Using alternate valuation date

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Reference no: EM13128974

Ted died on May 3. At the time of his death, he owned a beach house valued at $250,000. On June 10, the beach house was completely destroyed by a hurricane and there was no insurance coverage. If the executor elects to use the alternate valuation date, the executor will:

a. include the beach house in the gross estate at $250,000.

b. take a casualty loss of $250,000 on the estate tax return.

c. take a casualty loss of $250,000 on the estate's income tax return.

d. include the beach house in the gross estate at $0.

Reference no: EM13128974

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