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26 U.S.C. § 7520 — Valuation tables

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 7520 — Valuation tables

**(a) General rule** 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— (1) under tables prescribed by the Secretary, and (2) by using an interest rate (rounded to the nearest 2/10ths of 1 percent) equal to 120 percent of the Federal midterm rate in effect under section 1274(d)(1) for the month in which the valuation date falls. 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. **(b) Section not to apply for certain purposes** This section shall not apply for purposes of part I of subchapter D of chapter 1 or any other provision specified in regulations. **(c) Tables** (1) **In general** — The tables prescribed by the Secretary for purposes of subsection (a) shall contain valuation factors for a series of interest rate categories. (2) **Revision for recent mortality charges** — 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. **(d) Valuation date** For purposes of this section, the term “valuation date” mea

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Source location: Title 26, Chapter 77, § 7520; chapter-077-miscellaneous-provisions.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 7521 — Procedures involving taxpayer interviews

**(a) Recording of interviews** (1) **Recording by taxpayer** — Any officer or employee of the Internal Revenue Service in connection with any in-person interview with any taxpayer relating to the determination or collection of any tax shall, upon advance request of such taxpayer, allow the taxpayer to make an audio recording of such interview at the taxpayer’s own expense and with the taxpayer’s own equipment. (2) **Recording by IRS officer or employee** — An officer or employee of the Internal Revenue Service may record any interview described in paragraph (1) if such officer or employee— (A) informs the taxpayer of such recording prior to the interview, and (B) upon request of the taxpayer, provides the taxpayer with a transcript or copy of such recording but only if the taxpayer provides reimbursement for the cost of the transcription and reproduction of such transcript or copy. **(b) Safeguards** (1) **Explanations of processes** — An officer or employee of the Internal Revenue Service shall before or at an initial interview provide to the taxpayer— (A) in the case of an in-person interview with the taxpayer relating to the determination of any tax, an explanation of the audit process and the taxpayer’s rights under such process, or (B) in the case of an in-person interview with the taxpayer relating to the collection of any tax, an explanation of the collection process and the taxpayer’s rights under such process. (2) **Right of consultation** — If the taxpayer clearly states to an officer or employee of the Internal Revenue Service at any time during any interview (other than an interview initiated by an administrative summons issued under subchapter A of chapter 78) that the taxpayer wishes to consult with an attorney, certified public accountan

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 7520 — Valuation tables

Page 3960 TITLE 26—INTERNAL REVENUE CODE § 7520 L. 99–514, which is set out as a note under section 1378 of this title. AMENDMENTS 1997—Subsec. (f)(4)(A). Pub. L. 105–34 inserted at end ‘‘No penalty shall be imposed under this subparagraph on any failure which is shown to be due to reasonable cause and not willful neglect.’’ 1990—Subsec. (c)(3). Pub. L. 101–508 substituted ‘‘pay- able on the later of’’ for ‘‘payable on later of’’. 1989—Subsec. (d)(4). Pub. L. 101–239, § 7821(b), struck out ‘‘for taxable years beginning after 1987,’’ before ‘‘the applicable percentage’’ and substituted ‘‘unless more than 50 percent’’ for ‘‘if more than 50 percent’’ and ‘‘who would have been entitled’’ for ‘‘who would not have been entitled’’. Subsec. (f)(4)(B). Pub. L. 101–239, § 7721(c)(12), sub- stituted ‘‘part II of subchapter A of chapter 68’’ for ‘‘section 6653’’. 1988—Subsec. (b)(2). Pub. L. 100–647, § 2004(e)(4)(A), amended par. (2) generally. Prior to amendment, par. (2) read as follows: ‘‘the amount of the required pay- ment for the preceding applicable election year.’’ Subsec. (c). Pub. L. 100–647, § 2004(e)(5), amended sub- sec. (c) generally. Prior to amendment, subsec. (c) read as follows: ‘‘If the amount determined under subsection (b)(2) exceeds the amount determined under subsection (b)(1), then the entity shall be entitled to a refund of such excess.’’ Subsec. (d)(2)(A). Pub. L. 100–647, § 2004(e)(10), sub- stituted ‘‘(other than credits and tax-exempt income)’’ for ‘‘(other than credits)’’. Subsec. (d)(2)(B). Pub. L. 100–647, § 2004(e)(7), (10), sub- stituted ‘‘(other than credits and tax-exempt income)’’ for ‘‘(other than credits)’’ and inserted before period at end ‘‘(and such corporation shall be treated as an S cor- poration for such taxable

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