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Old 09-23-2011, 03:15 PM   #21
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Join Date: May 2005
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Originally Posted by Nords View Post
I haven't had to do this since 2002, but back then I thought there was a choice on which date was used.
Yes, there is an alternate valuation date, but it has to be elected on the form 706... no election, no alternate valuation. From the quick reading that I did, if you do not file you can not use the alternate valuation... also, you can not choose the alternate valuation unless it reduces the value of the estate.

Either way, you get the carryover basis and it is what was on the 706... there is no election by the person who got the stock...

But if you do not know, taking the date of death value is the best choice...

look at pg 7 for more info:

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