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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