An executor may value assets in the gross estate of a decede…
An executor may value assets in the gross estate of a decedent as of the date of death or the alternate valuation date 6 months after death. Assuming the executor elects the alternate valuation date, which of the following statements is (are) correct? (1) Property sold by the executor before the alternate valuation date is valued at its arm’s-length sale price. (2) Property may be valued at the alternate valuation date if it will reduce the gross estate and the estate tax due.