19:03
Honestly, idk what I would call myself these days. Will probably not know until I can reflect on this part of my life which will be idk, in like 5 years when I am 32.
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Simple English definitions for legal terms
valuation date
Read a random definition: Social Security
A quick definition of valuation date:
A valuation date is a specific date used to determine the value of a person's property after they have passed away. In tax law, there is an alternate valuation date that is six months after the person's death. The estate can choose to appraise the property either on the date of death or on the alternate valuation date. This is important for determining the basis of the property for tax purposes.
A more thorough explanation:
Valuation date refers to the date on which the value of an asset or property is determined. In tax law, there is a specific alternate valuation date that is used in certain circumstances.
The alternate valuation date is a date that is six months after a person's death. In the case of a deceased person's estate, the estate can choose to appraise the property either as of the date of the person's death or as of the alternate valuation date.
For example, if a person dies on January 1st, their estate can choose to value their property as of January 1st or as of July 1st (six months later). If the value of the property has decreased during that time, it may be advantageous for the estate to choose the alternate valuation date.
The valuation date is important because it determines the basis of the property, which is used to calculate taxes. If the property is valued higher, the taxes will be higher as well.