At the time of his death in 2019, Donald owned a farm (a qualified, closely held business) with a most suitable use value of $5 million and a current use value of $3.5 million.
a. If the special-use valuation election is made, Donald’s gross estate must include how much as to the farm?
b. What if the farm had a current use value of $4 million (not $3.5 million)?