At the time of her death in 2019, Wanda has an adjusted gross estate of $6.5 million.
Question:
At the time of her death in 2019, Wanda has an adjusted gross estate of $6.5 million. Her estate includes the family farm, with a most suitable use value of $3.3 million and a current use value of $2.3 million. The farm is inherited by Jim, Wanda’s son, who has worked it for her since 2005. Jim plans to continue farming there indefinitely.
a. Based on the information given, is the § 2032A election available to Wanda’s estate?
b. If so, what estate tax value is used for the farm if the election is made?
c. Express your solution to part (b) as a Microsoft Excel command.
Step by Step Answer:
a Yes In testing for the 50 requirement employ most suitable use rather than ...View the full answer
South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357109168
43rd Edition
Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney
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