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C is corrent. The requirement is to determine the incorrect statement regarding the use of the alternate valuation in computing the federal estate tax. If the alternate valuation is elected, property disposed of within 6 months of death is valued at fair market value at date of disposition (not FMV at date of the decedent’s death).
A is incorrect. The alternate valuation date is generally a date 6 months subsequent to the decedent’s death which an executor may elect if it reduces both the gross estate and the federal estate tax liability.
B is incorrect. An executor may elect to use fair market value at the alternate valuation date (generally a date 6 months subsequent to the decedent’s death) only if such election will reduce both the gross estate and the federal estate tax liability.
D is incorrect. The alternate valuation election is irrevocable and applies to all property in the estate; it cannot be made on an individual property basis.