value listed securities in an estate


ESTATE TAX
Valuation continued:
Listed securities: The mean between the day’s highs and lows on the valuation date is used. If the shares are sold ex-dividend, the amount that the estate will receive is used. The valuation of bonds includes the interest to the valuation date. Restrictions to or an impediment to sale can result in a discount to value. Mechanical valuation is used(unit value times number of units) unless there is a blockage discount or premium. Where the decedent’s holdings are so large that the sale within a reasonable time following death would depress the market, or where the holdings constitute control, the value may be either discounted or enlarged as the case may be. Shares of mutual funds are valued at the “bid price”, asset less redemption value. Publicly traded shares owned by decedent’s controlled investment company are valued at net asset value less liquidation costs. Options are generally valued with consideration of the potentials during the option period, including but not limited to the spread between the option price and the value as of the option grant. Specialized formulas are used.

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