Mel's Estate Includes a Number of Notes Receivable Signed by His

question 103

Essay

Mel's estate includes a number of notes receivable signed by his daughter, Tammy. These notes were issued by Tammy on different occasions when she obtained funds from Mel. The total face amount of these notes is $150,000. The notes are forgiven by Mel's will. How much, if any, regarding these notes should be included in Mel's gross estate?

---

Definitions:

Octet

A reference to each of the four numbers in a dotted decimal number Internet protocol address, so called because each number would have eight numerals in binary form.

Consortium

An association or group of companies, institutions, or governments that collaborate towards a common objective, often pooling resources for achieving a specific goal.

Web Protocols

Rules and standards that define how data is transmitted and received over the internet, including HTTP and FTP.

HTTPS

Hypertext Transfer Protocol Secure is an internet communication protocol that protects the integrity and confidentiality of data between the user's computer and the site.