Form 706 (Draft) - United States Estate (And Generation-Skipping Transfer) Tax Return - 2016 Page 17
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55Line 7. Section 2044 Property
Complete and attach Form 2848 if
indirectly (for example, as beneficiary of
you would like to authorize:
an annuity or insurance policy,
If you answered “Yes,” these assets
shareholder of a corporation, or partner
Persons other than attorneys,
must be shown on Schedule F.
of a partnership that is an heir, etc.).
accountants, or enrolled agents to
Section 2044 property is property for
represent the estate, or
Identifying number. Enter the SSN of
which a previous section 2056(b)(7)
More than one person to receive
each individual beneficiary listed. If the
election (QTIP election) has been made,
confidential information or represent the
number is unknown, or the individual
or for which a similar gift tax election
estate, or
has no number, please indicate
DRAFT AS OF
(section 2523) has been made. For
Someone to sign agreements,
“unknown” or “none.” For trusts and
more information, see the instructions
consents, waivers or other documents
other estates, enter the Employer
for Schedule F, later.
for the estate.
Identification Number (EIN).
Filing a completed Form 2848 with this
Line 9. Insurance Not Included
Relationship. For each individual
return may expedite processing of the
in the Gross Estate
beneficiary, enter the relationship (if
Form 706.
June 16, 2016
known) to the decedent by reason of
If you answered “Yes,” to either line 9a
blood, marriage, or adoption. For trust
If you wish only to authorize
or 9b, for each policy you must
or estate beneficiaries, indicate
someone to inspect and/or receive
complete and attach Schedule D, Form
“TRUST” or “ESTATE.”
confidential tax information (but not to
712, and an explanation of why the
represent you before the IRS), complete
policy or its proceeds are not includible
Amount. Enter the amount actually
and file Form 8821.
in the gross estate.
distributed (or to be distributed) to each
Line 3
beneficiary including transfers during
Line 11. Partnership Interests
the decedent's life from Schedule G
and Stock in Close
Enter the marital status of the decedent
required to be included in the gross
at the time of death by checking the
Corporations
estate. The value to be entered need
appropriate box on line 3a. If the
If you answered “Yes,” on line 11a, you
not be exact. A reasonable estimate is
decedent was married at the time of
must include full details for partnerships
sufficient. For example, where precise
death, complete line 4. If the decedent
(including family limited partnerships),
values cannot readily be determined, as
had one or more prior marriages,
unincorporated businesses, and limited
with certain future interests, a
complete line 3b by providing the name
liability companies on Schedule F
reasonable approximation should be
and SSN of each former spouse, the
(Schedule E if the partnership interest is
entered. The total of these distributions
date(s) the marriage ended, and specify
jointly owned). Also include full details
should approximate the amount of gross
whether the marriage ended by
for fractional interests in real estate on
estate reduced by funeral and
annulment, divorce decree, or death of
Schedule A and for stock of inactive or
administrative expenses, debts and
spouse. If the prior marriage ended in
close corporations on Schedule B.
mortgages, bequests to surviving
death and the predeceased spouse
spouse, charitable bequests, and any
died after December 31, 2010,
Value these interests using the rules
federal and state estate and GST taxes
complete Part 6 — Portability of
of Regulations section 20.2031-2
paid (or payable) relating to the benefits
Deceased Spousal Unused Exclusion,
(stocks) or 20.2031-3 (other business
received by the beneficiaries listed on
Section D if the estate of the
interests).
lines 4 and 5.
predeceased spouse elected to allow
A close corporation is a corporation
All distributions of less than $5,000 to
the decedent to use any unused
whose shares are owned by a limited
specific beneficiaries may be included
exclusion amount. For more
number of shareholders. Often, one
with distributions to unascertainable
information, see section 2010(c)(4) and
family holds the entire stock issue. As a
beneficiaries on the line provided.
related regulations.
result, little, if any, trading of the stock
Line 6. Protective Claim for
Line 4
takes place. There is, therefore, no
Refund
established market for the stock, and
Complete line 4 whether or not there is a
those sales that do occur are at irregular
surviving spouse and whether or not the
If you answered “Yes,” complete
intervals and seldom reflect all the
surviving spouse received any benefits
Schedule PC for each claim. Two
elements of a representative transaction
from the estate. If there was no surviving
copies of each Schedule PC must be
as defined by FMV.
spouse on the date of decedent's death,
filed with the return.
enter “None” in line 4a and leave lines
Line 13. Trusts
A protective claim for refund may be
4b and 4c blank. The value entered in
filed when there is an unresolved claim
If you answered “Yes,” on either line 13a
line 4c need not be exact. See the
or expense that will not be deductible
or line 13b, attach a copy of the trust
instructions for “Amount” under line 5
under section 2053 before the
instrument for each trust.
later.
expiration of the period of limitation
Complete Schedule G if you
under section 6511(a). To preserve the
Note. Do not include any DSUE
answered “Yes,” on line 13a and
estate's right to a refund once the claim
amount transferred to the surviving
Schedule F if you answered “Yes,” on
or expense has been finally determined,
spouse in the total entered on line 4c.
line 13b.
the protective claim must be filed before
Line 5
the end of the limitations period. For
Line 15. Foreign Accounts
more information on how to file a
Name. Enter the name of each
Check “Yes,” on line 15 if the decedent
protective claim for refund with this
individual, trust, or estate that received
at the time of death had an interest in or
Form 706, see the instructions for
(or will receive) benefits of $5,000 or
signature or other authority over a
Schedule PC, later.
more from the estate directly as an heir,
financial account in a foreign country,
next-of-kin, devisee, or legatee; or
such as a bank account, securities
-16-
Part Instructions
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