2020 US Code
Title 26 - Internal Revenue Code
Subtitle B - Estate and Gift Taxes
Chapter 12 - Gift Tax
Subchapter B - Transfers
Sec. 2512 - Valuation of gifts
26 U.S.C. § 2512 (2020) |
§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 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.) |
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 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. |
United States Code, 2018 Edition, Supplement 2, Title 26 - INTERNAL REVENUE CODE |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 26 - INTERNAL REVENUE CODE Subtitle B - Estate and Gift Taxes CHAPTER 12 - GIFT TAX Subchapter B - Transfers Sec. 2512 - Valuation of gifts |
section 2512 |
2020 |
January 13, 2021 |
No |
standard |
84 Stat. 1840 90 Stat. 1891 95 Stat. 322 |
Public Law 91-614, Public Law 94-455, Public Law 97-34 |