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Get your taxes done using TurboTax
@Opus 17 wrote:.....(You may be able to use the alternate date rule, in which case you would have no gain. But I am not an expert on the use of this rule.)
True. Per Section 2032, in order to elect the alternate valuation date, both the value of the gross estate and the amount of estate tax due must be decreased. As a result, the alternate valuation date is typically only elected with respect to very large estates.
Further, in the case of a life estate (either expressed or implied), there is no need to use an alternate valuation date (in fact, it cannot be elected) since the remainder passes to the remaindermen by operation of law (i.e., it passes outside the estate).
‎August 9, 2022
1:06 PM
1,100 Views