26 U.S.C. § 7517 — Furnishing on request of statement explaining estate or gift valuation

FEDERAL · 26 U.S.C. · Chapter 77

Furnishing on request of statement explaining estate or gift valuation

26 U.S.C. § 7517

Chapter77 — MISCELLANEOUS PROVISIONS

This text of 26 U.S.C. § 7517 (Furnishing on request of statement explaining estate or gift valuation) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

26 U.S.C. § 7517.

Text

(a)General rule If the Secretary makes a determination or a proposed determination of the value of an item of property for purposes of the tax imposed under chapter 11, 12, or 13, he shall furnish, on the written request of the executor, donor, or the person required to make the return of the tax imposed by chapter 13 (as the case may be), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement shall be furnished not later than 45 days after the later of the date of such request or the date of such determination or proposed determination.

(b)Contents of statement A statement required to be furnished under subsection (a) with respect to the value of an item of property shall—

(1)explain the basis on which the valuation was

Free access — add to your briefcase to read the full text and ask questions with AI

(a) General rule
If the Secretary makes a determination or a proposed determination of the value of an item of property for purposes of the tax imposed under chapter 11, 12, or 13, he shall furnish, on the written request of the executor, donor, or the person required to make the return of the tax imposed by chapter 13 (as the case may be), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement shall be furnished not later than 45 days after the later of the date of such request or the date of such determination or proposed determination.
(b) Contents of statement
A statement required to be furnished under subsection (a) with respect to the value of an item of property shall—
(1) explain the basis on which the valuation was determined or proposed,
(2) set forth any computation used in arriving at such value, and
(3) contain a copy of any expert appraisal made by or for the Secretary.
(c) Effect of statement
Except to the extent otherwise provided by law, the value determined or proposed by the Secretary with respect to which a statement is furnished under this section, and the method used in arriving at such value, shall not be binding on the Secretary.

Source Credit

History

(Added Pub. L. 94–455, title XX, §2008(a)(1), Oct. 4, 1976, 90 Stat. 1891.)

Editorial Notes

Statutory Notes and Related Subsidiaries

Effective Date
Pub. L. 94–455, title XX, §2008(d)(1), Oct. 4, 1976, 90 Stat. 1892, as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095, provided that: "The amendments made by subsection (a) [enacting this section and amending sections 2031 and 2512 of this title]—
"(A) insofar as they relate to the tax imposed under chapter 11 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954, section 2001 et seq. of this title], shall apply to the estates of decedents dying after December 31, 1976, and
"(B) insofar as they relate to the tax imposed under chapter 12 of such Code [section 2501 et seq. of this title], shall apply to gifts made after December 31, 1976."

Cite This Page — Counsel Stack

Bluebook (online)

26 U.S.C. § 7517, Counsel Stack Legal Research, https://law.counselstack.com/usc/26/7517.