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31-07-2020
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Rudy Smith was an wealthy individual and has passed away with many assets in his estate. What value would be used to assess property for estate purposes

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jepessoa jepessoa

02-08-2020

Answer:

fair market value

Explanation:

The current estate tax (2020) only applies for estates worth over $11.58 million. For taxation purposes, estates are taxed at fair market value. E.g. Rudy bought a building 10 years ago at $10 million, but it is now worth $15 million, the current market value ($15 million) will be used to determine any applicable estate taxes.

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