Waldo Is His Mother's Sole Heir and Is the Designated

question 27

Essay

Waldo is his mother's sole heir and is the designated executor of her estate. Although the alternate valuation date would yield a smaller gross estate and less estate tax liability, the election is not made. Instead, Waldo files a Form
706 for his mother's estate using higher date of death values. Why?

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Definitions:

Principal

The primary party involved in a transaction or agreement, especially in finance, law, or education, or the amount of money on which interest is paid or received.

All Business

The term "all business" generally implies a focus on practical and effective actions, often with a serious or determined approach to work or tasks.

Conduct

Refers to the manner in which a person behaves, especially in a particular place or situation, or the execution of an action.

Principal/Employer

The party in an agency relationship who authorizes another (the agent) to act on their behalf, or the entity that hires employees to perform work.