ADMINISTRATIVE CHANGES.

SEC. 2008. ADMINISTRATIVE CHANGES. (a) Furnishing of Statement Explaining Estate or Gift Valuation.— (1) In general.— Chapter 77 (relating to miscellaneous provisions) is amended by adding at the end thereof the following new section: “SEC. 7517. FURNISHING ON REQUEST OF STATEMENT EXPLAINING ESTATE OR GIFT VALUATION. “(a) General Rule.— If the Secretary makes a determination or a proposed determination of the value of an item of property for purposes of the tax imposed under chapter 11, 12, or 13 he shall furnish, on the written request of the executor, donor, or the person required to make the return of the tax imposed by chapter 13 (as the case may be), to such executor, donor, or person a written statement containing the material required by subsection (b). Such statement shall be furnished not later than 45 days after the later of the date of such request, or the date of such determination or proposed determination. “(b) Contents of Statement.— A statement required to be furnished under subsection (a) with respect to the value of an item of property shall— “(1) explain the basis on which the valuation was determined or proposed, “(2) set forth any computation used in arriving at such value, and “(3) contain a copy of any expert appraisal made by or for the Secretary. “(c) Effect of Statement.— Except to the extent otherwise provided by law, the value determined or proposed by the Secretary with respect to which a statement is furnished under this section, and the method used in arriving at such value, shall not be binding on the Secretary.” (2) Conforming and clerical amendments.— (A) Section 2031 (defining gross estate) is amended by adding at the end thereof the following new subsection: “(c) Cross Reference.— “For executor’s right to be furnished on request a statement regarding any valuation made by the Secretary within the gross estate, see section 7517.” (B) Section 2512 (relating to valuation of gifts) is amended by adding at the end thereof the following new subsection: “(c) Cross Reference.— “For 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.” (C) The table of sections for chapter 77 is amended by adding at the end thereof the following: “Sec. 7517. Furnishing on request of statement explaining estate or gift valuation.” 90 STAT. 1892 (b) Special Rule for Filing Returns Where Guts in Calendar Quarter Total $25,000 or Less.— Subsection (b) of section 6075 relating to gift tax returns) is amended to read as follows: “(b) Gift Tax Returns.— “(1) General rule.— Except as provided in paragraph (2), returns made under section 6019 (relating to gift taxes) shall be filed on or before the 15th day of the second month following the close of the calendar quarter. “(2) Special rule where gifts in a calendar quarter total $25,000 or less.— If the total amount of taxable gifts made by a person during a calendar quarter is $25,000 or less, the return under section 6019 for such quarter shall be filed on or before the 15th day of the second month after— “(A) the close of the first subsequent calendar quarter in the calendar year in which the sum of— “(i) the taxable gifts made during such subsequent quarter, plus “(ii) all other taxable gifts made during the calendar year and for which a return has not yet been required to be filed under this subsection, exceeds $25,000, or “(B) if a return is not required to be filed under subparagraph (A), the close of the fourth calendar quarter of the calendar year. “(3) Nonresidents not citizens of the united states.— In the case of a nonresident not a citizen of the United States, paragraph (2) shall be applied by substituting ‘$12,500’ for ‘$25,000’ each place it appears.” (c) Public Index of Filed Tax Liens.— (1) Initial filing of notice.— (A) Section 6323(f) (relating to filing of notice of lien) is amended by adding at the end thereof the following new paragraph: “(4) Index.— The notice of lien referred to in subsection (a) shall not be treated as meeting the filing requirements under paragraph (1) unless the fact of filing is entered and recorded in a public index at the district office of the Internal Revenue Service for the district in which the property subject to the lien is situated.” (B) Paragraph (2) of section 6323(f) is amended by striking out “paragraph (1)” and inserting in lieu thereof “paragraphs (1) and (4)”. (2) Refiling of notice.— Section 6323(g)(2)(A) (relating to refiling of notice of lien) is amended to read as follows: “(A) if such notice of lien is refiled in the office in which the prior notice of lien was filed and the fact of refiling is entered and recorded in an index in accordance with subsection (f)(4); and ”. (d) Effective Dates.— (1) The amendments made by subsection (a) — (A) insofar as they relate to the tax imposed under chapter 11 of the Internal Revenue Code of 1954, shall apply to the estates of decedents dying after December 31, 1976, and (B) insofar as they relate to the tax imposed under chapter 12 of such Code, shall apply to gifts made after December 31, 1976. 90 STAT. 1893 (2) The amendment made by subsection (b) shall apply to gifts made after December 31, 1976. (3) The amendment made by subsection (c) shall take effect— (A) in the case of liens filed before the date of the enactment of this Act, on the 270th day after such date of enactment, or (B) in the case of liens filed on or after the date of enactment of this Act, on the 120th day after such date of enactment.