Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return - 2011 Page 33
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43Worksheet for Schedule Q—Credit for Tax on Prior Transfers
Transferor’s tax on prior transfers
Part I
Total for all transfers
Transferor (From Schedule Q)
Item
(line 8 only)
A
B
C
1.
Gross value of prior transfer to this transferee
2.
Death taxes payable from prior transfer
3.
Encumbrances allocable to prior transfer
4.
Obligations allocable to prior transfer
Marital deduction applicable to line 1 above,
5.
as shown on transferor’s Form 706
6.
TOTAL. Add lines 2, 3, 4, and 5
7.
Net
value
of
transfers. Subtract
line 6 from line 1
8.
Net value of transfers. Add columns
A, B, and C of line 7
9.
Transferor’s taxable estate
10.
Federal estate tax paid
11.
State death taxes paid
12.
Foreign death taxes paid
13.
Other death taxes paid
14.
TOTAL taxes paid. Add lines 10, 11, 12, and 13
15.
Value of transferor’s estate. Subtract
line 14 from line 9
16.
Net federal estate tax paid on transferor’s
estate
17.
Credit for gift tax paid on transferor’s estate
with respect to pre-1977 gifts (section 2012)
18.
Credit allowed transferor’s estate for tax on
prior transfers from prior transferor(s) who died
within 10 years before death of decedent
19.
Tax on transferor’s estate. Add lines 16, 17, and 18
20.
Transferor’s tax on prior transfers ((line 7
line 15)
line 19 of respective estates)
Part II
Transferee’s tax on prior transfers
Item
Amount
21
21.
Transferee’s actual tax before allowance of credit for prior transfers (see instructions)
22
22.
Total gross estate of transferee from line 1 of the Tax Computation, page 1, Form 706
23
23.
Net value of all transfers from line 8 of this worksheet
24
24.
Transferee’s reduced gross estate. Subtract line 23 from line 22
25.
Total debts and deductions (not including marital and charitable deductions)
(line 3b of Part 2—Tax Computation, page 1 and items 17, 18, and 19 of
25
the Recapitulation, page 3, Form 706)
26.
Marital deduction from item 20, Recapitulation, page 3, Form 706
26
(see instructions)
27
27.
Charitable bequests from item 21, Recapitulation, page 3, Form 706
28
28.
Charitable deduction proportion ( [ line 23
(line 22 – line 25) ]
line 27 )
29
29.
Reduced charitable deduction. Subtract line 28 from line 27
30
30.
Transferee’s deduction as adjusted. Add lines 25, 26, and 29
31(a)
31.
(a) Transferee’s reduced taxable estate. Subtract line 30 from line 24
31(b)
(b) Adjusted taxable gifts
31(c)
(c) Total reduced taxable estate. Add lines 31(a) and 31(b)
32
32.
Tentative tax on reduced taxable estate
33(a)
33.
(a) Post-1976 gift taxes paid
33(b)
(b) Unified credit (applicable credit amount)
33(c)
(c) Section 2012 gift tax credit
33(d)
(d) Section 2014 foreign death tax credit
33(e)
(e) Total credits. Add lines 33(a) through 33(d)
34.
Net tax on reduced taxable estate. Subtract line 33(e) from line 32
34
35.
Transferee’s tax on prior transfers. Subtract line 34 from line 21
35
-33-
Part Instructions
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