If the Alternate Valuation Date Is Elected by the Executor

question 141

True/False

If the alternate valuation date is elected by the executor in 2017, the total basis of inherited property will be more than what it would have been if the primary valuation date and amount had been used.

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Definitions:

Conscious

Having the awareness and capability to contemplate one's own life, perceptions, ideas, and everything around oneself.

Preconscious

Refers to thoughts or feelings that are not immediately in one's conscious awareness but can be easily accessed.

Defence Mechanism

Unconscious mental tactics employed to shield oneself from the distress caused by thoughts or feelings that are deemed unacceptable.

Rationalization

A defense mechanism in which controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.