Q33
Single choice
Which of the following statements concerning the inclusion and valuation of all or part of a commercial annuity in the estate of an annuitant is (are) correct?
1. A life annuity with a period certain is includible to the extent of the present value of any remaining guaranteed payments.
2. If the executor elects the alternate valuation date, an annuity is includible at its replacement cost 6 months after death.