Which, If Any, of the Following Statements Correctly Reflects the Rules

question 16

Multiple Choice

Which, if any, of the following statements correctly reflects the rules applicable to the alternate valuation date ?

• A)The election is made by the executor.
• B)Can be elected even though no estate tax return has to be filed.
• C)Can be elected only if it reduces the amount of the gross estate or reduces the estate tax liability.
• D)Its election does not affect the income tax basis of property included in the gross estate.
• E)None of the above.

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Definitions:

Sleepwalking

A sleep disorder involving performing activities while in a state of partial arousal from deep sleep, often with no memory of the actions.

Sleep Talking

A phenomenon occurring during sleep where the person talks without being aware of it.

N3

A stage of deep sleep characterized by non-rapid eye movement, previously known as slow-wave sleep or delta sleep.

Waking Consciousness

is the state of awareness of one’s thoughts, feelings, and surroundings during the waking hours, characterized by alertness and mental clarity.