Alternate valuation

The value of the gross estate may be determined, if the executor so elects, by valuing all the property included in the gross estate as follows: No deduction under this chapter of any item shall be allowed if allowance for such items is in effect given by the alternate valuation provided by this section. Wherever in any other subsection or section of this chapter reference is made to the value of property at the time of the decedent’s death, such reference shall be deemed to refer to the value of such property used in determining the value of the gross estate. In case of an election made by the executor under this section, then— No election may be made under this section with respect to an estate unless such election will decrease— The election provided for in this section shall be made by the executor on the return of the tax imposed by this chapter. Such election, once made, shall be irrevocable. No election may be made under this section if such return is filed more than 1 year after the time prescribed by law (including extensions) for filing such return.