Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) If the alternative valuation date is elected, changes in value that occur solely because of "mere lapse of time" usually are to be ignored.
B) The gross estate, a federal law concept, is generally smaller than the probate estate, a state law concept.
C) The alternate valuation date can be used for estate tax purposes only if the election increases the value of the gross estate.
D) All of the above are false.