34. Which of the following value is not generally used for estate valuation purposes?a.Fair market value at the time of deathb.Fair market value at the time the return is filedc.Fair market value, assessed value or zonal value whichever is the highest in caseof real propertyd.Book value, in case of common shares of stock not traded in the local stockexchange
35.Statement I. Unlisted common shares are valued based on their book value while unlistedpreferred shares are valued at par value;Statement II.For shares which are listed in the stock exchanges, the fair market valueshall be the arithmetic mean between the highest and lowest quotation at a date nearestthe date of death, if none is available on the date of death itself.
36. Mr. X died/ he was survived by his wife and children. The couple had exclusive andcommon properties. The gross estate of Mr. X would include:
37. In the absence of a marriage settlement, or when the regime agreed upon is void, theproperty relations of the spouses who married on or after August 3, 1988 shall begoverned by: