Question
At the time of his death on August 7, Michael owned the following assets. Green Corporation stock (cost $700,000, FMV $950,000). On July 20, Green
At the time of his death on August 7, Michael owned the following assets.
Green Corporation stock (cost $700,000, FMV $950,000). On July 20, Green declared a cash dividend, payable on August 17 to all shareholders as of the record date of August 8. Michaels executor receives the $64,000 dividend on the scheduled payment date.
Note receivable (face amount $600,000) payable on demand. The note was received by Michael two years previously from his daughter Addison. Addison used the loan to start a business which currently is very successful. In his will, Michael forgives the note.
How much, as to these transactions, is included in Michaels gross estate?
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