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706/709 Preparation and Planning Guide (2008-2009) (Preparation and Planning)

706/709 Preparation and Planning Guide (2008-2009) (Preparation and Planning)

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Today there is an air of uncertainty about federal estate and gift taxes. Changes set into motion by the Economic Growth and Tax Relief Reconciliation Act of 2001 continue to be phased in. At the same time, there have been repeated efforts to win complete repeal of the federal estate tax. There is a continued need to understand the rules for the federal estate and gift tax returns, as many individuals continue to be obligated to file them. While increasing exemption amounts are designed to allow individuals to pass on more of their wealth tax free when they die, many are still subject to estate tax, because they own more property than ever due to a strong housing market, increased participation by workers in qualified retirement plans, and other factors. Additionally, lifetime transfers may be subject to gift tax. Consequently, it remains essential to understand the current rules for when and how to complete returns for estates (Form 706) and for gifts (Form 709). CCH's 706/709 Preparation and Planning Guide presents a fundamental review of the rules for federal estate and gift taxation, and clear guidance on properly preparing Forms 706 and 709. Written by noted tax experts, commentators and educators, Sidney Kess and Barbara Weltman, the Guide's approach is concise and practical. Kess and Weltman provide precise explanation on all the essentials of estate and gift tax return preparation. Legislative and regulatory changes affecting returns, recent IRS rulings and significant court decisions are all reflected and highlighted in place throughout the text in a logical and understandable manner. 706/709 Preparation and Planning Guide's presentation flows logically, line-by-line through the return itself; hits all the high points; and uses simple, straightforward and easy-to-understand language. It's format and organization is easy to use and easy to read, with large type and forms reproduced in place throughout the chapters. Perfect for staff training or personal refresher, it includes sample filled-in forms and schedules that illustrate how real-world tax scenarios flow through onto the forms themselves. 706/709 Preparation and Planning Guide covers these topics: * Filing requirements * Special-use valuation * Reporting of stocks and bonds * Jointly-owned property * Transfers taking effect at death * Retirement plan benefits and IRAs * Deductions for funeral expenses and expenses in administering property subject to claims * Marital deduction * Charitable gifts and bequests * QTIP elections * Credits: unified, foreign, state death taxes and prior transfers * Generation-skipping transfer taxes * Paying estate taxes in installments * Determining whether transfers are subject to gift tax * Completing the gift tax return