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Jill Ward selling real estate to her son Mike through the use of a 20-year installment note. What are the gift, estate and income tax

Jill Ward selling real estate to her son Mike through the use of a 20-year installment note. What are the gift, estate and income tax consequences associated with such a sale? What happens if Jill dies after collecting four annual payments, and (1) the note is willed to her daughter Ellen, or (2) the note is cancelled upon Jill's death?

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