On May 9, 11:54*am, Drew.Bl...[at]itg-global.com wrote:
- quote -

The appraiser is wrong.

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The alternative valuation date applies to everything in the estate.
The alternative valuation date can be elected by the executor if two
conditions are met. The total value of the estate must be lower on the
alternative date AND the estate tax liablity must be lower when the
alternative valuation date is used. Going from zero liablity to zero
liablity is not lower.

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The alternative valuation date for assets disposed off before 6 months
have passed is the day they are disposed of.

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Drew.Blaha[at]itg-global.com wrote:
- quote -

From http://www.irs.gov/irb/2004-05_IRB/ar13.html

"If the election is made, the alternate valuation method applies to all
property included in the gross estate and cannot be applied to only a
portion of the property."

I knew this to be true, but I've 'misremembered' things every now and
again, and rely on citations to confirm my failing memory.
The IRS link is from 2004, so of course, if they've done a 180 and
changed their collective minds on this, I'd appreciate a correction and
new reference.

Joe
www.blog.joetaxpayer.com

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Need help clarifiying the rules here. My understanding with the
alternate valuation date was that it applied to everything in the
estate. Now I have an appraiser telling me otherwise.

Due to the drop in the stock market, we would choose the alternate
valuation date for all of the marketable securities. Now, there is
also jewelry, that, due to the rise in the price of gold, would be
worth more. Does the alternate valuation date apply to jewelry as
well?

Also, there is a note receivable. Payments have been made
continuously to the estate, so after 6 months, on the alternate
valuation date, the note is worth less. (Not worthless, worth less).
Is this note eligible to be valued on the alternate valuation date for
the lower value?

Thank you for your time.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >