-
A
Real Estate
- TIC only (not joint property)
- not 2035, 2036, 2037, 2038 property
-
B
Stocks and Bonds
- Not jointly owned property
- include face amount of bonds, # shares, par value, etc.
-
C
Mortgages, Notes and Cash
not jointly owned (E)
-
D
Insurance on Decedent's Life
- all policies (even if not included in estate)
- include form 712
-
-
E - Part 1
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)
-
E - part 2
All Other Joint Interest (not Tenants in Common)
-
F
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.
-
G
Transfers During Decedent's Life
- gift tax paid or payable for gifts w/in 3 yrs
- transfers includable under 2035, 2036, 2037, 2038
-
H
Powers of Appointment
- Include 5&5 lapsing powers (any GPOA which lapses in excess of 5% or $5k)
- also include hanging powers
-
I
Annuities
ID and value before exclusions
no exclusions for post-84 deaths
-
J
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)
-
K
Debts of Decedent, and Mortgages and Liens
- Debts: ID / amount outstanding / amount claimed as deduction
- Mortgages and Liens - ID / amount
-
L
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 -
-
M
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
-
O
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
-
P
Credit for Foreign Death Taxes
-
Q
Credit for Tax on Prior Transfers
- P1: Transferor Information
- P2: Computation of Credit
-
R
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
-
Schedule R-1
GSTT - Direct Skips From a Trust Payment Voucher
-
U
Qualified Conservation Easement Exclusion
- P1: Election
- P2: General Qualification
- P3: Computation of Exclusion
-
Framework of 706
- Gross Estate
- +
- Intervivos Taxable Gifts
- -
- Applicable Deductions
- =
- Taxable Estate
- X
- Applicable Estate Tax Rate
- =
- Tenatative Tax Payable
- -
- Credits for Previous Taxes Paid
- =
- Tax Due
-
Fair Market Value
Price at which willing seller will sell to a willing buyer, with neither party under compulsion and both having all relevant knowledge of transaction
-
When 706 Due?
9 months from death
6 month extension
-
State Inheritance Tax
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)
-
Estate Tax Rates
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%
-
Gift Tax Rates
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%
-
GST Tax Rates
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)
-
Calculation of Gift Tax in 2010
Gift: $155,800 + .35 x amount over $500k
then subtract out $33,800 (unified credit), which is tax on $1 million gift!
-
Calculation of Estate Tax in 2010
Taxable Estate: $155,800 + .35 x amount over $500k
then subtract out $1,730,800 (unified credit), which is tax on $5 million estate!
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