Please include IRC Citation. Thanks.

12. The IRC affords the option to use an alternative valuation date (AVD) (6 months from date of death) to value an estate. The AVD can be used to value the estate and establish basis regardless of whether the value of the estate has increased or decreased during the 6 month period. a. True b. False IRC Citation: C. 13. A realized loss on the sale or exchange of a personal use asset (by an individual) is recognized. a. True b. False IRC Citation C. 14. Transactions between related parties that result in disallowed losses might later provide a tax benefit to the related party buyer. True b. False IRC Citation: a. C