Q: My father died in 2002. At the time of death, his property was for sale for $1,000,000. He had a contract for that
amount, but the city would not approve it. We have had several offers for that amount but again the city wouldn't approve it. We now have a contract for $500,000. We didn't get an appraisal at the time of his death, would the previous sale price show the value of the property at this time of his death so that we would not have to pay estate tax?
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