26 U.S.C. § 7520 — Valuation tables
submitted 38 years ago by Pub. L. 100-647 to r/title-26-INTERNAL-REVENUE-CODE · 326 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
For purposes of this title, the value of any annuity, any interest for life or a term of years, or any remainder or reversionary interest shall be determined—
under tables prescribed by the Secretary*, and
by using an interest rate (rounded to the nearest 2/10ths of 1 percent) equal to 120 percent of the Federal midterm rate in effect under section 1274(d)(1) for the month in which the valuation date falls.
If an income, estate, or gift tax charitable contribution is allowable for any part of the property transferred, the taxpayer* may elect to use such Federal midterm rate for either of the 2 months preceding the month in which the valuation date falls for purposes of paragraph (2). In the case of transfers of more than 1 interest in the same property with respect to which the taxpayer may use the same rate under paragraph (2), the taxpayer shall use the same rate with respect to each such interest.
This section shall not apply for purposes of part I of subchapter D of chapter 1 or any other provision specified in regulations.
The tables prescribed by the Secretary for purposes of subsection (a) shall contain valuation factors for a series of interest rate categories.
The Secretary shall revise the initial tables prescribed for purposes of subsection (a) to take into account the most recent mortality experience available as of the time of such revision. Such tables shall be revised not less frequently than once each 10 years to take into account the most recent mortality experience available as of the time of the revision.
For purposes of this section, the term “valuation date” means the date as of which the valuation is made.
For purposes of this section, the term “tables” includes formulas.
Source credit: (Added Pub. L. 100–647, title V, § 5031(a), Nov. 10, 1988, 102 Stat. 3668; amended Pub. L. 113–295, div. A, title II, § 221(a)(118), Dec. 19, 2014, 128 Stat. 4054.)
- 1988Enacted · Pub. L. 100-647 · 102 Stat. 3668
- 2014Amended · Pub. L. 113-295 · 128 Stat. 4054
A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-647 on 1988-11-10.
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