The following items are relevant for the first income tax return for the Ken Kimble Estate. Mr.
Question:
The following items are relevant for the first income tax return for the Ken Kimble Estate. Mr. Kimble, a cash method of accounting taxpayer, died on July 1, 2020.
The record dates were June 14 for $6,000 of the dividends and October 31 for the remaining $4,000 of dividends. The bond interest is payable annually on October 1. Mr. Kimble’s basis in the investment land was $8,000. He sold it in May of 2019 for a total sales and contract price of $48,000 and reported his gain under the installment method. Ignore interest on the installment note. What amount of IRD should the estate report on its first calendar year income tax return?
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Total IRD is 39500 calculated as follows Dividends record date prior to death ...View the full answer
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