Preparing Forms 709: Line by Line

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

Tax compliance issues in the gifting of assets are sometimes confusing to practitioners because many lack experience in this area. This course provides you with a practical understanding of the issues involved in the line-by-line preparation of the federal gift tax return (Form 709)

Publication Date: June 2016

Designed For
CPAs, EAs, and attorneys

Topics Covered

  • Part 1 — General Information
  • Part 2 - Tax Computation
  • Schedule A — Computation of Taxable Gifts
  • Schedule B — Gifts From Prior Periods
  • Schedule C — Deceased Spousal Unused Exclusion (DSUE) Amount
  • Schedule D — Computation of Generation Skipping Transfer Tax

Learning Objectives

  • Identify how to prepare Federal Form 709
  • Recognize examples of a gift for tax purposes
  • Calculate basis in stock
  • Identify what is not considered as a gift for gift tax purposes
  • Recognize the Code Section where incomplete gift falls under
  • Identify the importance of Form 709, Schedule A
  • Recognize which line of Part 2 on Form 709 the total taxable gifts should be entered
  • Identify the gift tax exclusion for 2015
  • Calculate the maximum amount that can be excluded for gift tax purposes if a spouse agrees to the non-donor split
  • Identify the value of a gift inherited which has appreciated in value
  • Recognize the time period for Code Section 2035
  • Recognize where a consenting spouse must place a signature on when a husband and wife consent to a gift split
  • Describe examples of indirect skips
  • Recognize when filling out Form 709 what you would report on Line 11
  • Identify the maximum estate tax rate you would use in your computation of figuring the generation skipping tax on Form 709, Part 3, Schedule D
  • Recognize the computation of the gift tax


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options

Regular Fee$49

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