Which of the following value is not generally used

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 1
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
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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:
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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 1
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
38. Under this system there is a merger of all the properties of the husband and the wifeowned by them at the time of the celebration of the marriage, or those acquired thereafter.a.Conjugal partnership of gainsb.Absolute community of propertiesc.Complete separation of propertiesd.None of the above
39. Under this system the spouses retain the ownership of the property which theyrespectively brought to the marriage as well as those they acquired during the marriageby gratuitous title or by right of redemption, barter, or exchange with separate propertyand those which they purchased with their own money.
40. Properties owned before marriage and brought into the marriage are generally classifiedas:I.Conjugal properties under conjugal partnership of gainsII.Exclusive properties under absolute community of properties

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