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Posted by joetaxpayer on May 9, 2008, 11:59 am
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Drew.Blaha@itg-global.com wrote:
> 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?
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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