26 U.S. Code § 2512. Valuation of gifts
If the gift is made in property, the value thereof at the date of the gift shall be considered the amount of the gift.
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
1976—Subsec. (c). Pub. L. 94–455 added subsec. (c).
Effective Date of 1981 Amendment