§7517 — Furnishing on request of statement explaining estate or gift valuation
3 citing cases
Statute Text — 26 U.S.C. §7517
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.
A statement required to be furnished under subsection (a) with respect to the value of an item of property shall—
explain the basis on which the valuation was determined or proposed,
set forth any computation used in arriving at such value, and
contain a copy of any expert appraisal made by or for the Secretary.
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.
Treasury Regulations
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Treas. Reg. §301.7517-1Furnishing on request of statement explaining estate or gift valuation
(a) In general. Section 7517 requires the Service to furnish to a taxpayer, at the request of that taxpayer, a statement explaining the estate, gift or generation-skipping transfer valuation of any item contained on a return filed by the taxpayer as to which a determination or proposed determination of value has been made. The request must be filed no later than the latest time to file a claim for refund of the tax which is dependent on the value with respect to which the determination has been made. The request should be filed with the district director's office that has jurisdiction over the return of the taxpayer.
(b) Effective date—(1) Estates of decedents. Section 7517 applies to estates of decedents dying after December 31, 1976.
(2) Gifts. Section 7517 applies to gifts made after December 31, 1976.
(3) Generation-skipping transfer. Section 7517 applies to any generation-skipping transfer subject to chapter 13.
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Treas. Reg. §301.7517-1(a)In general.
In general. Section 7517 requires the Service to furnish to a taxpayer, at the request of that taxpayer, a statement explaining the estate, gift or generation-skipping transfer valuation of any item contained on a return filed by the taxpayer as to which a determination or proposed determination of value has been made. The request must be filed no later than the latest time to file a claim for refund of the tax which is dependent on the value with respect to which the determination has been made. The request should be filed with the district director's office that has jurisdiction over the return of the taxpayer.
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Treas. Reg. §301.7517-1(b)Effective date—(1) Estates of decedents.
Effective date—(1) Estates of decedents. Section 7517 applies to estates of decedents dying after December 31, 1976.
(2) Gifts. Section 7517 applies to gifts made after December 31, 1976.
(3) Generation-skipping transfer. Section 7517 applies to any generation-skipping transfer subject to chapter 13.
3 Citing Cases
Rickman wrote to the Internal Revenue Service District Director in Greensboro, North Carolina, and requested a written statement pursuant to section 7517 explaining the property valuations 4 Although the June 28, 1995, hearing was conducted as scheduled, the Court decided to reserve ruling on the various collateral matters in dispute in favor of first ruling on the jurisdictional issue raised in petitioner's motion to dismiss.