Art Rutter sold an apartment building in May 2014 for a small amount of cash and a
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Art Rutter sold an apartment building in May 2014 for a small amount of cash and a note payable with payments beginning in 2015. Principal and interest payments are due annually on the note in April of 2015 through 2019. Art died in August 2014. He willed all his assets to his daughter Amelia. Art's gross estate is about $6 million, and his estate tax deductions are very small. What tax issues should the executor of his estate consider with respect to reporting the sale of the building and the collection of the installments?
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When and where will the gain on the sale of the building be reported Will there be any income in res...View the full answer
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Ali Khawaja
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