§7517 — Title 26 Internal Revenue Code | U.S. Code

Summary

If the IRS sets or proposes a value for property for estate, gift, or generation-skipping tax purposes, you can ask in writing for an explanation. The executor, donor, or person responsible for the return is entitled to a written statement within 45 days of the request or the valuation, whichever is later. The statement must explain how the value was determined, show any computations used, and include a copy of any expert appraisal made by or for the IRS. The value and method in the statement are generally not binding on the IRS.

Title 26, §7517

Internal Revenue Code — Source: USLM XML via OLRC

(a)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)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)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