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?

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Definitions:

Contracture

An abnormal tightening or shortening, often resulting in a deformity.

Right Ankle

Refers to the joint connecting the foot with the leg on the right side of the body.

Foot

The lower extremity of the leg below the ankle, used for standing and walking.

Levator Muscle

Muscles responsible for elevating or lifting parts of the body, such as the levator ani in the pelvic area.