Internal Revenue Code · 26 U.S.C.
§ 2032. Alternate valuation
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 2032
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- December 31, 1970 by Pub. L. 91–614
- Last amended
- October 22, 1986 by Pub. L. 99–514
- Amendments
- 2 dated changes in the source credit
- Length
- 4 subsections · 547 words · about 2 min to read
- Cross-references
- cites 2; cited by 6 Code sections and 50 other regulations
- Regulations
- 1 issued under this section
The election provided for in this section shall be made by the executor on the return of the tax imposed by this chapter. Such election, once made, shall be irrevocable.
No election may be made under this section if such return is filed more than 1 year after the time prescribed by law (including extensions) for filing such return.
(Aug. 16, 1954, ch. 736, 68A Stat. 381; Pub. L. 91–614, title I, § 101(a), Dec. 31, 1970, 84 Stat. 1836; Pub. L. 98–369, div. A, title X, §§ 1023(a), 1024(a), July 18, 1984, 98 Stat. 1030; Pub. L. 99–514, title XIV, § 1432(c)(1), Oct. 22, 1986, 100 Stat. 2730.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 2032
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 2 other sections
- § 2055 Transfers for public, charitable, and religious uses
- § 2056 Bequests, etc., to surviving spouse
Cited by 6 Code sections
- § 996(e)(2) Rules for allocation in the case of distributions and losses
- § 1014(a)(2) Basis of property acquired from a decedent
- § 1016(c)(1)(A) Adjustments to basis
- § 2055(g)(1) Transfers for public, charitable, and religious uses
- § 2106(a)(2)(F)(i) Taxable estate
- § 2624(b) Valuation
Cited in 50 regulations not issued under it
- § 1.303-2 Requirements.
- § 1.421-2 General rules.
- § 1.617-3 Recapture of exploration expenditures.
- § 1.642(c)-6 Valuation of a remainder interest in property transferred to a pooled income fund.
- § 1.664-2 Charitable remainder annuity trust.
- § 1.664-4 Calculation of the fair market value of the remainder interest in a charitable remainder unitrust.
- § 1.664-4A Valuation of charitable remainder interests for which the valuation date is before June 1, 2023.
- § 1.996-5 Adjustment to basis.
- § 1.1014-1 Basis of property acquired from a decedent.
- § 1.1014-3 Other basis rules.
- § 1.1014-9 Special rule with respect to DISC stock.
- § 1.1014-10 Basis of property acquired from a decedent must be consistent with property's Federal estate tax value.
- § 1.1245-2 Definition of recomputed basis.
- § 1.1250-3 Exceptions and limitations.
- § 1.1251-4 Exceptions and limitations.
- § 1.1252-2 Special rules.
- § 1.1254-3 Section 1254 costs immediately after certain acquisitions.
- § 1.1254-4 Special rules for S corporations and their shareholders.
- § 1.1254-5 Special rules for partnerships and their partners.
- § 1.6035-1 Basis information to persons acquiring property from decedent.
- § 20.2010-2 Portability provisions applicable to estate of a decedent survived by a spouse.
- § 20.2031-1 Definition of gross estate; valuation of property.
- § 20.2032A-3 Material participation requirements for valuation of certain farm and closely-held business real property.
- § 20.2032A-4 Method of valuing farm real property.
Show 26 more
- § 20.2032A-8 Election and agreement to have certain property valued under section 2032A for estate tax purposes.
- § 20.2037-1 Transfers taking effect at death.
- § 20.2040-1 Joint interests.
- § 20.2041-3 Powers of appointment created after October 21, 1942.
- § 20.2044-1 Certain property for which marital deduction was previously allowed.
- § 20.2053-4 Deduction for claims against the estate.
- § 20.2053-7 Deduction for unpaid mortgages.
- § 20.2056(b)-4 Marital deduction; valuation of interest passing to surviving spouse.
- § 20.2056A-5 Imposition of section 2056A estate tax.
- § 20.2056A-6 Amount of tax.
- § 20.2106-1 Estates of nonresidents not citizens; taxable estate; deductions in general.
- § 20.2107-1 Expatriation to avoid tax.
- § 20.6018-3 Returns; contents of returns.
- § 20.6018-4 Returns; documents to accompany the return.
- § 20.6036-1 Notice of qualification as executor of estate of decedent dying before 1971.
- § 20.6075-1 Returns; time for filing estate tax return.
- § 20.6166A-3 Acceleration of payment.
- § 20.6324B-1 Special lien for additional estate tax attributable to farm, etc., valuation.
- § 20.7520-1 Valuation of annuities, unitrust interests, interests for life or terms of years, and remainder or reversionary interests.
- § 20.7520-2 Valuation of charitable interests.
- § 26.2600-1 Table of contents.
- § 26.2642-2 Valuation.
- § 26.2642-4 Redetermination of applicable fraction.
- § 26.2662-1 Generation-skipping transfer tax return requirements.
- § 26.2663-1 Recapture tax under section 2032A.
- § 28.2801-4 Liability for and payment of tax on covered gifts and covered bequests; computation of tax.
Amendment history
From the source credit and the official notes, newest first.
Where it sits in the Code
- Subtitle B Estate and Gift Taxes
- Chapter 11 ESTATE TAX
- Subchapter A Estates of Citizens or Residents
- Part III GROSS ESTATE
Nearby sections
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
1986—Subsec. (c)(2). Pub. L. 99–514 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “the amount of the tax imposed by this chapter (reduced by credits allowable against such tax).”
1984—Subsec. (c). Pub. L. 98–369, § 1023(a), added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 98–369, § 1024(a), substituted “Election” for “Time of election” in heading, designated existing text as par. (1), inserted heading “In general”, substituted “shall be made by the executor on the return of the tax imposed by this chapter” for “shall be exercised by the executor on his return if filed within the time prescribed by law or before the expiration of any extension of time granted pursuant to law for the filing of the return”, inserted sentence providing that an election, once made, is irrevocable, and added par. (2).
Pub. L. 98–369, § 1023(a), redesignated subsec. (c) as (d).
1970—Pub. L. 91–614 substituted “6 months” for “1 year” in four places and substituted “6-month” for “1-year”.
Statutory Notes and Related Subsidiaries
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514 applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after Oct. 22, 1986, except as otherwise provided, see section 1433 of Pub. L. 99–514, set out as an Effective Date note under section 2601 of this title.
Effective Date of 1984 Amendment
Pub. L. 98–369, div. A, title X, § 1023(b), July 18, 1984, 98 Stat. 1030, provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].”
Pub. L. 98–369, div. A, title X, § 1024(b), July 18, 1984, 98 Stat. 1030, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1) In general.— The amendment made by subsection (a) [amending this section] shall apply to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].“(2) Transitional rule.— In the case of an estate of a decedent dying before the date of the enactment of this Act [July 18, 1984] if—“(A) a credit or refund of the tax imposed by chapter 11 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] is not prevented on the date of the enactment of this Act by the operation of any law or rule of law,“(B) the election under section 2032 of the Internal Revenue Code of 1986 would have met the requirements of such section (as amended by this section and section 1023) had the decedent died after the date of enactment of this Act, and“(C) a claim for credit or refund of such tax with respect to such estate is filed not later than the 90th day after the date of the enactment of this Act,then such election shall be treated as a valid election under such section 2032. The statutory period for the assessment of any deficiency which is attributable to an election under this paragraph shall not expire before the close of the 2-year period beginning on the date of the enactment of this Act.”
Effective Date of 1970 Amendment
Pub. L. 91–614, title I, § 101(j), Dec. 31, 1970, 84 Stat. 1838, provided that: “The amendments made by this section [enacting section 6905 of this title, amending this section and sections 1223, 2055, 2204, 6040, 6075, 6091, 6161, 6314, 6324, and 6504 of this title, and enacting provisions set out as notes under this section and sections 2204 and 6905 of this title] (other than subsection (f)) [amending sections 2204 and 6905 of this title] shall apply with respect to decedents dying after December 31, 1970.”