26Title 26The US tax code, read & explained

26 U.S.C. § 2512

§ 2512. Valuation of gifts

113 words · amended 3 times

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No plain-English explainer yet. Below is the official text. Explainers are being added section by section.

History

Part of the code since 1954. Last changed August 13, 1981 by the Economic Recovery Tax Act of 1981.

Every change, newest first (4)
  1. August 13, 1981Economic Recovery Tax Act of 1981
  2. October 4, 1976Tax Reform Act of 1976
  3. December 31, 1970Public Law 91-614
  4. August 16, 1954Internal Revenue Code of 1954 (original text)

The law as written

Current through Public Law 119-102. Amendment notes omitted.

Structure

  1. (a)
  2. (b)
  3. (c) Cross reference
(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.