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This Form 706 will be considered complete and properly prepared if it is prepared in accordance with Regs, Sec.
Estates use Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, to calculate the estate tax liability of a decedent (this article does not address generation-skipping transfer (GST) taxes).
Thus, many estates have not owed this tax, and many executors have not filed a Form 706 federal estate tax return.
A taxpayer must recalculate any remaining applicable exclusion amount by (1) using a Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, an amended Form 709, or a Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return; (2) writing at the top of the form that the return is "filed pursuant to Notice 2017-15"; and (3) attaching a statement supporting the claim and detailing the taxpayer's recalculation.
Form 8971 and Schedule(s) A generally must be filed with the IRS no later than the earlier of 1) the date that is 30 days after the date on which Form 706 or 706-NA is required to be filed (including extensions); or 2) the date that is 30 days after the date that the Form 706 or 706-NA is actually filed.
Even if no estate tax is due upon the death of a first-to-die spouse, the executor of the estate must elect portability by filing an estate tax return on Form 706 within nine months of death.
This return, 1RS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is required only if the value of the decedent's estate assets, plus any lifetime taxable gifts, exceeds the relevant estate tax exemption.
Heretofore, after someone's estate has filed Form 706, which is used to figure the decedent's estate tax, the IRS has sent a closing letter to signal the filing has been accepted and that federal tax liabilities have been satisfied.
First, if the estate plan establishes a trust that uses any portion of a deceased spouse's estate tax credit, then the only way to take advantage of Portability is to file a detailed Form 706 and provide in-depth valuation information on all of the assets going into that trust.
The lifetime gift exemption amount is considered to be an "adjusted taxable gift" and is added back (recapitulated) into the taxable estate amount at death on Line 4 of the Form 706 U.
To this end, the Real Property Deficiency Study should be submitted along with all other information to support Form 706 (Federal Estate Tax Return) FMVs.
The first pages of the estate tax return and instructions for filing Form 706 are reproduced on pages 566-567.