the particular books or papers on which such payments have been recorded.