Final answer:
The gross estate's value includes appraising assets at fair market value, considering liabilities, and accounting for deductions like funeral expenses. The correct answer is all of the above, as these factors collectively determine the value. If a person dies intestate, state laws govern asset distribution.
Step-by-step explanation:
The value of the gross estate may be determined by several factors. These include: a) By appraising the decedent's assets at fair market value, b) By considering the decedent's liabilities, and c) By taking into account any deductions for funeral expenses and administration costs. Therefore, the correct answer is d) All of the above.
It is important to note that when a person dies without a will, known as dying intestate, the distribution of their assets will be handled according to state intestacy laws. The gross estate includes all property interests, claims against others, and business interests at the time of the individual's death and is adjusted for various administrative expenses, debts of the estate, and allowable deductions.