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40. Which, if any, of the following statements correctly reflects the rules applicable to the alternate valuation date? A. The election is made by the

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40. Which, if any, of the following statements correctly reflects the rules applicable to the alternate valuation date? A. The election is made by the executor. B. Can be elected even though no estate tax return (i.e., Form 706) need be filed. C. Can be elected only if it reduces the amount of the gross estate or reduces the estate tax liability. D. Its election does not affect the income tax basis of property included in the gross estate

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