TABLE OF CONTENTS CHAPTER 4-GIr TAX Sec. 1000. Imposition of tax. Sec. 1001. Computation of tax. Sec. 1002. Transfer for less than adequate and full consideration. Sec. 1003. Net gifts. Sec. 1004. Deductions. Sec. 1005. Gifts made in property. Sec. 1006. Returns. Sec. 1007. Records and special returns. Sec. 1008. Payment of tax. Sec. 1009. Lien for tax. Sec. 1010. Examination of return and determination of tax. Sec. 1011. Definition of deficiency. Sec. 1012 . Assessment and collection of deficiencies. Sec. 1013. Jeopardy assessments. Sec. 1014 . Claims in abatement Sec. 1015 . Bankruptcy and receiverships. Sec. 1016 . Period of limitation upon assessment and collection. Sec. 1017. Suspension of running of statute. Sec. 1018 . Addition to the tax in case of delinquent return. Sec. 1019. Additions to the tax in case of deficiency. Sec. 1020. Interest on extended payments. Sec. 1021 . Interest on deficiencies. Sec. 1022 . Interest on jeopardy assessments. Sec. 1023. Additions to the tax in case of nonpayment. Sec. 1024. Penalties. Sec. 1025. Transferred assets. Sec. 1026 . Notice of fiduciary relationship. Sec. 1027. Refunds and credits. Sec. 1028 . Laws made applicable. Sec. 1029. Rules and regulations. Sec. 1030. Definitions. Sec. 1031. Publicity of returns. CHAPTER 4-GIFT TAX SEC. 1000 . IMPOSITION OF TAX. (a) For the calendar year 1940 and each calendar year thereafter a tax, computed as provided in section 1001, shall be imposed upon the transfer during such calendar year by any individual, resident or non- resident, of property by gift. Gift taxes for the calendar years 1932- 1939, inclusive, shall not be affected by the provisions of this chapter, but shall remain subject to the applicable provisions of the Revenue Act of 1932, except as such provisions are modified by legislation enacted subsequent to the Revenue Act of 1932. (b) The tax shall apply whether the transfer is in trust or other- wise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or intangible; but, in the case of a non- resident not a citizen of the United States, shall apply to a transfer only if the property is situated within the United States. SEC. 1001 . COMPUTATION OF TAX. (a) The tax for each calendar year shall be an amount equal to the excess of- (1) a tax, computed in accordance with the Rate Schedule here- inafter set forth, on the aggregate sum of the net gifts for such calendar year and for each of the preceding calendar years, over (2) a tax, computed in accordance with the said Rate Schedule, on the aggregate sum of the net gifts for each of the preceding calendar years. 144
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