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:

Insurance

A financial agreement where individuals or entities receive protection or reimbursement against losses from an insurer, in exchange for premium payments.

Exculpatory Clause

A contract term that releases one party from liability for harm or damage that might occur to another party, often found in service agreements and waivers.

Insane Person

Refers to an individual with severe mental illness to the point where they cannot understand the nature or consequences of their actions.

Status Indian

A legal identification in Canada for a First Nations person who is registered under the Indian Act, granting them specific rights and benefits.