At the time of his death in 2021, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $7,050,000 and a current use value of $4,935,000. Question Content Area 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 $6,345,000 (not $4,935,000). Donald's gross estate must include how much as to the farm? ____________

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 18CE
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At the time of his death in 2021, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $7,050,000 and a current use value of $4,935,000.

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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 $6,345,000 (not $4,935,000). Donald's gross estate must include how much as to the farm?
____________

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