Praneh Patel,a Widower,died in March of the Current Year

question 26

Essay

Praneh Patel,a widower,died in March of the current year.His gross estate is $5,325,000,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?

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Definitions:

Future

The time or a period of time following the moment of speaking or writing; time regarded as still to come.

Cognitive Schema

Mental structures that represent certain aspects of the world and influence understanding, perception, and memory.

Genetic Predisposition

The increased likelihood of developing a particular disease or condition due to one's genetic makeup.