Preparing Forms 706 and 709: Understanding the Issues

Author: Arthur Joseph Werner

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC
2 hours Federal Tax Related for EAs and OTRPs

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)


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options

Regular Fee$49

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