21. Michael Scott specified in his will that his friend, Dwight Schrute, should serve as...
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Accounting
21. Michael Scott specified in his will that his friend, Dwight Schrute, should serve as executor of Michaels estate. After Michaels death, Dwight received $15,000.00 in cash for serving as executor of Michaels estate. Also, Michael left a cash bequest (inheritance) to Dwight of $25,000.00. Must Dwight include any of these amounts in his gross income? If there is any exclusion from gross income, please explain the reason(s) why the amount(s) is excluded.
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