§ 7517. Furnishing on request of statement explaining estate or gift valuation

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(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 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.

(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.

(Added Pub. L. 94–455, title XX, § 2008(a)(1), Oct. 4, 1976, 90 Stat. 1891.)

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statutes-at-large

Public Law 94–455
To reform the tax laws of the United States

6 references not yet in our index

Pub. L. 94–455, title XX, § 2008(a)(1)
90 Stat. 1891
Pub. L. 94–455, title XX, § 2008(d)(1)
90 Stat. 1892
Pub. L. 99–514, § 2
100 Stat. 2095

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§ 7517

Furnishing on request of statement explaining estate or gift valuation

Stat.×2

Pub. L.Pub. L. 94–455, title XX, § 2008(a)(1)

Stat.90 Stat. 1891

Pub. L.Pub. L. 94–455, title XX, § 2008(d)(1)

Stat.90 Stat. 1892

Pub. L.Pub. L. 99–514, § 2

Cites 6 · showing 5Cited by 2 across 1 source