§ 7517. — Furnishing on request of statement explaining estate or gift valuation.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 26USC7517]
TITLE 26--INTERNAL REVENUE CODE
Subtitle F--Procedure and Administration
CHAPTER 77--MISCELLANEOUS PROVISIONS
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 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, Sec. 2008(a)(1), Oct. 4, 1976, 90 Stat.
1891.)
Effective Date
Section 2008(d)(1) of Pub. L. 94-455, as amended by Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 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 December 31, 1976, 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 December 31, 1976.''
Section Referred to in Other Sections
This section is referred to in sections 2031, 2512 of this title.
