If the Alternate Valuation Date Is Elected by the Executor

question 260

True/False

If the alternate valuation date is elected by the executor of the estate, the basis of all of the property included in the decedent's estate becomes the fair market value 6 months after the decedent's death.

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Definitions:

Sole Proprietorship

A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.

Co-Operative

An organization owned and operated for the benefit of those using its services, with members sharing control according to democratic principles.

Distinct Legal Entity

This term refers to a business structure that is recognized as separate from its owners, having its own rights and liabilities.

Corporation

A legal entity that is separate and distinct from its owners, recognized by law as having rights and liabilities.