Which one of the following scenarios describes circumstances in which a decedent’s estate could take advantage of the alternate valuation date?

The taxable estate is greater than the applicable exclusion amount, asset values are declining, the entire estate is transferred to a QTIP trust, and the personal representative plans to make a 100% QTIP election.

The estate tax base (using date of death values) is equal to the applicable exclusion amount and asset values are declining.

The taxable estate is greater than the applicable exclusion amount, asset values are declining, and the entire gross estate is in a revocable trust established by the decedent that is to be divided equally among the decedent’s three children.

Asset values are declining and the entire estate is left to a qualified charity.