2012 US Code
Title 26 - Internal Revenue Code
Subtitle B - Estate and Gift Taxes (§§ 2001 - 2801)
Chapter 12 - GIFT TAX (§§ 2501 - 2524)
Subchapter B - Transfers (§§ 2511 - 2519)
Section 2512 - Valuation of gifts
| Publication Title | United States Code, 2012 Edition, Title 26 - INTERNAL REVENUE CODE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle B - Estate and Gift Taxes CHAPTER 12 - GIFT TAX Subchapter B - Transfers Sec. 2512 - Valuation of gifts |
| Contains | section 2512 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| 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. |
| Statutes at Large References | 84 Stat. 1840 90 Stat. 1891 95 Stat. 322 |
| Public Law References | Public Law 91-614, Public Law 94-455, Public Law 97-34 |
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(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 referenceFor 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, 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.)
Amendments1981—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 AmendmentAmendment 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 AmendmentAmendment 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.
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