Assume Lauralie dies with assets under the lifetime exclusion amount and her estate does not...
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Finance
Assume Lauralie dies with assets under the lifetime exclusion amount and her estate does not have sufficient cash to pay unanticipated expenses. Of the following statements, which is true regarding selling an estates assets to generate cash?
- The estate will not have income tax consequences.
- The assets may not be sold at full, realizable fair market value.
- Any losses on the sale of the assets are deductible as losses on the estate tax return (Form 706).
- Any selling expenses will not be deductible on the estate tax return.
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