True/False

1)Contingent contract rights are not included in a decedents gross estate under 2033.

2)If the value of the gross estate is lower on the alternate valuation date than on the date of death, the date of death valuation cannot be used.

3)In valuing a decedents a closely held business interest, the value is equal to the decedents percentage share in the company multiplied by the value of the company as a whole.

4) A bank account has $20,000 on the date of death. Following the date of death, a check to Verizon Wireless clears the bank account for $2,000. The value of the bank account for estate tax purposes is $20,000.

5) Three brothers own a building equally as tenants in common. The building is worth $15,000,000. When one brother dies, he must include his tenancy in common interest in his gross estate at a value of $15,000,000.

6) All decedents who are either a U.S. tax resident or non U.S. tax residents need to include bank accounts owned in the United States in their gross estate.