I.R.C. § 7517(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.
I.R.C. § 7517(b) Contents Of Statement —
A statement required to be furnished under subsection (a) with respect to the value of an item of property shall--
I.R.C. § 7517(b)(1) —
explain the basis on which the valuation was determined or proposed,
I.R.C. § 7517(b)(2) —
set forth any computation used in arriving at such value, and
I.R.C. § 7517(b)(3) —
contain a copy of any expert appraisal made by or for the Secretary.
I.R.C. § 7517(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.)
Background Notes
Effective Date
Section 2008(d)(1) of Pub. L. 94-455, 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 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.
