Section 125-601-06 - ValuationA.Determination.The Assessor may, for Maine estate tax purposes, independently determine the value of the assets of an estate 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, the value of the gross estate of the decedent 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 and both having reasonable knowledge of the relevant facts.B.Alternate valuation date.The personal representative of an estate may elect to value the estate using the alternate valuation date as determined under Code §2032. The Assessor may, for Maine estate tax purposes, independently determine the value of the assets of an estate on the alternate valuation date in accordance with the Code and federal regulations and policy even if there is a final federal determination with respect to the valuation of the assets of the estate.18- 125 C.M.R. ch. 601, § 06