D Question 6 5 pts Assume Julian dies today and Keith is appointed executor. Keith is considering electing the alternate valuation date. Which of the following statements does not correctly reflect the rules applicable to the alternate valuation date? The election can be made even though an estate tax return does not have to be filed. Assets disposed of within six months of decedent's death must be valued on the date of disposition. The election must decrease the value of the gross estate and decrease the estate tax liability. The general rule is the election covers all assets included in the gross estate and cannot be applied to only a portion of the property. Next Previous Que Ques Que Que Ques Time Running Attempt due: Mar 1 Hour. 54 Mil U Question 7 5 pts Assume Julian transfers ownership of the life insurance policy on his life to an Irrevocable Life Insurance Trust (ILIT) and retains the right to borrow against the policy. Assume Julian dies five years later. Which of the following is correct regarding the treatment of the proceeds of the life insurance policy? O The proceeds will never be included in Julian's federal gross estate. 4 O The proceeds will be included in Julian's federal gross estate if Maria continued paying the policy premiums after the life insurance policy was transferred to the ILIT. The proceeds will be included in Julian's federal gross estate if he has any outstanding loans against the life insurance policy. The proceeds will always be included in Julian's federal gross estate. Time Ru Attempt de 1 Hour, D Question 8 5 pts Assume Maria died today and left Vacation Home 2 to Elizabeth. What would Elizabeth's adjusted basis be in Vacation Home 2? O $30,000. O $500.000. O $600.000. $300,000. Next Previous Time Attemp 1 Hou