PRIA, Government Policy, Made Personal

Summary

When a tax official sets or proposes a value for property for taxes under chapters 11, 12, or 13, and an executor, donor, or the person who must file asks in writing, the official must give that person a written statement. The statement must be given no later than 45 days after the later of the request or the decision. The statement must explain how the value was worked out, show any calculations used, and include any expert appraisal the official used. Unless another law says otherwise, the value and method in that statement are not binding on the tax official.

Title 26, §7517

Internal Revenue Code, Source: USLM XML via OLRC

(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.

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 94–455, title XX, § 2008(d)(1), Oct. 4, 1976, 90 Stat. 1892, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The

Amendments

made by subsection (a) [enacting this section and amending section 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.”

§7517 Furnishing on Request of Statement Explaining Estate or Gift Valuation