Ed Camby sold an apartment building in May 2008 for a small amount of cash and a note payable over five years. Principal and interest payments are due annually on the note in April of 2009 through 2013. Ed died in August 2008. He willed all his assets to his daughter Anna. Ed's gross estate is about $3 million, and his estate tax deductions are very small. What tax issues should the executor of his estate consider with respect to reporting the sale of the building and the collection of the installments?

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The Answer of Ed Camby sold an apartment building in May 2008 for a small amount of cash and a note payable over five years. Principal and interest payments are due annually on the note in April of 2009 through 2013. Ed died in August 2008. He willed all his assets to his daughter Anna. Ed's gross estate is about $3 million, and his estate tax deductions are very small. What tax issues should the executor of his estate consider with respect to reporting the sale of the building and the collection of the installments?

Ed Camby Sold an Apartment Building in May 2008 for a Small