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Problem 29-38(L0.6) At the time of his death this year on September 4,...

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Accounting

Problem 29-38(L0.6)
At the time of his death this year on September 4, Kenneth owned the following assets, among others:
In October, the executor of Kenneth's estate received the following: $120,000 interest on the Houston (TX) Independent School District
bonds ( $10,000 accrued since September 4), and a $7,000 cash dividend on the Brown stock (date of record was September 3). The
declaration date on the dividend was August 12. Assume that the school district is solvent.
The $600,000 loan was made to Brad in late 2019. Kenneth's will does not forgive Brad's note. The business that Brad started with the loan
funds was not successful, and the note has a zero value (note is considered worthless).
What are the estate tax consequences of these transactions?
Indicate whether each of the items below should be "Included", "Excluded" or "Partially Included/Excluded" from Kenneth's gross estate.
a. Houston (TX) Independent School District
bonds
b. Stock in Brown Corporation
c. Promissory note
d. Interest from Houston (TX) Independent School
District bonds
e. Cash dividend on the Brown stock
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