706 Schedules.txt

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Author:
nikizalez
ID:
110648
Filename:
706 Schedules.txt
Updated:
2011-10-20 16:54:34
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706
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Description:
706
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  1. A
    Real Estate
  2. TIC only (not joint property)
    not 2035, 2036, 2037, 2038 property
  3. B
    Stocks and Bonds

    • Not jointly owned property
    • include face amount of bonds, # shares, par value, etc.
  4. C
    Mortgages, Notes and Cash
  5. not jointly owned (E)
  6. D
    Insurance on Decedent's Life
  7. - all policies (even if not included in estate)
  8. - include form 712
  9. E
    Jointly Owned Property
  10. E - Part 1
    Qualified Joint Interests (Interests held by Decedent and Spouse as the only joint tenants)
  11. JT w ROS (and no other party) or
  12. Tenants by Entirety (not TiC)
  13. E - part 2
    All Other Joint Interest (not Tenants in Common)
  14. F
    Other Misc. Property Not Reportable Under any Other Schedules
  15. - 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.
  16. G
    Transfers During Decedent's Life
  17. - gift tax paid or payable for gifts w/in 3 yrs
  18. - transfers includable under 2035, 2036, 2037, 2038
  19. H
    Powers of Appointment
  20. - Include 5&5 lapsing powers (any GPOA which lapses in excess of 5% or $5k)
  21. - also include hanging powers
  22. I
    Annuities
  23. ID and value before exclusions
  24. no exclusions for post-84 deaths
  25. J
    Funeral Expenses and Expenses Incurred in Administering Property Subject to Claims
  26. A. Funeral
    B. exec, attorney, CPA, misc. (if not claimed on income tax return)
  27. K
    Debts of Decedent, and Mortgages and Liens
  28. - Debts: ID / amount outstanding / amount claimed as deduction
  29. - Mortgages and Liens - ID / amount
  30. 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 -
  31. M
    Bequests to Surviving Spouse
  32. List QTIP property
    List All other property
  33. - any property as result of disclaimer (include copy)
  34. - country SS born / citizenship
  35. - below - estate, GST and other taxes paid out of M property, then Net
  36. O
    Charitable, Public, and Similar Gifts and Bequests
  37. - any contest/interpretation pending/expected
    - pass as result of disclaimer? (yes, attach copy)
  38. below - tax paid out of, then Net
  39. P
    Credit for Foreign Death Taxes
  40. Q
    Credit for Tax on Prior Transfers
  41. P1: Transferor Information
    P2: Computation of Credit
  42. R
    Generation-Skipping Transfer Tax
  43. P1: Reconciliation
  44. P2: Direct Skip where property transferred bear the GST Tax
  45. P3: Direct Skip where property transferred does not bear the GST Tax
  46. Schedule R-1
    GSTT - Direct Skips From a Trust Payment Voucher
  47. U
    Qualified Conservation Easement Exclusion
  48. P1: Election
    • P2: General Qualification
    • P3: Computation of Exclusion
  49. 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
  50. 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
  51. When 706 Due?
    9 months from death

    6 month extension
  52. 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)
  53. Estate Tax Rates
    1. 2008 2 million 780,800 -- 45%
  54. 2. 2009 3.5 million 1,455,800 -- 45%
  55. 2. 2010 5 million 1,730,800 (or elect out) - 35%
  56. 3. 2011 5 million 1,730,800 -- 35%
  57. Gift Tax Rates
    1. 2008 1 million 345,800 -- 45%
  58. 2. 2009 1 million 345,800 -- 45%
  59. 2. 2010 1 million 330,800 -- 35%
  60. 3. 2011 5 million 1,730,800 -- 35%
  61. 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)
  62. Calculation of Gift Tax in 2010
    Gift: $155,800 + .35 x amount over $500k
  63. then subtract out $33,800 (unified credit), which is tax on $1 million gift!
  64. 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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