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

Which of the following debts CANNNOT be deducted on Firm 706, Schedule K?

Indebtedness secured by a mortgage on property that is part of the gross estate

Unenforcable gambling debts

Loans on a life insurance policy owned by the decedent

A promissory note for stock in a car dealership

Solutions

Expert Solution

Option , Unenforceable gambling debts.

Reason: Debts on speculative activities such as gambling is not deductible. Also, only debts such as mortgages or liens can be deducted.

ekkarill92 answered 1 year ago

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