a. Income in respect of a decedent (IRD) is included in the gross estate at its fair market value on the appropriate valuation date. b. In a common law state, all of the jointly held property of spouses is included in the estate. c. Both the decedent's share and the survivor's share of community property have a basis equal to the fair market value on the date of the decedent's death. d. The holding period of property acquired from a decedent is deemed to be long-term