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.

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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 2 years ago

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