26 U.S. Code § 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.

Source

(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. 97–34substituted “calendar year” for “calendar quarters”.
1976—Subsec. (c). Pub. L. 94–455added subsec. (c).
1970—Subsec. (b). Pub. L. 91–614substituted “calendar quarter” for “calendar year”.
Effective Date of 1981 Amendment

Amendment by Pub. L. 97–34applicable with respect to gifts made after Dec. 31, 1981, see section 442(e) ofPub. L. 97–34, set out as a note under section 2501 of this title.
Effective Date of 1970 Amendment

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

Written determinations for this section

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