
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC2512]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                    Subtitle B--Estate and Gift Taxes
 
                          CHAPTER 12--GIFT TAX
 
                         Subchapter B--Transfers
 
Sec. 2512. Valuation of gifts

    (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.

(Aug. 16, 1954, ch. 736, 68A Stat. 406; Pub. L. 91-614, title I, 
Sec. 102(b)(1), Dec. 31, 1970, 84 Stat. 1840; Pub. L. 94-455, title XX, 
Sec. 2008(a)(2)(B), Oct. 4, 1976, 90 Stat. 1891; Pub. L. 97-34, title 
IV, Sec. 442(b)(1), Aug. 13, 1981, 95 Stat. 322.)


                               Amendments

    1981--Subsec. (b). Pub. L. 97-34 substituted ``calendar year'' for 
``calendar quarters''.
    1976--Subsec. (c). Pub. L. 94-455 added subsec. (c).
    1970--Subsec. (b). Pub. L. 91-614 substituted ``calendar quarter'' 
for ``calendar year''.


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-34 applicable with respect to gifts made 
after Dec. 31, 1981, see section 442(e) of Pub. L. 97-34, set out as a 
note under section 2501 of this title.


                    Effective Date of 1970 Amendment

    Amendment by Pub. L. 91-614 applicable with respect to gifts made 
after Dec. 31, 1970, see section 102(e) of Pub. L. 91-614, set out as a 
note under section 2501 of this title.
