This section of the four-part series will cover the fundamentals of Form 706 and provide numerous examples of how to properly report deductions on the estate tax return, including marital and charitable deductions. Form 706 Series: Part 1: Overview Including Portability Part 2: Reporting Assets Part 3: Reporting Deductions Part 4: GST Schedule R, Form 8971, Payments & Credits
Learning Objectives
• Determine the proper schedule for and reporting of deductions
• Recognize protective and perfected refund claims with estate tax
• Identify potential audit issues relative to deductions on 706
Major Topics
• How to report funeral and administrative expenses on Schedule J and/or L
• How to report debts, mortgages and liens on Schedule K
• Marital deduction and elections, QTIP, Reverse QTIP, QDOT, over-stated marital deductions
• Charitable deduction Schedule O and potential problems
