It was in the depths of the Great Depression that the alternative valuation mechanism was first put into place. Federal lawmakers realized that forcing an estate to pay taxes on its assets' value the exact day a wealth owner died might mean, when stock values were dropping, that the estate paid too much. After all, the stock wouldn't be sold on that date of death (DOD), but some time later. In 1935, the lawmakers said they had to do something in response to “the hardships that were
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