26 U.S.C. § 2512: Valuation of gifts

(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 referenceFor 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.