Form 706 (Draft) - United States Estate (And Generation-Skipping Transfer) Tax Return - 2016 Page 8
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55Worksheet TG and Line 4 Worksheet
Worksheet TG— Taxable Gifts Reconciliation
(To be used for lines 4 and 7 of the Tax Computation)
Note. For the de nition of a taxable gift, see section 2503. Follow Form 709. That
a.
b.
is, include only the decedent’s one-half of split gifts, whether the gifts were made
by the decedent or the decedent’s spouse. In addition to gifts reported on Form
Calendar year or
Total taxable gifts for
709, you must include any taxable gifts in excess of the annual exclusion that
calendar quarter
period (see Note)
were not reported on Form 709.
DRAFT AS OF
c.
d.
e.
f.
Taxable amount
Taxable amount
included in col. b for
Gift tax paid by
Gift tax paid by
included in col. b
gifts that qualify for
decedent on gifts
decedent’s spouse on
for gifts included
“special treatment of
in col. d
gifts in col. c
in the gross estate
split gifts” described
Total taxable gifts
1.
below
made before 1977
June 16, 2016
2.
Totals for gifts made after 1976
Line 4 Worksheet—Adjusted Taxable Gifts Made After 1976
1
Taxable gifts made after 1976. Enter the amount from Worksheet TG, line 2, column b
1.
Taxable gifts made after 1976 reportable on Schedule G. Enter the amount
2.
2
from Worksheet TG, line 2, column c
Taxable gifts made after 1976 that qualify for “special treatment.” Enter the
3.
3
amount from Worksheet TG, line 2, column d
4
Add lines 2 and 3
4.
Adjusted taxable gifts. Subtract line 4 from line 1. Enter here and on Part 2—Tax Computation,
5.
line 4
5
Schedule C on the Form 709 filed for
Row (p). Subtract the amount in Row
How to complete line 7 worksheet.
the year listed in Row (a) for the amount
(o) from the amount in Row (f) for the
Row (a). Beginning with the earliest
to be entered in this row.
current column.
year in which the taxable gifts were
Row (i). Enter the applicable amount
Row (q). Enter the Cumulative Taxable
made, enter the tax period of prior gifts.
from the Table of Basic Exclusion
Gift amount based on the amount in
If you filed returns for gifts made after
Amounts.
Row (p) using the Taxable Gift Amount
1981, enter the calendar year in Row (a)
Row (j). Enter the sum of Rows (h) and
Table.
as (YYYY). If you filed returns for gifts
Row (i).
Row (r). If Row (o) is greater than zero
made after 1976 and before 1982, enter
Row (k). Calculate the applicable credit
in the applicable period, subtract Row
the calendar quarters in Row (a) as
on the amount in Row (j) using Table
(q) from Row (d). If Row (o) is not
(YYYY-Q).
A — Unified Rate Schedule, and enter
greater than zero, enter -0-.
Row (b). Enter all taxable gifts made in
here.
Repeat for each year in which
the specified year. Enter all pre-1977
Note. The entries in each column of
taxable gifts were made.
gifts on the pre-1977 column.
Row (k) must be reduced by 20 percent
Row (c). Enter the amount from Row
Remember to submit a copy of
of the amount allowed as a specific
(d) of the previous column.
the Line 7 Worksheet when you
!
exemption for gifts made after
Row (d). Enter the sum of Row (b) and
file Form 706. If additional
September 8, 1976, and before January
CAUTION
Row (c) from the current column.
space is needed to report prior gifts,
1, 1977 (but no more than $6,000).
Row (e). Enter the amount from Row (f)
please attach additional sheets.
Row (l). Add the amounts in Row (l)
of the previous column.
and Row (n) from the previous column.
Row (f). Enter the tax based on the
Row (m). Subtract the amount in Row
amount in Row (d) of the current column
(l) from the amount in Row (k) to
using Table A — Unified Rate Schedule,
determine the amount of any available
earlier.
credit. Enter result in Row (m).
Row (g). Subtract the amount in Row
Row (n). Enter the lesser of the
(e) from the amount in Row (f) for the
amounts in Row (g) or Row (m).
current column.
Row (o). Subtract the amount in Row
Row (h). Complete this row only if a
(n) from the amount in Row (g) for the
DSUE amount was received from
current column.
predeceased spouse(s) and was
applied to lifetime gifts. See line 2 of
Part Instructions
-7-
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