If the Fair Market Value of the Property on the Date

question 45

True/False

If the fair market value of the property on the date of death is greater than on the alternate valuation date, the use of the alternate valuation amount is mandatory.

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Definitions:

Mutual Agreement

A consensus or accord reached between two or more parties on a matter, often formalized through a contract or verbal understanding.

Specific Performance

An equitable remedy requiring the breaching party to perform as promised under the contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).

Zoning Laws

Rules and regulations that collectively manage the development and use of land.

Local

Refers to something situated in, or pertaining to, a particular area, city, or town.