Preparing Form 706: Line by Line (Currently Unavailable)
Author: Arthur Joseph Werner
| 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 you with a practical line-by-line understanding of how to prepare a federal estate tax return (Form 706).
Tax compliance issues at death are sometimes confusing to practitioners because many lack experience in this area.
Publication Date: June 2016
Designed For
CPAs, EAs, and Attorneys
Topics Covered
- How to prepare a federal estate tax return (Form 706)
- How to make various elections on a Form 706
- An understanding of the various attachments to the Federal Form 706
- How to avoid common mistakes that cause audit difficulties
- How to properly express valuations of assets
Learning Objectives
- Recognize how to prepare Federal Form 706
- Identify how to properly fill out Part I of Form 706 domicile information
- Recognize what to provide when filling out Part 1, Decedent and Executor Information, on Form 706 when entering information on Line 8-T estate or Intestate Estate
- Differentiate what to exclude when filling out Line 5 in Part 4 of Form 706, where you list the beneficiaries of the estate
- Identify where you would enter information concerning any trusts in existence or created by the decedent at the time of death as an estate representative
- Illustrate where to list funeral and administrative expenses as deductions
- Calculate the tax computation in Part 2 of Form 706 for Line 13
- Recognize the relatively new line in Part I when filling in executor information on Form 706
- Differentiate the due dates for Form 706
- Identify who the executor could elect in various estate situations
- Recognize what applies to the Authorization Statement in Part 4 of Form 706
- Differentiate where to indicate the a decedent who was widowed at the time of death on Part 4 of Form 706
- Describe what applies if a decedent of an estate has a business interest, but lacks a minority interest
- Recognize what would be excluded from an estate if properly set up
- Identify where to list joint community property on Part 5 of Form 706
- Evaluate circumstances where you would likely opt out of portability
- Describe what would be entered on Line 5 when computing the Form 706 tax
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
