Estates, Gifts & Trusts

Estate, Gift, and Generation-Skipping Tax Returns and Audits (822 - 2nd)

 

Portfolio Description

Tax Management Portfolio, Estate, Gift, and Generation-Skipping Tax Returns and Audits, No. 822-2nd, is designed as a practical guide to preparation of the Forms 706 and 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 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. Sample filled-in returns for all three taxes appear in the Worksheets.

For additional relevant Tax Management Portfolios, check the "Estates, Gifts, and Trusts Portfolio Classification Guide."

This Portfolio may be cited as Peebles and Janes, 822-2nd T.M., Estate, Gift, and Generation-Skipping Tax Returns and Audits.

Laura H. Peebles, Director, Deloitte & Touche. B.S., Accounting, University of New Orleans (summa cum laude) (1987); Certified Public Accountant, District of Columbia and Louisiana (Elijah Watts Sells Award 1988); Personal Financial Specialist. Member, AICPA and State Society of Louisiana CPAs. Editorial Board, Planned Giving Design Center . Frequent writer and speaker on estate planning and charitable planning topics.

Craig L. Janes, Principal, National Director of Estate, Gift and Trust Services, Deloitte & Touche. B.S., Accounting, Utah State University (summa cum laude, valedictorian) (1985); M.P.A., University of Texas at Austin (1988). Certified Public Accountant, Texas . Member, AICPA. Editorial Board, Estate Planning (WG&L). Frequent writer and speaker on estate and post mortem planning and estate administration topics.