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For an estate that wanted to take advantage of possible

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upcoming estate tax repeal, is...
For an estate that wanted to take advantage of possible upcoming estate tax repeal, is there a correct way to elect the alternative valuation date for that?
Submitted: 1 year ago.Category: Tax
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Answered in 14 minutes by:
11/16/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

The personal representative makes the election by indicating so on IRS Form 706 at line 1, page 2, part 3. The estate must be large enough that it will owe estate taxes, and using the alternate valuation date must reduce that tax liability for the estate to qualify.

If the alternate valuation date values are used, all assets must be revalued, not just those that have gone down in value.

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Customer reply replied 1 year ago
Right, but can you elect it somehow if you just want to avoid the current estate tax and use the one in six months (should it change)? Or does it have to be only market related that the value of the estate goes down? For instance if it was all cash, could you elect it?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

If it was all cash then no.

The election must be used to reduce the tax liability for the the estate. There has to be an estate reason for the valuation.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

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