Internal Revenue Code:Sec. 2512. Valuation of gifts
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle B - Estate and Gift Taxes
CHAPTER 12 - GIFT TAX
Subchapter B - Transfers
Statute
Sec. 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.
Sources
(Aug. 16, 1954, ch. 736, 68A Stat. 406; Pub. L. 91-614, title I,
Sec. 102(b)(1), Dec. 31, 1970, 84 Stat. 1840; Pub. L. 94-455, title
XX, Sec. 2008(a)(2)(B), Oct. 4, 1976, 90 Stat. 1891; Pub. L. 97-34,
title IV, Sec. 442(b)(1), Aug. 13, 1981, 95 Stat. 322.)
Miscellaneous
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 1981 AMENDMENT
Amendment by Pub. L. 97-34 applicable with respect to gifts made
after Dec. 31, 1981, see section 442(e) of Pub. L. 97-34, set out
as a note under section 2501 of this title.
EFFECTIVE DATE OF 1970 AMENDMENT
Amendment by Pub. L. 91-614 applicable with respect to gifts made
after Dec. 31, 1970, see section 102(e) of Pub. L. 91-614, set out
as a note under section 2501 of this title.
