Natalie's estate includes the following assets:

	Fair Market Value
	Date of Death			Six Months Later
Apartment building	$4,400,000			$4,380,000
Stock in Blue Corporation	1,200,000			1,300,000
Stock in Green Corporation	900,000			700,000

Accrued rents on the apartment building are as follows: $60,000 (date of death) and $70,000 (six months later). In order to pay expenses, the executor of Natalie's estate sells the Green stock for $650,000 five months after her death.

a. If the 2032 election is made, Natalie's gross estate includes $ ???

The value of the property on the date of its transfer generally determines the amount that is subject to the gift tax or the estate tax. Under certain conditions, however, an executor can elect to value estate assets on the alternate valuation date. The election is made by the executor of the estate and is irrevocable.

b. Assume the Green stock is sold for $650,000 seven months (rather than five months) after Natalie's death. If the 2032 election is made, Natalie's gross estate includes $ 6440000

c. If the 2032 election is not made, the gross estate includes $ 6560000