At the time of his death this year on September 4, Kenneth owned the following assets, among others: Fair Market Value Houston (TX) Independent School District bonds $2,500,000 Stock in Brown Corporation 900,000 Promissory note issued by Brad (Kenneth's son) 600,000 In October, the executor of Kenneth's estate received the following: $120,000 interest on the Houston (TX) Independent School District bonds ($10,000 accrued since September 4), and a $7,000 cash dividend on the Brown stock (date of record was September 3). The declaration date on the dividend was August 12. Assume that the school district is solvent. The $600,000 loan was made to Brad in late 2011. Kenneth's will does not forgive Brad's note. The business that Brad started with the loan funds was not successful and is near receivership (note is considered worthless). The Kenneth's gross estate includes $
At the time of his death this year on September 4, Kenneth owned the following assets, among others: Fair Market Value Houston (TX) Independent School District bonds $2,500,000 Stock in Brown Corporation 900,000 Promissory note issued by Brad (Kenneth's son) 600,000 In October, the executor of Kenneth's estate received the following: $120,000 interest on the Houston (TX) Independent School District bonds ($10,000 accrued since September 4), and a $7,000 cash dividend on the Brown stock (date of record was September 3). The declaration date on the dividend was August 12. Assume that the school district is solvent. The $600,000 loan was made to Brad in late 2011. Kenneth's will does not forgive Brad's note. The business that Brad started with the loan funds was not successful and is near receivership (note is considered worthless). The Kenneth's gross estate includes $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the time of his death this year on September 4, Kenneth owned the following assets, among others:
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In October, the executor of Kenneth's estate received the following: $120,000 interest on the Houston (TX) Independent School District bonds ($10,000 accrued since September 4), and a $7,000 cash dividend on the Brown stock (date of record was September 3). The declaration date on the dividend was August 12. Assume that the school district is solvent.
The $600,000 loan was made to Brad in late 2011. Kenneth's will does not forgive Brad's note. The business that Brad started with the loan funds was not successful and is near receivership (note is considered worthless).
The Kenneth's gross estate includes $
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