Page:United States Statutes at Large Volume 90 Part 2.djvu/423

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1891

subchapter A of chapter 11 is amended by a d d i n g a t the end thereof the following new item: "Sec. 2057. Bequests, etc., to certain minor children." (c) EFFECTIVE D A T E. — The amendments made by this section shall 26 USC 2057 apply to the estates of decedents dying after lpecember 31, 1976. note. SEC. 2008. ADMINISTRATIVE CHANGES. (a) F U R N I S H I N G OF STATEMENT E X P L A I N I N G ESTATE OR G I F T VALUATION.—

(1) IN GENERAL.—Chapter 77 (relating to miscellaneous provisions) is amended by a d d i n g a t the end thereof the following new section: "SEC. 7517. FURNISHING ON REQUEST OF STATEMENT EXPLAINING 26 USC 7517. ESTATE OR GIFT VALUATION. " (a) GENERAL RULE. — I f 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, o r 13, h e shall 26 USC 2001, furnish, on the written request of the executor, donor, o r the person 2501. required to make the return of the tax imposed by chapter 13 (as the case may b e), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement Ante, p. 1879. 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 fur-

nished under subsection (a) with respect to the value of a n item of property shall— " (1) explain the basis on which the valuation was determined or proposed, " (2) set forth any computation used in a r r i v i n g a t such value, and " (3) contain a copy of any expert appraisal made by or for the Secretary.

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" (c) E F F E C T OF STATEMENT. — E x c e p t to the e x t e n t otherwise p r o -

vided 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 a r r i v i n g a t such value, shall not be binding on the Secretary." (2) CONFORMING AND CLERICAL AMENDMENTS.—

(A) Section 2031 (defining gross estate) is amended by 26 USC 2031. a d d i n g a t the end thereof the following new subsection: " (c) CROSS R E F E R E N C E. —

"For executor's right to be furnished on request a statement regarding any valuation made by the Secretary within the gross estate, see section 7517." (B) Section 2512 (relating to valuation of gifts) is 26 USC 2512. amended by a d d i n g a t the end thereof the following new subsection: " (c) CROSS R E F E R E N C E. —

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To r 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." (C) The table of sections for chapter 77 is amended by a d d i n g at the end thereof the following: "Sec. 7517. Furnishing on request of statement explaining estate or gift valuation."

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