Which one of the following states a requirement or characteristic of special use valuation under IRC Section 2032A? A) An estate cannot use special use valuation unless it has business real estate. B) The decedent must have materially participated in a farm or closely held business for at least eight years preceding death. C) The benefit that can be gained by using special use valuation is limited to $1,000,000. D) Special use valuation can benefit an estate by allowing it to deduct up to $675,000 from the gross estate.
Which one of the following states a requirement or characteristic of special use valuation under IRC Section 2032A? A) An estate cannot use special use valuation unless it has business real estate. B) The decedent must have materially participated in a farm or closely held business for at least eight years preceding death. C) The benefit that can be gained by using special use valuation is limited to $1,000,000. D) Special use valuation can benefit an estate by allowing it to deduct up to $675,000 from the gross estate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which one of the following states a requirement or characteristic of special use valuation under IRC Section 2032A?
A)
An estate cannot use special use valuation unless it has business real estate.
B)
The decedent must have materially participated in a farm or closely held business for at least eight years preceding death.
C)
The benefit that can be gained by using special use valuation is limited to $1,000,000.
D)
Special use valuation can benefit an estate by allowing it to deduct up to $675,000 from the gross estate.
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