The alternate valuation date:

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The alternate valuation date applies for Federal estate tax purposes. It allows the executor of an estate to choose to value the assets of the estate as of six months after the date of the decedent's death, rather than the date of death. This can potentially result in a lower estate tax liability for the estate, as the value of the assets may have decreased over the six-month period. The alternate valuation date does not apply for Federal gift tax purposes.

The Alternate Valuation Date