What are the estate tax consequences of these transactions

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Question - At the time of his death on September 2, 2011, Kenneth owned the following assets.

Fair market value

City of Boston bonds $1500000

Stock in Brown Corporation 800000

Promissory note issued by Brad (Kenneth's son) 300000

In October 2011, the executor of Kenneth's estate received the following: $90000 interest on the city of Boston bonds ($20000 accrued since September 2), and an $8000 cash dividend on the Brown stock (DATE OF RECORD WAS SEPTEMBER 1). The declaration date on the dividend was August 12. The $300000 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?

Reference no: EM131822025

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