706 Schedules

Home > Preview

The flashcards below were created by user jgblumoff on FreezingBlue Flashcards.


  1. A
    Real Estate

    • TIC only (not joint property)
    • not 2035, 2036, 2037, 2038 property
  2. B
    Stocks and Bonds

    • Not jointly owned property
    • include face amount of bonds, # shares, par value, etc.
  3. C
    Mortgages, Notes and Cash

    not jointly owned (E)
  4. D
    Insurance on Decedent's Life

    - all policies (even if not included in estate)

    - include form 712
  5. E
    Jointly Owned Property
  6. 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)
  7. E - part 2
    All Other Joint Interest (not Tenants in Common)
  8. 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.
  9. G
    Transfers During Decedent's Life

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

    - transfers includable under 2035, 2036, 2037, 2038
  10. H
    Powers of Appointment

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

    - also include hanging powers
  11. I
    Annuities

    ID and value before exclusions

    no exclusions for post-84 deaths
  12. 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)
  13. K
    Debts of Decedent, and Mortgages and Liens

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

    - Mortgages and Liens - ID / amount
  14. 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 -
  15. 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
  16. 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
  17. P
    Credit for Foreign Death Taxes
  18. Q
    Credit for Tax on Prior Transfers

    • P1: Transferor Information
    • P2: Computation of Credit
  19. 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
  20. Schedule R-1
    GSTT - Direct Skips From a Trust Payment Voucher
  21. U
    Qualified Conservation Easement Exclusion

    • P1: Election
    • P2: General Qualification
    • P3: Computation of Exclusion
  22. 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
  23. 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
  24. When 706 Due?
    9 months from death

    6 month extension
  25. 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)
  26. 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%
  27. 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%
  28. 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)
  29. 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!
  30. 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!

Card Set Information

Author:
jgblumoff
ID:
103996
Filename:
706 Schedules
Updated:
2011-10-15 17:41:47
Tags:
706 Schedules
Folders:

Description:
706 Schedules
Show Answers:

Home > Flashcards > Print Preview