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He gross share subjected to tax without reduction for liabilities of any beneficiary, heir, transferee, or surviving joint tenant exceeds the allowable exemption from such share or if a federal return has been filed. (See below for deaths on or after July 1, 2004.) The term estate includes property held in trust or otherwise not subject to probate. Gross Estate Alternate Valuation: Alternate value may be used on the same terms and conditions that govern the alternate valuation for federal.

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