If a decedent's household goods are sold through public auction, the price received should be the valuation used for
Federal estate tax purposes.

Question

Quizplus · Accepted Answer

The price received from a public auction is considered the fair market value, which is the valuation used for Federal estate tax purposes, as it reflects what a willing buyer would pay a willing seller under no compulsion to buy or sell.

If a Decedent's Household Goods Are Sold Through Public Auction