Which of the following debts can be deducted on form 706, Schedule K? Indebtedness secured by...

Which of the following debts can be deducted on form 706, Schedule K?

Indebtedness secured by a mortgage on property of the gross estate, or Unenforcible gambling debts, or loans on a life insurance policy owned by the decedent, or a promissory note for stock in a car dealership.

Expert Solution

Indebtedness secured by a mortgage on property of the gross estate

Certain deductions are allowed by Form 706,Schedule K like propertytaxes accrued before the death, unpaid gift tax remaining on gifts descendent made, obligations due to mortgage which descendent was liable and now his estate liable. So, first option is the answer

ekkarill92 answered 2 years ago

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