SECTION 7. REQUESTING A

STATEMENT OF VALUE FOR ESTATE TAX OR GIFT TAX PURPOSES

.01 To request a Statement of Value from the Service for an item of art transferred as part of an estate or as an intervivos gift, a taxpayer must submit to the Service a request for a Statement of Value for the item prior to filing the federal estate tax return or the federal gift tax return that first reports the transfer of the item. The request must include the following:

(1) a copy of an appraisal (as described in section 8 of this revenue procedure) of the item of art;

(2) a check or money order payable to the Internal Revenue Service (user fee) in the amount of $2,500 for a request for a Statement of Value for one, two, or three items of art, plus $250 for each additional item of art for which a Statement of Value is requested;

(3) a description of the item of art; (4) the appraised fair market value; (5) the cost, date, and manner of acquisition;

(6) the date of death (or the alternate valuation date, if applicable) or the date of the gift; and

(7) the location of the District Office that has or will have examination jurisdiction over the return (not the Service Center where the return is filed).

.02 A taxpayer may withdraw the request for a Statement of Value at any time before it is issued by the Service. The user fee will not be refunded for a request that is withdrawn. When a request is withdrawn, the appropriate District Director will be notified.

.03 If a request for a Statement of Value lacks information essential to the issuance of a Statement of Value for an item of art, the Service will notify the taxpayer that the request will not be processed for that item unless the Service receives the missing information within 30 calendar days after the date of such notification.