If property owned by the decedent at the time of death is not held by the...

If property owned by the decedent at the time of death is not held by the estate six months later, such property is valued at its disposition date for alternate valuation purposes. Under what conditions is the executor allowed to choose the alternative evaluation date? Please cite an example.

Solutions

Expert Solution

Ans.

Yes it is true that , if property owned by the decedent at the time of death is not held by the estate six months later, such property is valued at its disposition date for alternate valuation purposes.

Conditions in which the executor is allowed to choose the alternative evaluation date are as follows:
-For the cases when it is for the purpose as described in the section 2055 for the objective of the charitable purpose
-For the cases when it is for the purpose as described in the section 2056 for the objective of the marriage related deduction when it is beneficial for the spouse who is surviving.
Some of the other examples of the above are as follows:
-Executor is allowed to choose the alternative evaluation date in states that charge inheritance tax for relatives are by and large saved from charge, as are moderately little legacies. Enduring life partners are excluded from legacy charge in six states. Also domestic accomplices, as well, are absolved in New Jersey.
-Also descendants pay no legacy charge with the exception of in Nebraska and Pennsylvania

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

At the time of his death, Norton held the following interests. ∙ Land owned in joint tenancy...

At the time of his death, Norton held the following interests. ∙ Land owned in joint tenancy with his sister, Emily. The land is worth $600,000 and was purchased by Norton with his own money 15 years ago for $150,000 and was deeded to him and his sister in joint tenancy at that time. ∙ Land owned in a tenancy by the entirety with his wife, Amy. The land is worth $800,000 and was purchased by Norton five years ago for $450,000...

Question - which is the correct answer Decedent at death owned 400 shares of ABC having...

Question - which is the correct answer Decedent at death owned 400 shares of ABC having a reported value on the NY Stock Exchange of $800 and for which he paid $300.A federal estate tax return was not required for the decedent’s estate. The personal representative sells the ABC for $500 four months after the decedent’s death. a.the estate recognizes neither gain or loss on the sale. b.the estate recognizes a short term capital loss of $300. c.the estate recognizes...

Is an interest in a limited liability company, life insurance that the decedent held on the...

Is an interest in a limited liability company, life insurance that the decedent held on the life of their parents, and household goods reported on form 706, scheduled F?

At the time of her death, Ariana held the following assets. (All are at Fair market...

At the time of her death, Ariana held the following assets. (All are at Fair market Value) Personal residence(Ariana and peter, tenants by the entirety with right of survivor-ship) 900,000, Savings account(ariana and Rex, joint tenants with right of survivorship) with funds provided by Rex 40,000 Certificate of deposit (Ariana, payable on proof of death to Rex) 100,000 Unimproved real estate(Ariana and Rex, equal tenants in common) 500,000 Insurance policy on Ariana's life, issued by lavender Company(Arianas estate is the...

At the time of his death Jason had the following assets: • Home owned jointly with...

At the time of his death Jason had the following assets: • Home owned jointly with rights of survivorship with his wife Sally, valued at $500,000. • Stock account in his individual name, valued at $250,000. • Life estate received from his mother, Judy, in a family vacation home. The home is worth $1,000,000. Jason’s sister Toby is the remainder beneficiary. • IRA worth $750,000. His wife Sally is the primary beneficiary. Who will receive the family vacation home?

Which of the following types of property are covered by a will? The jointly owned property,...

Which of the following types of property are covered by a will? The jointly owned property, Property in trust, Life insurance proceeds and property with a named beneficiary. A: Jointly owned real estate B: Property in Trust C: Life insurance proceeds D: Separately owned checking account

What are the two types of property addressed in community property laws? Owned property and rented...

What are the two types of property addressed in community property laws? Owned property and rented property. His property and her property. Real property and common property. Separate property and community property. Which of the following is TRUE of a joint tenancy? The tenants can determine the size of the share owned by each tenant. The size of the tenant's shares is determined by the amount of equity each has invested in the property. The tenants have an equal and...

when property is held in trust; the trust agreement specifies what happens to the property when...

when property is held in trust; the trust agreement specifies what happens to the property when the grantor dies. These actions happen automatically without having to go through the court system. Beneficiaries don’t have to bear the burden of court costs associated with probate. Can you think of any advantages a will may have over a trust

MICROBIOLOGY: I'm having trouble understanding the role of thermal death time and thermal death point in...

MICROBIOLOGY: I'm having trouble understanding the role of thermal death time and thermal death point in proper sterilization. Can someone please explain the role of both in proper sterilization?

Outline nursing interventions that support the family at the time of death.

Subjects