Ed Camby Sold an Apartment Building in May 2020 for a Small

question 43

Essay

Ed Camby sold an apartment building in May 2020 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 2021 through 2025. Ed died in August 2020. 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?

---

Definitions:

Hand Washing

The act of cleaning hands with soap and water or hand sanitizer to remove dirt, germs, and bacteria, preventing the spread of infections and diseases.

Trust

A confidence that others will provide benefits and/or not harm you, even if they may be tempted to do otherwise.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or societal expectations.

Layman's Terms

An expression used to describe the simplification of complex technical or specialized language into terms understandable by the general public.