Preparing Forms 706 and 709: Understanding the Issues (Currently Unavailable)

Author: Arthur Joseph Werner

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.

Publication Date: June 2016

Designed For
CPAs, EAs, and attorneys

Topics Covered

• How to prepare a federal estate tax return (Form 706)
• How to prepare a federal gift tax return (Form 709)
• Preparing the decedent's final federal income tax return (Form 1040)
• Postmortem estate planning issues

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
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None