Which, if any, of the following statements incorrectly reflects the rules applicable to the alternate valuation date (i.e., IRC 2032)?

a. The election is made by the executor.

b. The election cannot be made if no estate tax return (i.e., Form 706) has to be filed.

c. The election can be made only if it reduces the amount of the gross estate and reduces the estate tax liability.

d. The election does not affect the estates income tax basis in property included in the gross estate.

e. All of the above are correct.