United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle B. Estate and Gift Taxes |
Chapter 12. GIFT TAX |
SubChapter B. Transfers |
§ 2512. Valuation of gifts
Latest version.
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(a) If the gift is made in property, the value thereof at the date of the gift shall be considered the amount of the gift. (b) Where property is transferred for less than an adequate and full consideration in money or money’s worth, then the amount by which the value of the property exceeded the value of the consideration shall be deemed a gift, and shall be included in computing the amount of gifts made during the calendar year. (c) Cross reference For individual’s right to be furnished on request a statement regarding any valuation made by the Secretary of a gift by that individual, see section 7517.
(Aug. 16, 1954, ch. 736, 68A Stat. 406; Pub. L. 91–614, title I, § 102(b)(1), Dec. 31, 1970 , 84 Stat. 1840; Pub. L. 94–455, title XX, § 2008(a)(2)(B), Oct. 4, 1976 , 90 Stat. 1891; Pub. L. 97–34, title IV, § 442(b)(1), Aug. 13, 1981 , 95 Stat. 322.)
Amendments
1981—Subsec. (b). Pub. L. 97–34 substituted “calendar year” for “calendar quarters”.
1976—Subsec. (c). Pub. L. 94–455 added subsec. (c).
1970—Subsec. (b). Pub. L. 91–614 substituted “calendar quarter” for “calendar year”.
Effective Date Of Amendment
Amendment by Pub. L. 97–34 applicable with respect to gifts made after
Amendment by Pub. L. 91–614 applicable with respect to gifts made after