Payment of Tax. (a) Time of payment of tax.
Section 116
SEC. 116. Payment of Tax. (a) Time of payment of tax. — The gifts taxes imposed by sections 109 and 110 of this Chapter shall be due and payable on or before the first day of March following the close of the calendar year and shall be paid by the donor or the donee, as the case may be, to the Collector of Internal Revenue or to the treasurer of the province, city or municipality of which the donor or the donee is a resident. (b) Extension of time. — When the Collector of Internal Revenue finds that the payment on the due date of the gift taxes or of any part of the said amounts would impose undue hardship upon the donor or the donee, the Collector of Internal Revenue may extend the time for payment of any such part 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. Where the taxes are assessed by reason of negligence intentional disregard of rules and regulations, or fraud on the part of taxpayer, no extension will be granted by the Collector. If an extension is granted, the Collector of Internal Revenue may require the donor or donee, as the case may be, to furnish a bond in such amount, not exceeding double the amount of the taxes and with such sureties as the Collector deems necessary, conditioned upon the payment of the said taxes in accordance with the terms of the extension. (c) Voluntary payment. — The tax imposed by this Chapter may be paid, at the election of the donor or the donee, prior to the date prescribed for its payment.