Three months after Brianna Timkin died, her executor received the final $40,000 installment from a sale of land that Brianna completed several years ago. Which of the following statements is true?

Question

Quizplus · Accepted Answer

The $40,000 is included in Brianna's gross estate because it was received within three months of her death. It is also subject to tax on her estate's income tax return because it is considered income of the estate. Therefore, both statements in option A are true. Option B is incorrect because the $40,000 is subject to tax. Option C is also incorrect because it implies that the $40,000 is not included in Brianna's gross estate, which is not true. Option D is incorrect because it does not take into account the fact that the $40,000 was received after Brianna's death.

Three Months After Brianna Timkin Died, Her Executor Received the Final