1. Why might an Executor of a Will elect to use the alternative valuation date?

A The value of the estate is below the estate exemption, so the executor will need to file an estate tax return to elect the alternative estate values.

B The gross value of the estate has decreased since the taxpayer died.

C The executor will earn more fees if he has to arrange for multiple appraisals.

D Most of the assets in the estate will be sold or distributed to the beneficiaries before the alternative valuation date.

E The assets will qualify for the marital deduction if the alternative valuation is lower than the value on the date of death.

2. Which of the following is a true statement?

A Leaving all property to the surviving spouse minimizes the marital deduction and therefore minimizes total transfer taxes on the estates of both spouses.

B A bypass provision in the will of the deceased spouse is designed to use the unified credit of the deceased spouse by transferring property to beneficiaries other than the surviving spouse.

C Serial gifts are limited in scope because only $10,000 can be transferred each year tax-free to any specific donee.

D Multiple donors employing serial gifts as a strategy to move significant amounts of wealth cannot include inter vivos gifts.

E None