Classify each of the following independent statements:.
-Note receivable issued by a grandson and forgiven by the decedent in her will.

Question

Quizplus · Accepted Answer

The note receivable issued by a grandson and forgiven by the decedent in her will would be included in the decedent's gross estate, as it represents an asset the decedent owned at the time of death. The forgiveness of the debt through the will does not remove it from the estate for tax purposes.

Classify Each of the Following Independent Statements