26 U.S.C. § 2512 | Valuation of gifts

(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, 197084 Stat. 1840 Pub. L. 94–455, title XX, § 2008(a)(2)(B)Oct. 4, 197690 Stat. 1891 Pub. L. 97–34, title IV, § 442(b)(1)Aug. 13, 198195 Stat. 322(, ; , , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 97–341981—Subsec. (b). substituted “calendar year” for “calendar quarters”.

Pub. L. 94–4551976—Subsec. (c). added subsec. (c).

Pub. L. 91–6141970—Subsec. (b). substituted “calendar quarter” for “calendar year”.

Statutory Notes and Related Subsidiaries

Effective Date of 1981 Amendment

Pub. L. 97–34Dec. 31, 1981section 442(e) of Pub. L. 97–34 section 2501 of this titleAmendment by applicable with respect to gifts made after , see , set out as a note under .

Effective Date of 1970 Amendment

Pub. L. 91–614Dec. 31, 1970section 102(e) of Pub. L. 91–614 section 2501 of this titleAmendment by applicable with respect to gifts made after , see , set out as a note under .