At the time of his death, Rex owned an RV. For valuation purposes, the RV should be included in his gross estate at the price a dealer in RVs would pay for the property.

Question

Quizplus · Accepted Answer

For estate tax purposes, the RV should be included in Rex's gross estate at its fair market value, which is the price at which the property would change hands between a willing buyer and a willing seller, not necessarily the price a dealer would pay.

At the Time of His Death, Rex Owned an RV