26 U.S.C. § 2512
Section 2512 · Valuation of gifts
Amended 4 times on record
Applied in 85 court decisions — leading case Silverman v. Commissioner (1976)
Most recently applied in Nelson v. CIR (November 2021)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
(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.
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
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.
Cross References
Certain property settlements, see section 2516 of this title.
Gross estate upon transfers for insufficient consideration, see section 2043 of this title.
Valuation and alternate valuation of gross estate, see sections 2031, 2032 of this title.