This course will enable practitioners to understand the basic practical issues of preparing the gift tax Form 709. This course covers the disclosure requirements and the information necessary to properly prepare the form.
Learning Objectives
- Understand the proper preparation of Form 709
- Identify the differing types of gifts, limits, and information required on Form 709
Major Topics
- Form 709, gift tax reporting, and the effect of the lifetime exclusion
- Present interest versus future interest
- The annual exclusion – what qualifies and how is it calculated
- Situations in which consenting spouses are not required to file Form 709
- Gifts excluded from gift tax reporting
- Adequate disclosure requirements and the statute of limitations
- Proper gift tax reporting of front-end-loaded §529 qualified tuition plans
- The inclusion of up-to-date revised forms and references
- Calculation of unified credit and prior year credit recalculation
- Calculation of additional credit for decedent spousal unused exemption (DSUE)
