If the Alternate Valuation Date Is Elected by the Executor

question 141

True/False

If the alternate valuation date is elected by the executor in 2017, 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:

Solar Easement

A legal agreement that ensures uninterrupted access to sunlight for solar energy systems, often through a property owner's rights to protect against obstructions that would shade their solar collectors.

Historic Preservation Easement

A legal agreement that protects a property's historical features by restricting certain changes, ensuring its preservation for future generations.

Life Estate

A legal arrangement where an individual is granted the rights to use and benefit from property during their lifetime, but does not own the property outright.

Fee Simple

A type of real estate ownership where the owner has unrestricted rights to the property, including the right to sell or bequeath it.