Determining the fair market value of an asset at death

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Reference no: EM131055807

a. What is the definition for determining the fair market value of an asset at death?

b. Who is liable for the payment of estate tax?

c. Why must the tax professional ask a fiduciary whether he or she wishes to file an estate tax return when the gross estate is less than the applicable exclusion and the surviving spouse is the sole heir?

d. Is it fair that “IRD” is double taxed? Discuss

Reference no: EM131055807

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