Estate, Gift, and Generation-Skipping Transfer Tax Returns and Audits (Portfolio 822)


Laura Peebles

Senior Fellow

Deloitte Tax LLP


Craig Janes


Deloitte & Touche LLP

At a glance

I. Form 706 Preliminary Considerations
II. A Guide to Form 706 Elections and Part 4 Questions
III. Preparation of Form 706 Schedules
IV. Filing and Paying the Estate Tax
V. Community Property and Form 706
VI. Estate Tax Returns for Non-U.S. Citizen, Non-U.S. Domiciled Decedents — Form 706-NA
VII. Estate Tax Return for Qualified Domestic Trusts — Form 706-QDT
VIII. The Federal Estate Tax Audit
IX. Information Regarding Beneficiaries Acquiring Property from a Decedent — Form 8971
X. Preparation of the Federal Gift Tax Return — Form 709
XI. Taxable Distributions and Taxable Terminations — Form 706-GS(D), Form 706-GS(D-1), and Form 706-GS(T)
XII. Qualified Severances


Bloomberg Tax Portfolio, Estate, Gift, and Generation-Skipping Transfer Tax Returns and Audits, No. 822, is designed as a practical guide to preparation of the Form 706, Form 706-NA, Form 706-QDT, Form 706-GS(D), Form 706-GS(D-1), Form 707-GS(T), and Form 709, the federal estate (and generation-skipping transfer) and gift (and generation-skipping transfer) tax returns, respectively. Data gathering, preparation, and audit are covered with special attention to problem areas which are often overlooked.

A decedent's executor is charged with the duty of filing the Form 706 or Form 706-NA within nine months after the date of death. Proper filing requires not only knowledge of relevant Code provisions, but also the practical mechanics of actual return preparation. This Portfolio leads the practitioner through the preparation of Form 706 using the current revision (with appropriate references to prior versions), schedule by schedule, and the 706 elections. In addition, it discusses the Form 706 audit, which is different from an income tax audit, and includes audit tips. The preparation of Form 709, which must be filed when a taxable gift has been made, is also covered. A discussion of the forms required to report generation-skipping transfers is also included. Finally, conditions under which a Form 706-QDT must be filed by a trustee are also covered. Sample filled-in returns for all three taxes appear in the Worksheets.

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