The executor elects to use the alternate valuation date. Which of the following statements is incorrect?...
The executor elects to use the alternate valuation date. Which of the following statements is incorrect?
a. This election is irrevocable.
b. This election applies to all property included in the estate.
c. The executor makes this election to decrease the value of the gross estate.
d. The executor makes this election in order to obtain a higher stepped-up basis for income tax purposes.
Homework Answers
The correct answer is option d i.e. The executor makes this election in order to obtain a higher stepped-up basis for income tax purposes is an incorrect statement.
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