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f the Internal Revenue Code may be exercised only by the executor,
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' only if the Trustee is also the executor within the meaning of
~the Tnternal Revenue Code. Subject to the limitation expressed
(in the preceding sentences, the Trustee shall have the power to:
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~ (1) elect to cl.aim expenses or losses as
either income or estate tax deductionsf -
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~f (2) make, cantinue or revoke any election to
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be taxed under Subchapter S of the Internal
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i; Revenue Code with respect to any securities
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eligible for such an election;
(3) elect, to the extent permitted by the
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Intecnal Revenue Code, to defer the payment of
a1Z or part of the Grantor's estate taxe~;
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' (4) exclude from or include in the Grantor's
gross estate, any asset, in the first instance,
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for federal estate tax purposes;
~i (5) value all assets, in the first instance,
I for federal estate tax purposes, using date of
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• i~ death or alternate values as the Trustee shall
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~ ; elect;
(6) elect to value qualified real property
" at its value for the use under which it qualifies
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and enter into any agree~r~ents required by such
election;
(7) elect to treat the entize MARITAL TRUST
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;E administered under Paragraph FIFTH as qualified
terminable interest property unless compelling
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circumstances at the time provided for making the
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