Identify Which of the Following Statements Is False

question 93

Multiple Choice

Identify which of the following statements is false.

• A)The "blockage" regulations allow the IRS to prevent the estate's executor from electing the alternate valuation date.
• B)If the alternate valuation date is elected, changes in value that occur solely because of a "mere lapse of time" usually are to be ignored.
• C)The alternate valuation date can be elected for estate tax purposes only if the election decreases the value of the gross estate and estate tax liability (after reduction for credits).
• D)If property is sold within 6 months of the date of death, the alternative valuation date is the date of sale.

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Definitions:

Statutory Obligation

A legal requirement defined by legislation that mandates individuals or entities to act in a specific manner.

Administrative Adjudication

The process by which a government agency resolves disputes, involving the application of regulations and laws to specific cases.

Administrative Agency

Government bodies empowered to implement and administer particular legislation, often having the power to enforce regulations.

Agency Behavior

Actions taken by agents that represent or act on behalf of others, particularly in contexts involving principal-agent relationships.