Question

As sole heir, Aramis receives all of Burcet's property (adjusted basis of $2,800,000 and fair market...

As sole heir, Aramis receives all of Burcet's property (adjusted basis of $2,800,000 and fair market value of $4,120,000). Six months after Burcet's death in 2020, the fair market value is $4,200,250.

Assume, instead, that the fair market value six months after Burcet's death is $4,000,500. Can the executor of Burcet's estate elect the alternate valuation date and amount?

No

Aramis's basis for the property is $

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Homework Answers

Answer #1

a. Can the executor of Burcet’s estate elect the alternate valuation date and amount? Explain.

Ans:

No , Since Fair Market value is lower than alternate valuation date fair market and it would be able to save the tax on it, since there is no reduction in estate tax liability so not possible to elect

What is Aramis’s basis for the property?

Ans:

Aramis’s basis for the property = $ 4,120,000

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