Preparing Forms 706 and 709: Understanding the Issues (Completed)

Date: Friday, June 30, 2017
Instructor: Arthur Joseph Werner
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course provides practical understanding of the issues involved in preparing the federal estate tax return, Form 706; the federal gift tax return, Form 709; and the decedent's final federal income tax return, Form 1040.

As our “thank you for attending” gift, firms registered for this webinar will receive a complimentary issue of Wolter Kluwer’s Top Federal Tax Issues for 2017 in electronic format.

Who Should Attend
CPAs, EAs, and attorneys.

Topics Covered

  • IRC Section 2031-2056
  • Estate Tax Calculation
  • Determine the "Gross Estate"
  • Determine the "Tentative Taxable Estate"
  • Determine the "Adjusted Taxable Estate"
  • Determine the "Taxable Estate"
  • Calculate the Tax on the Taxable Estate
  • Calculate "Net Federal Estate Tax Payable" (The Tax Credits)
  • Estate & Gift Tax Rate History

Learning Objectives

  • Illustrate the preparation of Forms 706, 709, and 1040
  • Identify value of assets for a client who had no other elections made
  • Recognize the three-year "look back rule" and how it applies to client cases
  • Describe when IRC §2038 would apply
  • Identify how much of a donation deduction would be allowed to an estate under IRC §2055
  • Differentiate which Internal Revenue Codes would allow a dollar-to-dollar deduction on the federal return for paying estate taxes in a state, as an executor/executrix of an estate
  • Differentiate executor/executrix cases where federal estate tax would need to be paid
  • Recognize land valued in an estate after death under IRC §2031
  • Identify elections of Alternative Valuation Date (AVD) under IRC §2031
  • Recognize cases of estate beneficiaries under IRC §2034
  • Differentiate the code which would allow you to avoid a descendant willing inherited assets to someone else, requiring the assets go back into the estate if your descendant predecease you
  • Describe what would transpire under IRC §2039 in a case where a decedent has an IRA with survivor benefits
  • Identify the percentage of property value belonging to an estate
  • Recognize what occurs in a trust for a spouse where the remainder goes to whoever the spouse chooses under IRC §2041
  • Identify how much debt that is deductible when filing Form 706
  • Describe circumstances where you could set up a QTIP (Qualified Terminable Interest Trust)

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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