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1. Sec. 2031 provides the definition of "gross estate" and valuation methods for calculating it.

True False

2. Stocks listed on an exchange are valued using the list value of the stocks on the date of the decedent's death.

True False

3. Unlisted stocks and securities are valued by comparing them to those of similar businesses listed on an exchange.

True False

4. Securities used to secure debt are included in a decedent's gross estate.

True False

5. The value of a business includes all tangible and intangible business assets.

True False

6. The value of secured or unsecured notes is the amount of unpaid principal plus any interest accrued up to the date of death.

True False

7. If a decedent dies with personal effects valued in excess of $600, special procedures must be followed.

True False

8. The present value of annuities and trusts must be determined and included in a decedent's gross estate.

True False

9. A conservation easement can exclude up to $1,000,000 from a decedent's estate.

True False

10. If property containing a conservation easement is debt-financed, the conservation easement exclusion is reduced by the debt on the land.

True False

Basic Quiz - 6.1.5 Sec. 2031 - Definition and Valuation of Decedent's Gross Estate