26 U.S.C. § 2512 — Valuation of gifts
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 108 words · no verdicts yet
This section sets rules about valuation of gifts. It states the duties, powers, procedures, or limits described in the section.
(a) If the gift is made in property, the value of it at the date of the gift is 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 is deemed a gift, and is 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.
If the gift is made in property, the value thereof at the date of the gift shall be considered the amount of the gift.
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.
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.
Source credit: (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.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1970Amended · Pub. L. 91-614 · 84 Stat. 1840
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1891
- 1981Amended · Pub. L. 97-34 · 95 Stat. 322
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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