Form 706 is a very difficult and misunderstood tax return that tax professionals prepare. In this problem-solving self-study webinar based on true-to-life scenarios, you will:
- Discover the best techniques for preparing Form 706 (Federal Estate Tax Return)
- Be given the necessary information to prepare estate returns
- Receive an individual breakdown for each type of specific schedule
To provide preparers with a working knowledge of applicable tax laws and the hands-on ability to prepare complete and accurate estate tax returns.
- Estate tax computation
- Filing deadline
- Expansion and reunification of the applicable credit/exemption equivalent
- Valuation of estate assets
- Information needed to prepare the estate returns
- Calculation of gross estate
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Schedules
– Schedule A—Real Estate
– Schedule B—Stocks & Bonds
– Schedule C—Mortgages, Notes & Cash
– Schedule D—Life Insurance
– Schedule E—Jointly Owned Property
– Schedule F—Miscellaneous
– Schedule G—Transfers During Decedent's Life
– Schedule H—Powers of Appointment
– Schedule I—Annuities
– Schedule J—Funeral & Administrative Expenses
– Schedule K—Debts of Decedent
– Schedule L—Losses & Non-Claim Expenses
– Schedule M—Marriage Deduction
– Schedule O—Charitable Bequests
• Recognize the filing threshold for the estate tax return
• Recognize the due date for the filing of the estate tax return
• Identify the reason why a decedent’s lifetime adjusted taxable gifts are included in the estate tax calculation
• Identify the requirements for the decedent’s spouse to utilize portability
• Recognize the post 2025 exemption equivalent absent additional legislation
• Identify the date of the “alternate valuation date”
• Identify the reason behind the use of the alternative valuation date in valuing the gross estate
• Identify when the special use valuation rules can be applied
• Identify how real estate is generally valued on the estate tax return
• Identify the rules for valuing closely-held stock
• Recognize when the value of a life insurance policy on a decedent’s life is includible in the decedent’s gross estate
• Recognize the proper placement of a decedent’s assets on the Form 706 Schedules
• Identify how to report the value of joint interests on a decedent’s estate tax return
• Identify the gross estate inclusion rules of Sections 2035 through 2038
• Recognize which types of expenses are properly reported as debts of the decedent on the estate tax return