by chapter 12 if— (A) the value of such property is shown on a return under section 6019 and such value is not contested by the Secretary before the expiration of the time for assessing a tax under chapter 12, (B) in a case not described in subparagraph (A), the value is specified by the Secretary and such value is not timely contested by the donor of such property, or (C) the value is determined by a court or pursuant to a settlement agreement with the Secretary. (3) Regulations The Secretary may by regulations provide exceptions to the application of this subsection. . (b) Information reporting (1) In general Section 6035 of the Internal Revenue Code of 1986 is amended— (A) in the heading, by inserting or by gift after decedent , (B) by redesignating subsection (b) as subsection (c), (C) by inserting after subsection (a) the following new subsection: (b) Information with respect to property acquired by gift (1) In general Each person making a transfer by gift who is required to file a return under section 6019 with respect to such transfer shall furnish to the Secretary and to each person acquiring any interest in property by reason of such transfer a statement identifying the value of each interest in such property as reported on such return and such other information with respect to such interest as the Secretary may prescribe. (2) Time for furnishing statement (A) In general Each statement required to be furnished under paragraph (1) shall be furnished at such time as the Secretary may prescribe, but in no case at a time later than the earlier of— (i) the date which is 30 days after the date on which the return under section 6019 was required to be filed (including extensions, if any), or (ii) the date which is 30 days after the date such return is filed. (B) Adjustments In any case in which there is an adjustment to the information required to be included on a statement filed under paragraph (1) after such statement has been filed, a supplemental statement under such paragraph shall be filed not later than