Title 26 — Internal Revenue Code
Chapter 77 — Miscellaneous Provisions
§ 7517. Furnishing on request of statement explaining estate or gift valuation
Statutory text
General rule
If the Secretary makes a determination or a proposed determination of the value of an item of property for purposes of the tax imposed under chapter 11, 12, or 13, he shall furnish, on the written request of the executor, donor, or the person required to make the return of the tax imposed by chapter 13 (as the case may be), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement shall be furnished not later than 45 days after the later of the date of such request or the date of such determination or proposed determination.
Contents of statement
A statement required to be furnished under subsection (a) with respect to the value of an item of property shall—
explain the basis on which the valuation was determined or proposed,
set forth any computation used in arriving at such value, and
contain a copy of any expert appraisal made by or for the Secretary.
Effect of statement
Except to the extent otherwise provided by law, the value determined or proposed by the Secretary with respect to which a statement is furnished under this section, and the method used in arriving at such value, shall not be binding on the Secretary.
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.
Pub. L. 94–455 title XX § 2008(a)(1) · 90 Stat. 1520
Enacted · 26 U.S.C. § 7517
(Added Pub. L. 94–455, title XX, § 2008(a)(1), Oct. 4, 1976, 90 Stat. 1891.)
Source evidence
Code source credit
(Added Pub. L. 94–455, title XX, § 2008(a)(1), Oct. 4, 1976, 90 Stat. 1891.)Enacted provision · exact public law section
(1) In general.— Chapter 77 (relating to miscellaneous provisions) is amended by adding at the end thereof the following new section: “SEC. 7517. FURNISHING ON REQUEST OF STATEMENT EXPLAINING ESTATE OR GIFT VALUATION. “(a) General Rule.— If the Secretary makes a determination or a proposed determination of the value of an item of property for purposes of the tax imposed under chapter 11, 12, or 13 he shall 26 USC 2001, 2501. furnish, on the written request of the executor, donor, or the person required to make the return of the tax imposed by chapter 13 (as the case may be), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement Ante, p. 1879. shall be furnished not later than 45 days after the later of the date of such request, or the date of such determination or proposed determination. “(b) Contents of Statement.— A statement required to be furnished under subsection (a) with respect to the value of an item of property shall— “(1) explain the basis on which the valuation was determined or proposed, “(2) set forth any computation used in arriving at such value, and “(3) contain a copy of any expert appraisal made by or for the Secretary. “(c) Effect of Statement.— Except to the extent otherwise provided by law, the value determined or proposed by the Secretary with respect to which a statement is furnished under this section, and the method used in arriving at such value, shall not be binding on the Secretary.”
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 94–455, title XX, § 2008(d)(1), , 90 Stat. 1892, as amended by Pub. L. 99–514, § 2, , 100 Stat. 2095, provided that:
“The amendments made by subsection (a) [enacting this section and amending sections 2031 and 2512 of this title]—
“(A) insofar as they relate to the tax imposed under chapter 11 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954, section 2001 et seq. of this title], shall apply to the estates of decedents dying after , and
“(B) insofar as they relate to the tax imposed under chapter 12 of such Code [section 2501 et seq. of this title], shall apply to gifts made after .”
Credits
(Added Pub. L. 94–455, title XX, § 2008(a)(1), , 90 Stat. 1891.)