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Que.40. At the time of his death on September 2,...




Que.40. At the time of his death on September 2, 2011, Kenneth owned the following assets. Fair market value City of Boston bonds $1500000 Stock in Brown Corporation 800000 Promissory note issued by Brad (Kenneth?s son) 300000 In October 2011, the executor of Kenneth?s estate received the following: $90000 interest on the city of Boston bonds ($20000 accrued since September 2), and an $8000 cash dividend on the Brown stock (DATE OF RECORD WAS SEPTEMBER 1). The declaration date on the dividend was August 12. The $300000 loan was made to Brad in late 2007, and he used the money to create a very successful business. The note was forgiven by Kenneth in his will. What are the estate tax consequences of these transactions?


Paper#5113 | Written in 18-Jul-2015

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