Ted Died on May 3

question 101

Multiple Choice

Ted died on May 3. At the time of his death, he owned a beach house valued at $250,000. On June 10, the beach house was completely destroyed by a hurricane and there was no insurance coverage. If the executor elects to use the alternate valuation date, the executor will

• A)include the beach house in the gross estate at $250,000.
• B)take a casualty loss of $250,000 on the estate tax return.
• C)take a casualty loss of $250,000 on the estate's income tax return.
• D)include the beach house in the gross estate at $0.

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Definitions:

Small, Incremental Steps

A gradual approach to change or progress, characterized by making minor adjustments or improvements over time.

Recognize Opportunities

The ability to identify and understand potential chances for growth, improvement, or advantage in various scenarios.

Attributions

The process by which individuals explain the causes of behavior and events; in organizational behavior, it often relates to how leaders understand and justify the actions of their team members.

Charisma

A compelling charm or allure that inspires devotion or admiration in others.