Question

At the time of his death this year on September 4, Kenneth owned the following assets.
Fair Market Value
City of Boston bonds .................. $2,500,000
Stock in Brown Corporation ................ 900,000
Promissory note issued by Brad (Kenneth’s son)............ 600,000
In October, the executor of Kenneth’s estate received the following: $120,000 interest on the City of Boston bonds ($10,000 accrued since September 4) and a $7,000 cash dividend on the Brown stock (date of record was September 5). The declaration date on the dividend was August 12.
The $600,000 loan was made to Brad in late 2010, 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?


$1.99
Sales6
Views167
Comments0
  • CreatedSeptember 09, 2015
  • Files Included
Post your question
5000