Problem L
At the time of his death this year on September Kenneth owned the following assets, among others:
In October, the executor of Kenneth's estate received the following: $ interest on the Houston TX Independent School District
bonds $ accrued since September and a $ cash dividend on the Brown stock date of record was September The
declaration date on the dividend was August Assume that the school district is solvent.
The $ loan was made to Brad in late Kenneth's will does not forgive Brad's note. The business that Brad started with the loan
funds was not successful, and the note has a zero value note is considered worthless
What are the estate tax consequences of these transactions?
Indicate whether each of the items below should be "Included", "Excluded" or "Partially IncludedExcluded from Kenneth's gross estate.
a Houston TX Independent School District
bonds
b Stock in Brown Corporation
c Promissory note
d Interest from Houston TX Independent School
District bonds
e Cash dividend on the Brown stock
