Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help Bruno
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Six years ago, Alvin loaned his prospective brother-in-law, Bruno, $20,000. The money was used to help Bruno pay for the wedding to Alvin’s sister. Shortly after the wedding, it was discovered that Bruno already was married to someone else. Before Bruno could be indicted for bigamy, he disappeared and has not been heard from since. In the current year, Alvin dies still holding Bruno’s note.
For tax purposes, what do you suggest as to the handling of Bruno’s note?
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A note receivable held by a decedent is included in the gross estate at its fair market value ...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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