Returns. (a) Return by donor.
Section 115
SEC. 115. Returns. (a) Return by donor. — Any individual who after the approval of this Code or in any calendar year thereafter makes any transfer by gift (except those which under section 112 are exempt from tax shall, for the purpose of the tax prescribed in section 109, make return under oath in duplicate. The return shall set forth (1) each gift made during the calendar year which is to be included in computing net gifts; (2) the deductions claimed and allowable; (3) the net gifts for each of the preceding calendar years; (4) the name of the donee and his relation to the donor; and (5) such further information as may be required by regulations made pursuant to law. (b) Return by donee. — Any donee who after the approval of this Code or in any calendar year thereafter receives any transfer by gift (except those which under section 112 are exempt from tax) shall, for the purpose of the tax prescribed in section 110, make a return under oath in duplicate. The return shall set forth (1) each gift received during the calendar year which is to be included in computing net gifts; (2) the deduction claimed and allowable; (3) the net gifts for each of the preceding calendar years; (4) the name of the donor and his relation to the donee; and (5) such further information as may be required by regulations made pursuant to law. The donee shall file a separate return for gifts received from each donor. (c) Time and place of filing. — The return of the donor or the donee required in this section shall be filed on or before the first day of March following the close of the calendar year with the Collector of Internal Revenue, provincial revenue agent, or with the treasurer of the province, city, or municipality in which the donor or the donee was domiciled at the time of the transfer. (d) Extension for filing. — The Collector of Internal Revenue shall have authority to grant, in meritorious cases, a reasonable extension not exceeding thirty days for filing returns required of the donor or the donee.