the gift shall be considered the the gift shall be considered the amount of the gift. Sec. 1006. Returns. Sec. 1006. (a) Requirement.Any individual who within the calendar year 1940 or any calendar year thereafter makes any transfers by gift (except those which under section 1003 are not to be included in the total amount of gifts for such year) shall make a return under oath in duplicate. The return shall set forth (1) each gift made during the calendar year which under section 1003 is to be included in computing net gifts; (2) the deductions claimed and allowable under section 1004; (3) the net gifts for each of the preceding calendar years; and (4) such further information as may be required by regulations made pursuant to law. amount of the gift. Sec. 1006. Returns. Sec. 1006. (a) Requirement.— Any individual who within the calendar year 1940 or any calendar year thereafter makes any transfers by gift (except those which under section 1003 are not to be included in the total amount of gifts for such year) shall make a return under oath in duplicate. The return shall set forth (1) each gift made during the calendar year which under section 1003 is to be included in computing net gifts; (2) the deductions claimed and allowable under section 1004; (3) the net gifts for each of the preceding calendar years; and (4) such further information as may be required by regulations made pursuant to law. Sec. 1006. (b) Time and place Sec. 1006. (b) Time and place for filing. The return shall be for filing. The return shall be filed on or before the 15th day of filed on or before the 15th day of March following the close of the March following the close of the calendar year with the collector calendar year with the collector for the district in which is located for the district in which is located the legal residence of the donor, the legal residence of the donor, or if he has no legal residence in or if he has no legal residence in the United States, then (unless the United States, then (unless the Commissioner designates an- the Commissioner designates another district) with the collector other district) with the collector at Baltimore, Maryland. at Baltimore, Maryland. Sec. 1007. Records and special returns. Sec. 1007. Records and special returns. Sec. 1007. (a) By donor.-Every Sec. 1007. (a) By donor.-Every person liable to any tax imposed person liable to any tax imposed by this chapter or for the collec- by this chapter or for the collection thereof, shall keep such rec- tion thereof, shall keep such records, render under oath such state- ords, render under oath such statements, make such returns, and ments, make such returns, and comply with such rules and regulations, as the Commissioner, with the approval of the Secretary, may from time to time prescribe. comply with such rules and regu- Sec. 1007. (b) To determine lia- Sec. 1007. (b) To determine liability to tax.-Whenever in the bility to tax.-Whenever in the judgment of the Commissioner nec- judgment of the Commissioner necessary he may require any person, essary he may require any person, by notice served upon him, to by notice served upon him, to make a return, render under oath make a return, render under oath such statements, or keep such such statements, or keep such records, as the Commissioner records, as the Commissioner deems sufficient to show whether deems sufficient to show whether Calendar Years before 1940 Sec. 507. Returns. Sec. 507. (b) Time and place for filing. See p. 548, Eighth Edition. Sec. 508. Records and special returns. Sec. 508. (a) By donor. See p. 548, Eighth Edition. Sec. 508. (b) To determine liability to tax. See p. 549, Eighth Edition. Sec. 1008. (a) Time of payment. -The tax imposed by this chapter-The tax imposed by this chapter-The tax imposed by this chapter Sec. 1008. (a) Time of payment. Sec. 1008. (a) Time of payment. shall be paid by the donor on or before the 15th day of March following the close of the calendar year. Sec. 1008. (b) Extension of time for payment. At the request of the donor, the Commissioner may extend the time for payment of the amount determined as the tax by the donor, for a period not to exceed six months from the date prescribed for the payment of the tax. In such case the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension. Sec. 1008. (c) Voluntary advance payment.-A tax imposed by this chapter, may be paid, at the election of the donor, prior to the date prescribed for its pay ment. Sec. 1008. (d) Fractional parts of cent. In the payment of any tax under this chapter a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent. Sec. 1008. (e) Receipts.-The collector to whom any payment of any gift tax is made shall, upon request, grant to the person making such payment a receipt there for. Sec. 1009. Lien for tax. shall be paid by the donor on or year. shall be paid by the donor on or before the 15th day of March following the close of the calendar year. Sec. 1008. (b) Extension of time Sec. 1008. (b) Extension of time for payment. At the request of the for payment. At the request of the donor, the Commissioner may ex- donor, the Commissioner may extend the time for payment of the tend the time for payment of the amount determined as the tax by amount determined as the tax by the donor, for a period not to ex- the donor, for a period not to exceed six months from the date pre-ceed six months from the date prescribed for the payment of the scribed for the payment of the tax. In such case the amount in tax. In such case the amount in respect of which the extension is respect of which the extension is granted shall be paid on or before granted shall be paid on or before the date of the expiration of the the date of the expiration of the period of the extension. period of the extension. Sec. 1008. (d) Fractional parts Sec. 1008. (d) Fractional parts of cent.-In the payment of any of cent. In the payment of any tax under this chapter a fractional tax under this chapter a fractional part of a cent shall be disregarded part of a cent shall be disregarded unless it amounts to one-half cent unless it amounts to one-half cent or more, in which case it shall be or more, in which case it shall be increased to 1 cent. increased to 1 cent. The tax imposed by this chapter The tax imposed by this chapter The tax imposed by this chapter shall be a lien upon all gifts made shall be a lien upon all gifts made shall be a lien upon all gifts made during the calendar year, for ten during the calendar year, for ten during the calendar year, for ten years from the time the gifts are years from the time the gifts are years from the time the gifts are made. If the tax is not paid when made. If the tax is not paid when made. If the tax is not paid when due, the donee of any gift shall be due, the donee of any gift shall be due, the donee of any gift shall be personally liable for such tax to personally liable for such tax to personally liable for such tax to the extent of the value of such the extent of the value of such the extent of the value of such gift. Any part of the property gift. Any part of the property gift. Any part of the property comprised in the gift sold by the comprised in the gift sold by the comprised in the gift sold by the donee to a bona fide purchaser for donee to a bona fide purchaser for donee to a bona fide purchaser for an adequate and full consideration an adequate and full consideration an adequate and full consideration in money or money's worth shall in money or money's worth shall in money or money's worth shall be divested of the lien herein im- be divested of the lien herein im- be divested of the lien herein imposed and the lien, to the extent posed and the lien, to the extent posed and the lien, to the extent of the value of such gift, shall of the value of such gift, shall of the value of such gift, shall attach to all the property of the attach to all the property of the donee (including after-acquired donee (including after-acquired property) except any part sold to property) except any part sold to attach to all the property of the donee (including after-acquired property) except any part sold to Calendar Year 1941 Sec. 1008. Payment of tax. Calendar Year 1940 Calendar Years before 1940 Sec. 1008. Payment of tax. Sec. 1008. (a) Time of payment. Sec. 1008. (a) Time of payment. -The tax imposed by this chapter-The tax imposed by this chapter shall be paid by the donor on or before the 15th day of March following the close of the calendar year. Sec. 1008. (b) Extension of time for payment. At the request of the donor, the Commissioner may extend the time for payment of the amount determined as the tax by the donor, for a period not to exceed six months from the date prescribed for the payment of the tax. In such case the amount in respect of which the extension is granted shall be paid on or before the date of the expiration of the period of the extension. Sec. 1008. (c) Voluntary advance payment.-A tax imposed by this chapter, may be paid, at the election of the donor, prior to the date prescribed for its payment. shall be paid by the donor on or year. Sec. 509. Payment of tax. Sec. 509. (b) Extension of time See p. 549, Eighth Edition. Sec. 1008. (b) Extension of time Sec. 1008. (c) Voluntary advance payment.-A tax imposed by this chapter, may be paid, at the election of the donor, prior to the date prescribed for its pay ment. Sec. 509. (c) Voluntary advance payment. See p. 549, Eighth Edition. Sec. 509. (d) Fractional parts of Sec. 1008. (d) Fractional parts Sec. 1008. (d) Fractional parts of cent. In the payment of any of cent.-In the payment of any cent. tax under this chapter a fractional tax under this chapter a fractional part of a cent shall be disregarded part of a cent shall be disregarded unless it amounts to one-half cent unless it amounts to one-half cent or more, in which case it shall be or more, in which case it shall be increased to 1 cent. increased to 1 cent. The tax imposed by this chapter The tax imposed by this chapter shall be a lien upon all gifts made shall be a lien upon all gifts made during the calendar year, for ten during the calendar year, for ten years from the time the gifts are years from the time the gifts are made. If the tax is not paid when made. If the tax is not paid when due, the donee of any gift shall be due, the donee of any gift shall be personally liable for such tax to personally liable for such tax to the extent of the value of such the extent of the value of such gift. Any part of the property gift. Any part of the property comprised in the gift sold by the comprised in the gift sold by the donee to a bona fide purchaser for donee to a bona fide purchaser for an adequate and full consideration an adequate and full consideration in money or money's worth shall in money or money's worth shall be divested of the lien herein im- be divested of the lien herein imposed and the lien, to the extent posed and the lien, to the extent of the value of such gift, shall of the value of such gift, shall attach to all the property of the attach to all the property of the donee (including after-acquired donee (including after-acquired property) except any part sold to property) except any part sold to See p. 549, Eighth Edition. Sec. 509. (e) Receipts. See p. 549, Eighth Edition. Sec. 510. Lien for tax. See p. 549, Eighth Edition. Calendar Year 1944 a bona fide purchaser for an adequate and full consideration in money or money's worth. If the Commissioner is satisfied that the tax liability has been fully discharged or provided for, he may, under regulations prescribed by him with the approval of the Secretary, issue his certificate, releasing any or all of the property from the lien herein imposed. Sec. 1010. Examination of return and determination of tax. As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax. Sec. 1011. Definition of deficiency. As used in this chapter in respect of the tax imposed by this chapter the term "deficiency" means Sec. 1011. (1) The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the donor upon his return; but the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a deficiency, and decreased by the amounts previously abated, refunded, or otherwise repaid in respect of such tax; or a bona fide purchaser for an ade- a bona fide purchaser for an ade- Sec. 1010. Examination of return and determination of tax. As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax. Sec. 1011. Definition of deficiency. Sec. 1010. Examination of return and determination of tax. As soon as practicable after the return is filed the Commissioner shall examine it and shall determine the correct amount of the tax. Sec. 1011. Definition of deficiency. As used in this chapter in reAs used in this chapter in re spect of the tax imposed by this spect of the tax imposed by this chapter the term "deficiency" chapter the term "deficiency" means Sec. 1011. (1) The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the donor upon his return; but the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a deficiency, and decreased by the amounts previously abated, refunded, or otherwise repaid in respect of such tax; or means Sec. 1011. (1) The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the donor upon his return; but the amount so shown on the return shall first be increased by the amounts previously assessed (or collected without assessment) as a deficiency, and decreased by the amounts previously abated, refunded, or otherwise repaid in respect of such tax; or Sec. 1011. (2) If no amount is Sec. 1011. (2) If no amount is Sec. 1011. (2) If no amount is shown as the tax by the donor shown as the tax by the donor shown as the tax by the donor upon his return, or if no return is upon his return, or if no return is upon his return, or if no return is made by the donor, then the made by the donor, then the made by the donor, then the amount by which the tax exceeds amount by which the tax exceeds amount by which the tax exceeds the amounts previously assessed the amounts previously assessed the amounts previously assessed (or collected without assessment) (or collected without assessment) (or collected without assessment) as a deficiency; but such amounts as a deficiency; but such amounts as a deficiency; but such amounts previously assessed, or collected previously assessed, or collected previously assessed, or collected without assessment, shall first be without assessment, shall first be without assessment, shall first be decreased by the amounts pre- decreased by the amounts pre- decreased by the amounts previously abated, refunded, or other- viously abated, refunded, or other-viously abated, refunded, or otherwise repaid in respect of such tax. wise repaid in respect of such tax. wise repaid in respect of such tax. Sec. 1012. Assessment and collection of deficiencies. Sec. 1012. Assessment and collection of deficiencies. Sec. 1012. Assessment and collection of deficiencies. Sec. 1012. (a) (1) Petition to Sec. 1012. (a) (1) Petition to Sec. 1012. (a) (1) Petition to Board of Tax Appeals.-If the Board of Tax Appeals. If the Board of Tax Appeals.-If the Commissioner determines that there Commissioner determines that there Commissioner determines that there is a deficiency in respect of the tax is a deficiency in respect of the tax is a deficiency in respect of the tax imposed by this chapter, the Com-imposed by this chapter, the Com-imposed by this chapter, the Commissioner is authorized to send missioner is authorized to send missioner is authorized to send notice of such deficiency to the notice of such deficiency to the notice of such deficiency to the donor by registered mail. Within donor by registered mail. Within donor by registered mail. Within a bona fide purchaser for an ade- a bona fide purchaser for an ade- Sec. 1011. (2) If no amount is Sec. 1011. (2) If no amount is shown as the tax by the donor shown as the tax by the donor upon his return, or if no return is upon his return, or if no return is made by the donor, then the made by the donor, then the amount by which the tax exceeds amount by which the tax exceeds the amounts previously assessed the amounts previously assessed (or collected without assessment) (or collected without assessment) as a deficiency; but such amounts as a deficiency; but such amounts previously assessed, or collected previously assessed, or collected without assessment, shall first be without assessment, shall first be decreased by the amounts pre- decreased by the amounts previously abated, refunded, or other-viously abated, refunded, or otherwise repaid in respect of such tax. wise repaid in respect of such tax. Sec. 1012. Assessment and collection of deficiencies. Sec. 1012. Assessment and collection of deficiencies. Sec. 1012. (a) (1) Petition to Sec. 1012. (a) (1) Petition to Board of Tax Appeals. If the Board of Tax Appeals.-If the ComCommissioner determines that there missioner determines that there is is a deficiency in respect of the tax a deficiency in respect of the tax imposed by this chapter, the Com-imposed by this chapter, the Commissioner is authorized to send missioner is authorized to send notice of such deficiency to the notice of such deficiency to the donor by registered mail. Within donor by registered mail. Within Calendar Years before 1940 Sec. 511. Examination of return and determination of tax. See p. 549, Eighth Edition. Sec. 512. Definition of deficiency. See p. 549, Eighth Edition. Sec. 512. (1). See p. 549, Eighth Edition. Sec. 512. (2). See p. 549, Eighth Edition. Sec. 513. Assessment and collection of deficiencies. Sec. 513. (a) Petition to Board of Tax Appeals. See p. 549, Eighth Edition. |