In which if any of the following independent

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 31
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
9.In which, if any, of the following independent situations can the alternate valuation date be elected?Value of Gross EstateEstate Tax ResultDate ofAlternateDate ofAlternateDeathDateDeathDatea.$5,000,000 $5,100,000 $400,000 $390,000b.$4,900,000 $4,800,000 $400,000 $380,000c.$5,100,000 $5,000,000 $390,000 $400,000d.$5,200,000 $5,300,000 $500,000 $490,000e.None of the above
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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 31
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
ANS: BBoth the value of the gross estate andthe estate tax must be lower on the alternate valuation date for the § 2032 election to be available. This is the case only with choice b.
PTS:1DIF:1REF:p. 27-7OBJ:3NAT:AICPA FN-Measurement | AACSB AnalyticMSC:5 min10.At the time of his death, Dustin owned some common stock.Date of DeathValue Six Value Months LaterGray Corporation$1,500,000$1,100,000Silver Corporation1,300,0001,400,000The Gray Corporation stock is sold by the executor of the estate five months after Dustin’s death for $1,300,000. If the alternate valuation date is properly elected, the value of Dustin’s estate as to these stocks is:
PTS:1DIF:1REF:Example 4 | Example 5OBJ:3NAT:AICPA FN-Measurement | AACSB AnalyticMSC:5 min11.In which, if any, of the following independent situations has Jean made a gift?
PTS:1DIF:1REF:p. 27-8 | p. 27-9OBJ:4NAT:AICPA FN-Reporting | AACSB AnalyticMSC:5 min
12.Martha inherits unimproved land (fair market value of $3 million) from her father on June 1, 2008. Martha disclaims her interest in the property as follows: one-third on December 1, 2008; one-third on January 1, 2009; and the remaining one-third on May 31, 2009. In all cases, the disclaimers pass the interest to her son (the next heir under state law). The Federal gift tax applies to Martha for:
PTS:1DIF:2REF:Example 15 | Example 16OBJ:4NAT:AICPA FN-Reporting | AACSB AnalyticMSC:5 min

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