The 300000 loan was made to brad in late 2007 and he used, Ask an Expert

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At the time of death on September 2011, Kenneth owned the following assets.
Fair Market Value
City of Boston bonds 1,500,000
Stock in Brown Corporation 800,000
Promissory note issued by Brad (Kenneth's son) 300,000

In October 2011, the executor of Kenneth's estate received the flowing: $90,000 interest on the City of Boston bonds (20,000 accrued since September 2) and an $8,000 cash dividend on the Brown stock (date of record was September 1). The declaration date on the dividend was August 12. The $300,000 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?

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Accounting Basics, Accounting

Category:- Accounting Basics
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