Question: The executor elects to use the alternate valuation date. Which of the following statements is false? The executor makes this election to decrease the value

The executor elects to use the alternate valuation date. Which of the following statements is false?

The executor makes this election to decrease the value of the gross estate and the estate tax liability.

Assets sold before the alternate valuation date are valued at the date of sale.

This election is irrevocable.

This election does not apply to probate property included in the gross estate.

give the correct answer with explanation .

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