Objective
- Understand how to file a simple gift tax return
Highlights
- Taxpayers who do not file gift tax returns but should
- The annual exclusion rules for gifts to trusts including required Crummey notices
- What should be disclosed on the return for purposes of running the statute of limitations
- The reporting of installment sales and split-interest
- Valuations and valuation discounts for gifts of closely held businesses
- The utilization of Generation Skipping Transfer Tax and the related automatic allocation rules
- Reporting the use of a deceased spouse’s unused exclusion exemption amount (DSUEA)
- A line-by-line explanation of Form 709
Designed For
Any tax practitioner who wishes to understand how to assist clients with filing a federal gift tax returnPrerequisite
Basic understanding federal income and transfer taxesAdvanced Preparation
None