706 Schedules

Real Estate

• TIC only (not joint property)
• not 2035, 2036, 2037, 2038 property

Stocks and Bonds

• Not jointly owned property
• include face amount of bonds, # shares, par value, etc.

Mortgages, Notes and Cash

not jointly owned (E)

Insurance on Decedent's Life

- all policies (even if not included in estate)

- include form 712

Jointly Owned Property

Qualified Joint Interests (Interests held by Decedent and Spouse as the only joint tenants)

JT w ROS (and no other party) or

Tenants by Entirety (not TiC)

All Other Joint Interest (not Tenants in Common)

Other Misc. Property Not Reportable Under any Other Schedules

• - collections (over $3k - list)
• - bonus/award from employment/death (explain)
• - safe deposit box (location and if left contents off, why)
• - debts due
• - LI (on someone else)
• - Biz Interests
• - livestock
• - auto
• - royalties
• - personal prop
• - etc.

Transfers During Decedent's Life

- gift tax paid or payable for gifts w/in 3 yrs

- transfers includable under 2035, 2036, 2037, 2038

Powers of Appointment

- Include 5&5 lapsing powers (any GPOA which lapses in excess of 5% or $5k)

- also include hanging powers

Annuities

ID and value before exclusions

no exclusions for post-84 deaths

Funeral Expenses and Expenses Incurred in Administering Property Subject to Claims

• A. Funeral
• B. exec, attorney, CPA, misc. (if not claimed on income tax return)

Debts of Decedent, and Mortgages and Liens

- Debts: ID / amount outstanding / amount claimed as deduction

- Mortgages and Liens - ID / amount

Net Losses During Administration and Expenses Incurred in Administering Property Not Subject to Claims

(includes fires, storms, shipwrecks, casualties, theft - not compensated for by insurance or otherwise)

- net losses: can not claims deductions which are used on income tax return -

Bequests to Surviving Spouse

• List QTIP property
• List All other property

- any property as result of disclaimer (include copy)

- country SS born / citizenship

- below - estate, GST and other taxes paid out of M property, then Net

Charitable, Public, and Similar Gifts and Bequests

• - any contest/interpretation pending/expected
• - pass as result of disclaimer? (yes, attach copy)

below - tax paid out of, then Net

Credit for Foreign Death Taxes

Credit for Tax on Prior Transfers

• P1: Transferor Information
• P2: Computation of Credit

Generation-Skipping Transfer Tax

P1: Reconciliation

P2: Direct Skip where property transferred bear the GST Tax

P3: Direct Skip where property transferred does not bear the GST Tax

GSTT - Direct Skips From a Trust Payment Voucher

Qualified Conservation Easement Exclusion

• P1: Election
• P2: General Qualification
• P3: Computation of Exclusion

• Gross Estate
• +
• Intervivos Taxable Gifts
• -
• Applicable Deductions
• =
• Taxable Estate
• X
• Applicable Estate Tax Rate
• =
• Tenatative Tax Payable
• -
• Credits for Previous Taxes Paid
• =
• Tax Due

Price at which willing seller will sell to a willing buyer, with neither party under compulsion and both having all relevant knowledge of transaction

9 months from death

6 month extension

tax imposed equal to the amount of the federal credit imposed under the federal estate tax statute for state death taxes

(fed: tax imposed by section 2001 shall be credited with the amount of any estate, inheritance, legacy, or succession taxes actually paid to any State)

1. 2008 2 million 780,800 -- 45%

2. 2009 3.5 million 1,455,800 -- 45%

2. 2010 5 million 1,730,800 (or elect out) - 35%

3. 2011 5 million 1,730,800 -- 35%

1. 2008 1 million 345,800 -- 45%

2. 2009 1 million 345,800 -- 45%

2. 2010 1 million 330,800 -- 35%

3. 2011 5 million 1,730,800 -- 35%

2006-208: -- $2 million

2009: 3.5 million

2010-2011: $5 million

No GST on Transfers in 2010 (but did not make inclusion ratios 0.0)

Gift: $155,800 + .35 x amount over $500k

then subtract out $33,800 (unified credit), which is tax on $1 million gift!

Taxable Estate: $155,800 + .35 x amount over $500k

then subtract out $1,730,800 (unified credit), which is tax on $5 million estate!