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What will the taxable estate portion be? Lo.6, 7 At the time of his death this year on September 4, Kenneth owned the following assets.

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Lo.6, 7 At the time of his death this year on September 4, Kenneth owned the following assets. Fair Market Value City of Boston bonds Stock in Brown Corporation Promissory note issued by Brad (Kenneth's son) $2,500,000 900,000 600,000 In October, the executor of Kenneth's estate received the following: $120,000 interest on the City of Boston bonds ($10,000 accrued since September 4) and a $7,000 cash dividend on the Brown stock (date of record was September 5). The declaration date on the dividend was August 12 The $600,000 loan was made to Brad in late 2010, and he used the money to cre- ate a very successful business. The note was forgiven by Kenneth in his will. What are the estate tax consequences of these transactions

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