Praneh Patel, a Widower, Died in March of the Current

question 70

Essay

Praneh Patel, a widower, died in March of the current year. His gross estate is $11,000,000, and at the time of his death, he owed debts of $40,000. His will made a charitable bequest of $280,000 and left the rest of his property to his children. His administrative expenses are estimated to be about $55,000. What tax issues should the estate's CPA consider when preparing Praneh's estate tax return and his estate's income tax return?

---

Definitions:

Pulmonary Trunk

Large, elastic artery that carries blood from the right ventricle of the heart to the right and left pulmonary arteries.

Oxytocin

A hormone and neurotransmitter involved in childbirth and lactation, also associated with empathy, trust, sexual activity, and relationship-building behaviors.

ACTH

Adrenocorticotropic Hormone, a pituitary hormone that stimulates the production of cortisol from the adrenal cortex.

Adenohypophysis

The anterior lobe of the pituitary gland responsible for secreting several key hormones that regulate various physiological processes.