For purposes of this title, the value of any annuity, any interest for life or a term of years, or any remainder or reversionary interest shall be determined-
If an income, estate, or gift tax charitable contribution is allowable for any part of the property transferred, the taxpayer may elect to use such Federal midterm rate for either of the 2 months preceding the month in which the valuation date falls for purposes of paragraph (2). In the case of transfers of more than 1 interest in the same property with respect to which the taxpayer may use the same rate under paragraph (2), the taxpayer shall use the same rate with respect to each such interest.
This section shall not apply for purposes of part I of subchapter D of chapter 1 or any other provision specified in regulations.
The tables prescribed by the Secretary for purposes of subsection (a) shall contain valuation factors for a series of interest rate categories.
The Secretary shall revise the initial tables prescribed for purposes of subsection (a) to take into account the most recent mortality experience available as of the time of such revision. Such tables shall be revised not less frequently than once each 10 years to take into account the most recent mortality experience available as of the time of the revision.
For purposes of this section, the term "valuation date" means the date as of which the valuation is made.
For purposes of this section, the term "tables" includes formulas.
26 U.S.C. § 7520
CODIFICATIONAnother section 7520 was renumbered sectionof this title.
AMENDMENTS2014-Subsec. (c)(2), (3). Pub. L. 113-295 redesignated par. (3) as (2), substituted "The Secretary" for "Not later than December 31, 1989, the Secretary" and struck out "thereafter" after "once each 10 years", and struck out former par. (2). Prior to amendment, text of par. (2) read as follows: "Not later than the day 3 months after the date of the enactment of this section, the Secretary shall prescribe initial tables for purposes of subsection (a). Such tables may be based on the same mortality experience as used for purposes of section 2031 on the date of the enactment of this section."
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2014 AMENDMENT Amendment by Pub. L. 113-295 effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113-295 set out as a note under sectionof this title.
EFFECTIVE DATEPub. L. 100-647, title V, §5031(c), Nov. 10, 1988, 102 Stat. 3669, provided that: "The amendments made by this section [enacting this section] shall apply in cases where the date as of which the valuation is to be made occurs on or after the 1st day of the 6th calendar month beginning after the date of the enactment of this Act [Nov. 10, 1988]."
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- The term "taxpayer" means any person subject to any internal revenue tax.