At the time of her death in 2017, Wanda has an adjusted gross estate of...
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Accounting
At the time of her death in 2017, Wanda has an adjusted gross estate of $6,500,000. Her estate includes the family farm, with a most suitable use value of $3,300,000 and a current use value of $2,300,000. The farm is inherited by Jim, Wanda's son, who has worked it for her since 2005. Jim plans to continue farming indefinitely.
a. Based on the information given, is the 2032A election available to Wanda's estate?
__ (Yes/No), because when considering the __ (current use/most suitable use), the __ % requirement is met.
b. If the 2032A election is available to Wanda's estate, the value that is used for the farm if the election is made is $ __.
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