Explain the fair market value and alternate valuation and given an example in which each would benefit the estate.
What will be an ideal response?
Fair market value is the price a buyer would be willingly pay if the seller was not under the pressure to sell. An alternative valuation allows the personal representative to value the property six months after the death. This is often used in the hopes that the value has been reduced and therefore the estate has a lower taxable value. When using the alternate valuation, all assets must be include. If it is determined that the alternative valuation has increased the overall value of the estate, then the personal representative has the option of not using that value, and instead use the fair market value. Examples will vary.
You might also like to view...
Appellate decisions are reported in state and federal reports called Official Reports
a. True b. False
The starting point for creating a graphic is selecting the ______ or sample that most closely resembles the actual image
Fill in the blank(s) with correct word
A depositionat which the person giving the deposition is actually present is known as a/an _______ deposition.
Fill in the blank(s) with the appropriate word(s).
T or F Copies of a client’s medical records can beobtained with a written release signed by the client.
Answer the following statement true (T) or false (F)