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administrative expenses, debts and

number of shareholders. Often, one

Schedules A, B, and C if the gross

mortgages, bequests to surviving

family holds the entire stock issue. As a

estate includes any (1) Real Estate, (2)

spouse, charitable bequests, and any

result, little, if any, trading of the stock

Stocks and Bonds, or (3) Mortgages,

federal and state estate and GST taxes

takes place. There is, therefore, no

Notes, and Cash, respectively;

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paid (or payable) relating to the benefits

established market for the stock, and

Schedule D if the gross estate

received by the beneficiaries listed on

those sales that do occur are at

includes any life insurance or if you

lines 4 and 5.

irregular intervals and seldom reflect all

answered “Yes” to question 8a of Part

the elements of a representative

4 — General Information;

All distributions of less than $5,000

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transaction as defined by FMV.

Schedule E if the gross estate

to specific beneficiaries may be

contains any jointly owned property or if

included with distributions to

Line 12. Trusts

you answered “Yes” to question 9 of

unascertainable beneficiaries on the

Part 4;

If you answered “Yes” on either line

line provided.

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Schedule G if the decedent made

12a or line 12b, you must attach a copy

Line 6. Section 2044 Property

any of the lifetime transfers to be listed

of the trust instrument for each trust.

on that schedule or if you answered

If you answered “Yes,” these assets

You must complete Schedule G if

“Yes” to question 11 or 12a of Part 4;

must be shown on Schedule F.

you answered “Yes” on line 12a and

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Schedule H if you answered “Yes” to

Schedule F if you answered “Yes” on

Section 2044 property is property for

question 13 of Part 4; and

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line 12b.

which a previous section 2056(b)(7)

Schedule I if you answered “Yes” to

election (QTIP election) has been

question 15 of Part 4.

Line 14. Foreign Accounts

made, or for which a similar gift tax

Exclusion

election (section 2523) has been made.

Check “Yes” on line 14 if the decedent

For more information, see the

at the time of death had an interest in

Item 11. Conservation easement

instructions for Schedule F, below.

or signature or other authority over a

exclusion. You must complete and

financial account in a foreign country,

attach Schedule U (along with any

Line 8. Insurance Not

such as a bank account, securities

required attachments) to claim the

Included in the Gross Estate

account, an offshore trust, or other

exclusion on this line.

financial account.

If you answered “Yes” to either 8a or

Deductions

8b, for each policy you must complete

and attach Schedule D, Form 712, and

Items 13 through 21. You must

Part 5—Recapitulation

an explanation of why the policy or its

attach the appropriate schedules for the

proceeds are not includible in the gross

deductions you claim.

estate.

Gross Estate

Item 17. If item 16 is less than or

equal to the value (at the time of the

Line 10. Partnership

Items 1 through 10. You must make

decedent’s death) of the property

Interests and Stock in Close

an entry in each of items 1 through 9.

subject to claims, enter the amount

Corporations

If the gross estate does not contain

from item 16 on item 17.

any assets of the type specified by a

If you answered “Yes” on line 10a, you

If the amount on item 16 is more

given item, enter zero for that item.

must include full details for partnerships

than the value of the property subject to

Entering zero for any of items 1 through

(including family limited partnerships),

claims, enter the greater of:

9 is a statement by the executor, made

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unincorporated businesses, and limited

The value of the property subject to

under penalties of perjury, that the

liability companies on Schedule F

claims or

gross estate does not contain any

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(Schedule E if the partnership interest

The amount actually paid at the time

includible assets covered by that item.

is jointly owned). You must also include

the return is filed.

full details for fractional interests in real

Do not enter any amounts in the

In no event should you enter more

estate on Schedule A, and full details

“Alternate value” column unless you

on item 17 than the amount on item 16.

for stock of inactive or close

elected alternate valuation on line 1 of

See section 2053 and the related

corporations on Schedule B.

Part 3 — Elections by the Executor on

regulations for more information.

page 2 of the Form 706.

Value these interests using the rules

Schedule A—Real Estate

of Regulations section 20.2031-2

Which schedules to attach for items

(stocks) or 20.2031-3 (other business

1 through 9. You must attach:

If the total gross estate contains any

interests).

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Schedule F to the return and answer

real estate, you must complete

A close corporation is a corporation

its questions even if you report no

Schedule A and file it with the return.

whose shares are owned by a limited

assets on it;

On Schedule A, list real estate the

Schedule A Examples

In this example, alternate valuation is not adopted; the date of death is January 1, 2010.

Item

Description

Alternate

Value at

Number

Valuation

Value

date of

Date

death

House and lot, 1921 William Street, NW, Washington, DC (lot 6, square 481). Rent of

$550,000

$8,100 due at the end of each quarter, February 1, May 1, August 1, and November 1.

Value based on appraisal, copy of which is attached . . . . . . . . . . . . . . . . . . . . . . . . . .

Rent due on item 1 for quarter ending November 1, 2009, but not collected at date of

8,100

death . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rent accrued on Item 1 for November and December 2009 . . . . . . . . . . . . . . . . . . . . .

5,400

House and lot, 304 Jefferson Street, Alexandria, VA (lot 18, square 40). Rent of $1,800

375,000

payable monthly. Value based on appraisal, copy of which is attached . . . . . . . . . . . . .

Rent due on Item 2 for December 2009, but not collected at death . . . . . . . . . . . . . . . .

1,800

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Part Instructions

Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return - 2011 Page 13

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