Unless the Alternate Valuation Date Is Elected,the Basis of Property

question 30

True/False

Unless the alternate valuation date is elected,the basis of property received from a decedent is generally the property's fair market value at the date of decedent's death.

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Definitions:

Cohesion

The force that holds molecules of the same substance together (e.g., water molecules to each other).

Dehydration Synthesis

A chemical reaction that binds molecules together with the loss of a water molecule.

Hydrogen Bond

A weak bond between two molecules resulting from an electrostatic attraction between a proton in one molecule and an electronegative atom in the other.

Polar Covalent

A type of chemical bond where two atoms share a pair of electrons unequally, resulting in a molecule with electrically charged poles.