|
|
|
Member
Group: Forum Members
Last Login: 5/6/2006 8:53:26 AM
Posts: 1,
Visits: 5
|
|
| Is there a procedure for electing the use of the 6 months after DOD alternative valuation date without filing a Form 706? I have a taxpayer who is not required to file a Form 706 but her estate/heirs would like to use the alternative valuation date for purposes of calculating the gain on sale of her personal residence (which was basically her only asset.)
|
|
|
|
|
Power Member
Group: Forum Members
Last Login: 1/6/2010 6:00:00 PM
Posts: 83,
Visits: 123
|
|
Look closely at Section 2032(c). There needs to be a reduction in the gross estate and estate tax to elect. Since your situation already results in a zero tax estate, your client cannot use the election.
John Jacobson
|
|
|
|