Form 706 Preparation Part 4: GST Schedule R, Form 8971, Payments & Credits 2024

Overview

This 4-part series covers the fundamentals of Form 706. In this final course, we will cover GST allocations on Schedule R, Foreign Death Tax credit, Prior Transfer credit, Qualified Conservation Easements and making the 6166 election for estate tax payment or considering a Graegin or other loan to pay the estate tax. Illustrations of attachments and/or narrative examples for Schedule R will be provided.

Highlights

• Generation-Skipping Transfer Tax, Schedule R, including election statements and integration with the marital deduction
• Foreign Death Tax Credit, Schedule P and Prior Transfer Credit, Schedule Q
• Qualified Conservation Easements, Schedule U
• Making Sec. 6166 election and using Graegin loans

Prerequisites

Completion of Form 706 Preparation Parts 1-3.

Designed For

CPAs, attorneys, bankers, enrolled agents and professional staff.

Objectives

• Determine the proper reporting for Schedules P-R
• Recognize the usefulness of the 6166 election in providing liquidity for estate tax payments
• Identify terms and provisions in will and living trusts that impact GST exemption allocations

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).