
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: 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.
