CODIFICATION OF INTERNAL REVENUE LAWS educational purposes, including the encouragement of art and the prevention of cruelty to children or animals; (5) posts or organizations of war veterans, or auxiliary units or societies of any such posts or organizations if such posts, organiza- tions, units, or societies are organized in the United States or any of its possessions, and if no part of their net earnings inures to the benefit of any private shareholder or individual; (6) the special fund for vocational rehabilitation authorized by section 12 of the World War Veterans' Act, 1924, 43 Stat. 611 (U. S . C., Title 38, § 440). (c) EXTENT or DEDUCTIoNs.- T he deductions provided in subsec- tion (a) (2) or (b) shall be allowed only to the extent that the gifts therein specified are included in the amount of gifts against which such deductions are applied. SEC. 1005. GIFTS MADE IN PROPERTY. If the gift is made in property, the value thereof at the date of the gift shall be considered the amount of the gift. SEC. 1006. RETURNS. (a) REQUmREMENT. -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 com- puting net gifts; (2) the deductions claimed and allowable under sec- tion 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. (b) TIME AND PLACE FOR FILING.-The return shall be filed on or before the 15th day of March following the close of the calendar year with the collector for the district in which is located the legal resi- dence of the donor, or if he has no legal residence in the United States, then (unless the Commissioner designates another district) with the collector at Baltimore, Maryland. SEC. 1007. RECORDS AND SPECIAL RETURNS. (a) BY DONoR. - Every person liable to any tax imposed by this chapter or for the collection thereof, shall keep such records, render under oath such statements, 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. (b) To DETERMINE LIABILITY T TAX.-Whenever in the judgment of the Commissioner necessary he may require any person, by notice served upon him, to make a return, render under oath such statements, or keep such records, as the Commissioner deems sufficient to show whether or not such person is liable to tax under this chapter. SEC. 1008. PAYMENT OF TAX. (a) TinE or PAYMENT.- 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. (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. (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. 148
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