Which statement regarding the gross estate is not correct? When a married couple jointly owns a home that is subject to a mortgage, the mortgage balance is fully deductible at the first spouse's death. An alternate valuation date can be elected when there is a decrease in the total value of the gross estate and a decrease in the decedent's estate tax liability six months after death. Income in respect of a decedent is included in the decedent's gross estate and will not receive a step up in basis. For retirement plans with survivorship benefits, the present value of a survivor's future income stream is included in the decedent'Agross estate. Which statement regarding gift taxes is correct? Karen donated $50,000 in cash to charity, therefore the charitable gift tax deduction is $50,000. Jill transferred $200,000 to a trust, which gave her three children a right to withdraw the greater of $5,000 or 5 percent of the trust corpus this year. Jill can take three annual exclusions of $15,000 for each child to reduce the gift tax because each beneficiary has a present interest in this trust. Erik was given a power to appoint trust property to himself each year for his maintenance and support. When Erik dies, the trust will be included in his gross estate. Brian transferred $400,000 to a trust that itves his son all income for four years and his wife the remainder interest. Brian can take a marital deduction for the present value of the remainder interest gifted to his wife. Which estate planning technique, assuming it is applicable, would not immediately lower a closely held business owner's estate tax liability to provide the estate with greater liquidity? Special-use valuation Section 6166 plan QDOT Section 303 partial redemption