Title 26 — Internal Revenue Code
Chapter 12 — Gift Tax
§ 2512. Valuation of gifts
Statutory text
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.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Aug. 16, 1954, ch. 736, 68A Stat. 406 · 68A Stat. 406
Enacted · 26 U.S.C. § 2512
Aug. 16, 1954, ch. 736, 68A Stat. 406
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 406Excise, Estate, and Gift Tax Adjustment Act of 1970
Pub. L. 91–614 title I § 102(b)(1) · 84 Stat. 1836
Substituted · 26 U.S.C. § 2512(b)
Pub. L. 91–614 substituted “calendar quarter” for “calendar year”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 91–614 substituted “calendar quarter” for “calendar year”.Enacted provision · exact public law section
(1) Section 2512.— Subsection (b) of section 2512 is amended by striking out “calendar year” and inserting in lieu thereof “calendar quarter”.Pub. L. 94–455 title XX § 2008(a)(2)(B) · 90 Stat. 1520
Added · 26 U.S.C. § 2512(c)
Pub. L. 94–455 added subsec. (c)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 94–455 added subsec. (c).Enacted provision · exact public law section
(B) Section 2512 (relating to valuation of gifts) is 26 USC 2512. amended by adding at the end thereof the following new subsection: “(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.”Economic Recovery Tax Act of 1981
Pub. L. 97–34 title IV § 442(b)(1) · 95 Stat. 175
Substituted · 26 U.S.C. § 2512(b)
Pub. L. 97–34 substituted “calendar year” for “calendar quarters”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 97–34 substituted “calendar year” for “calendar quarters”.Enacted provision · exact public law section
(1) Section 2512.— Subsection (b) of section 2512 is amended by striking out “calendar quarter” and inserting in lieu thereof “calendar year”.Effective date note
Amendment 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.
3 of 4 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1970–1981 · 3 rounds
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”.
Statutory Notes and Related Subsidiaries
Effective Date of 1981 Amendment
Amendment by Pub. L. 97–34 applicable with respect to gifts made after , see section 442(e) of Pub. L. 97–34, set out as a note under section 2501 of this title.
Effective Date of 1970 Amendment
Amendment by Pub. L. 91–614 applicable with respect to gifts made after , see section 102(e) of Pub. L. 91–614, set out as a note under section 2501 of this title.
Credits
1954–1981 · 4 acts
- 1954Aug. 16, 1954, ch. 736, 68A Stat. 406
- 1970Pub. L. 91–614, title I, § 102(b)(1), , 84 Stat. 1840
- 1976Pub. L. 94–455, title XX, § 2008(a)(2)(B), , 90 Stat. 1891
- 1981Pub. L. 97–34, title IV, § 442(b)(1), , 95 Stat. 322.
Show as published
(Aug. 16, 1954, ch. 736, 68A Stat. 406; Pub. L. 91–614, title I, § 102(b)(1), , 84 Stat. 1840; Pub. L. 94–455, title XX, § 2008(a)(2)(B), , 90 Stat. 1891; Pub. L. 97–34, title IV, § 442(b)(1), , 95 Stat. 322.)