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:

Sigmund Freud

A neurologist from Austria who initiated the method of psychoanalysis, which is a therapeutic technique used to address mental disorders through conversational interactions between a psychoanalyst and their patient.

Serial-Position Effect

A phenomenon in memory that suggests that when learning a list, people tend to remember the first and last items better than those in the middle.

Alphabet

A set of letters or symbols in a fixed order used to represent the basic sounds of a language, particularly for writing.

Mnemonic Devices

Techniques a person can use to help them improve their ability to remember something, often by associating patterns, such as letters or associations, with the information being memorized.