If the Alternate Valuation Date Is Elected by the Executor

question 96

True/False

If the alternate valuation date is elected by the executor in 2016,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:

Specially Manufactured

Pertains to goods that are custom-made or tailored to the specific requirements of a buyer.

Course Of Dealing

A sequence of previous conduct between parties that establishes a common basis of understanding for interpreting their expressions and agreements.

Cash Registers

Mechanical or electronic devices used in retail stores to calculate and record sales transactions.

Statute Of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties to be enforceable.