Code of Maine Rules
18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES
125 - BUREAU OF REVENUE SERVICES
Chapter 603 - MAINE ESTATE TAX AFTER 2012
Section 125-603-.06 - VALUATION

A. Determination. For Maine estate tax purposes, the value with respect to an estate or to property included in an estate, including Maine qualified terminable interest property ("QTIP"), is the value as determined by the Assessor in accordance with the Code, federal regulations and policy even if there is a final federal determination with respect to the valuation of the assets of the estate. Generally under federal law and thus, Maine law, the value of the federal gross estate of the decedent and property in the gross estate is determined by the fair market value of all the decedent's assets at the time of death. The fair market value means the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts.

B. Alternate valuation date. The personal representative of an estate who has elected to value the estate for federal purposes using the alternate valuation date as determined under Code § 2032 must use the same valuation date for Maine estate tax. An estate may not elect alternate valuation for Maine purposes and date of death valuation for federal tax purposes. A Maine gap estate that, notwithstanding the federal exclusion amount, would have otherwise qualified for the election under federal law may elect alternate valuation by checking the appropriate box on the pro forma federal Form 706. Once made, the election to use alternate valuation may not be revoked. The election may be made on a late-filed return, provided it is filed not later than one year after the due date including extensions actually granted.