U.S. Code » Title 26 » Subtitle Subtitle B— Estate and Gift Taxes › Chapter CHAPTER 12— GIFT TAX › Subchapter Subchapter B— Transfers

26 U.S.C. § 2512

Valuation of gifts

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(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, § 102(b)(1), Dec. 31, 1970, 84 Stat. 1840; Pub. L. 94–455, title XX, § 2008(a)(2)(B), Oct. 4, 1976, 90 Stat. 1891; Pub. L. 97–34, title IV, § 442(b)(1), Aug. 13, 1981, 95 Stat. 322.)Editorial NotesAmendments

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”.

Statutory Notes and Related SubsidiariesEffective 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.

Notes of Decisions
Cited in 37 cases (4 in the last 5 years), 1961–2023 · leading case: In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016).
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In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016). · cites it 3× “1936)); 26 U.S.C. § 2512 (b); 26 C.F.R. § 25.2511-1 (g)(1)).”
Walter L. Gross, Jr. & Barbara H. Gross (99-2239) Calvin C. Linnemann & Patricia G. Linnemann (99-2257) v. Comm'r of Internal Revenue, 272 F.3d 333 (6th Cir. 2001). “” 26 U.S.C. § 2512 (a) (1988). In interpreting this provision, section 25.”
Seymour Silverman v. Comm'r of Internal Revenue, 538 F.2d 927 (2d Cir. 1976). “Section 2512(a) of the Internal Revenue Code of 1954, 26 U.S.C. § 2512 (a) provides: 7 . Fair market value as defined in the Treasury Regulations on Gift Tax § 25.”
Fehrs v. United States, 223 Ct. Cl. 488 (Ct. Cl. 1980). “The governing code provision, 26 U.S.C. § 2512 , declares that "[w]here property is transferred for less than an adequate and full consideration in money or money’s worth” then the excess in such money value "shall be deemed a gift.”
Carpenter v. United States, 7 Cl. Ct. 732 (Ct. Cl. 1985). · cites it 3× “See 26 U.S.C. § 2512 (1979). See also Hamm v.”
Frank Armstrong, Jr. Trust Ex Rel. Arm. v. United States, 132 F. Supp. 2d 421 (W.D. Va. 2001). · cites it 2× “See 26 U.S.C. § 2512 (b). Whether the gift is made in trust or otherwise, given directly or indirectly, the gift tax applies.”
Irene Eisenberg v. Comm'r of Internal Revenue, 155 F.3d 50 (2d Cir. 1998). “” 26 U.S.C. § 2512 (a) (1988). In interpreting this provision, section 25.”
Leo J. Polack v. Comm'r of Internal Revenue, 366 F.3d 608 (8th Cir. 2004). “26 U.S.C. § 2512 (a). “The value of the property is the price at which such property would change hands between a willing buyer and a willing seller, neither being under any compulsion to *611 buy or to sell, and both having reasonable knowledge of relevant facts.”
In the Matter of John McCandish King, Debtor-Appellee-Cross-Appellant v. United States of Am., Appellant-Cross-Appellee, 545 F.2d 700 (10th Cir. 1976). “IRS further contends that the record does not show an attempt by the parties at the time of suit to make an actual price adjustment and the gift tax would be virtually emasculated if the parties’ intention to effect a transfer for a full consideration were enough to satisfy the…”
Brown & Sturm v. Frederick Road Ltd. P'ship, 768 A.2d 62 (Md. Ct. Spec. App. 2001). “See 26 U.S.C. § 2512 (b) (2000) ("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…”
Mary Ann Heyen, of the Est. of Jennie Owen, Deceased v. United States, 945 F.2d 359 (10th Cir. 1991). “Plaintiff also submits that because the government’s expert witness incorrectly failed to consider minority share or marketability discounts in making his calculations, her expert’s valuation should have been accepted.”
Okerlund v. United States, 53 Fed. Cl. 341 (Fed. Cl. 2002). “26 U.S.C. § 2512 (a). The value of the gift is determined by the value of the property passing from the donor, not the property received by the donee.”
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— 26 U.S.C. § 2512(a) — 1 case
Nelson v. CIR, 17 F.4th 556 (5th Cir. 2021).
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