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Estate Tax Return (Form 706)
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 6 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: April, 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Estate Tax Return (Form 706)
Learning Objectives 1
Estate Tax
Filing the Return
Paying the Tax
Installment Payments
Holding Company Stock
Interest on Underpaid Tax
Lesson 2 - Gross Estate
Learning Objectives 2
Property Owned by the Decedent
Dower and Curtesy Interests
Transfers with Retained Life Estate
Revocable Transfers
Transfers Before Death
Annuities
Joint Interests
Powers of Appointment
Proceeds of Life Insurance
Qualified Terminable Interest Property
Lesson 3 - Valuation
Learning Objectives 3
Valuation of Decedent's Property
Alternate Valuation
Special-Use Valuation
Qualified Real Property
Material Participation
Special-Use Valuation Methods
Dispositions and Failures to Use for Qualified Use
Election of Special Valuation
Lesson 4 - Administration Expenses, Funeral Expenses, Claims
Learning Objectives 4
The Taxable Estate
Administration Expenses
Funeral Expenses
Claims Against the Estate
Other Indebtedness
Income Tax vs. Estate Tax Deduction
Casualty or Theft Losses
Lesson 5 - Marital Deduction
Learning Objectives 5
The Marital Deduction
Terminable Interests
Other Nondeductible Terminable Interests
Income Interest With Power of Appointment
Life Insurance With Power of Appointment
Limitation on Marital Deduction
Restriction on Deduction for Alien Spouses
Deduction Reduced by Death Taxes
Lesson 6 - Charitable Deduction
Learning Objectives 6
The Charitable Deduction
Transfers Subject to a Condition or Power
Disclaimers
Payment of Death Taxes
Partial Interests
Lesson 7 - Estate Tax
Learning Objectives 7
The Gross Estate Tax
Credits Against the Tax
Recovery of Taxes Claimed as Credits
Eliminating Estate Tax
Lesson 8 - Miscellaneous Provisions
Learning Objectives 8
Executors and Administrators
Estate Tax Lien
Special Lien
Stock Redemptions to Pay Death Taxes
Reimbursement of Estate Tax
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify if an estate tax return (Form 706) must be filed
- Identify when the estate tax return (Form 706) must be filed
- Identify the requirements for paying part of the estate tax in installment payments
After completing Lesson 2, you will be able to:
- Figure the gross value of an estate
- Identify which property is included in the gross estate
- Determine the rules of powers of appointment
After completing Lesson 3, you will be able to:
- Identify the requirements for valuing a decedent's property
- Determine when the alternate valuation can be used
- Figure the gross value of the estate when the alternate valuation date is elected for the estate's property
- Define a valuation understatement of the estate's property
After completing Lesson 4, you will be able to:
- Identify items that are deductible from the gross estate
- Identify the executor's options when filing the estate tax return the exact amount of a deductible item is not known
After completing Lesson 5, you will be able to:
- Define the marital deduction
- Identify examples of terminable interests
After completing Lesson 6, you will be able to:
- Define the charitable deduction
After completing Lesson 7, you will be able to:
- Identify the allowable deductions in determining the taxable estate
- Determine the applicable credit amount
- Identify what the unified credit applies to
- Identify the time period the IRS must be notified by if any any amount of taxes claimed as credit for foreign death taxes is refunded
- Identify the credits against gross estate tax
After completing Lesson 8, you will be able to:
- Identify responsible persons for paying the estate tax liability