TITLE 26 - INTERNAL REVENUE

CHAPTER I - INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY

SUBCHAPTER B - ESTATE AND GIFT TAXES

PART 25 - GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954

25.7520 - 4 - Transitional rules.

  (a) Reliance. If the valuation date is after April 30, 1989, and before June 10, 1994, a donor can rely on Notice 8924, 19891 C.B. 660, or Notice 8960, 19891 C.B. 700 (See 601.601(d)(2)(ii)(b) of this chapter), in valuing the transferred interest.

  (b) Transfers in 1989. If a donor transferred an interest in property by gift after December 31, 1988, and before May 1, 1989, retaining an interest in the same property and, after April 30, 1989, and before January 1, 1990, transferred the retained interest in the property, the donor may, at the donor's option, value the transfer of the retained interest under either 25.25125(d) or 25.25125A(d).

  (c) Effective date. This section is effective as of May 1, 1989.