At the time of his death in 2022, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $6,150,000 and a current use value of $4,305,000. a. If the special-use valuation election is made, Donald's gross estate must include how much as to the farm? b. Assume the farm had a current use value of $5,535,000 (not $4,305,000). Donald's gross estate must include how much as to the farm?
At the time of his death in 2022, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $6,150,000 and a current use value of $4,305,000. a. If the special-use valuation election is made, Donald's gross estate must include how much as to the farm? b. Assume the farm had a current use value of $5,535,000 (not $4,305,000). Donald's gross estate must include how much as to the farm?
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 18CE
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![Exercise 19-18 (Algorithmic) (LO. 2)
At the time of his death in 2022, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $6,150,000 and
a current use value of $4,305,000.
a. If the special-use valuation election is made, Donald's gross estate must include how much as to the farm?
$
b. Assume the farm had a current use value of $5,535,000 (not $4,305,000). Donald's gross estate must include how much as to the
farm?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77198dae-e6ee-43f8-883e-fa2897d2ec75%2F0f8c7207-54d8-49ea-b607-2cf468b26489%2Ffiaeuot_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 19-18 (Algorithmic) (LO. 2)
At the time of his death in 2022, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $6,150,000 and
a current use value of $4,305,000.
a. If the special-use valuation election is made, Donald's gross estate must include how much as to the farm?
$
b. Assume the farm had a current use value of $5,535,000 (not $4,305,000). Donald's gross estate must include how much as to the
farm?
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