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Worksheet Line 7 (Unified Credit Allowable for Prior Periods).

Line 7 Worksheet – Tax on Gifts Made After 1976

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

Period

Taxable

Total

Cumulative

Tax

Tax Based

Tax on

Maximum

Unified Available

Credit

Tax

Gifts for Taxable

Taxable

Based

on 2010

Gifts for

Unified

Credit

Credit in Allowable Payable for

the

Gifts for

Gifts

on 2010

Rates on

Current

Credit

Allowable Current

(Lesser

Current

Prior

Including Rates on Cumulative

Period

Available

in Prior

Period

of Col.

Period

Period Periods

Current

Gifts

(Col. (f) –

for

Periods

(Col. (h)

(g) and

(Col. (g) –

Period.

from

Including

Col. (e))

Current

– Col. (i)) Col. (j))

Col. (k))

(Col. (b) +

Prior

Current

Period

Col. (c))

Periods

Period

(based on

(Col. (c))

(Col. (d))

2010

rates)

Pre-1977

1. Total gift taxes payable on gifts made after 1976 (add all amounts in column (l)).

2. Gift taxes paid by the decedent on gifts that qualify for “special treatment.” Enter the amount from Worksheet

TG, line 2, column e.

3. Subtract line 2 from 1.

4. Gift tax paid by decedent’s spouse on split gift included on Schedule G. Enter amount from Worksheet TG,

line 2, column (f).

5. Add lines 3 and 4. Enter here and on Part 2 — Tax Computation, line 7.

Column (c): Enter amount from column (d) of the previous row.

Column (e): Enter amount from column (f) of the previous row.

Column (h): Enter amount from the Table of Unified Credits. (For each row in column (h), subtract 20 percent of any amount allowed as a specific

exemption for gifts made after September 8, 1976, and before January 1, 1977.)

Column (i): Enter the sum of column (i) and column (k) from the previous row.

Column (b) Enter all taxable gifts.

column (k) from the amount in column

Table of Unified Credits

(as Recalculated for 2010 Rates)

Enter all pre-1977 gifts on the pre-1977

(g) to determine any tax due. Enter

row.

result in column (l).

Period

Unified Credit

Column (c) Enter the amount from

Repeat for each year in which

column (d) of the previous row.

taxable gifts were made.

1977 (Quarters 1 and 2)

$6,000

Column (d) Enter the sum of column

For examples of how to use the Line

1977 (Quarters 3 and 4)

$30,000

(b) and column (c) from the current row.

7 Worksheet, see the examples in the

Column (e) Enter the amount from

1978

$34,000

2010 Instructions for Form 709,

column (f) of the previous row.

schedule B, column C (Unified Credit

1979

$38,000

Column (f) Enter the tax based on the

Allowable for Prior Periods). Add a

amount in column (d) of the current row

column to the right of column (k) to

1980

$42,500

from Table A — Unified Rate Schedule

determine the tax payable for the

1981

$47,000

above.

current period (column (g) minus

Column (g) Subtract the amount in

column (k)).

1982

$62,800

column (e) from the amount in column

1983

$79,300

(f) for the current row.

Column (h) Enter the amount from the

1984

$96,300

Table of Unified Credits (as

recalculated using 2010 rates).

1985

$121,800

Note. The entries in each row of

1986

$155,800

column (h) must be reduced by 20

percent of the amount allowed as a

1987 through 1997

$190,800

specific exemption for gifts made after

1998

$199,550

September 8, 1976, and before

January 1, 1977 (but no more than

1999

$208,300

$6,000).

2000 and 2001

$217,050

Column (i) Enter the sum of column (i)

and column (k) from the previous row.

2002 through 2010

$330,800

Column (j) Subtract the amount in

column (i) from the amount in column

Note. In figuring the line 7 amount, do

(h).

not include any tax paid or payable on

Column (k) Enter the lesser of column

gifts made before 1977. The line 7

(g) and column (j) for the current row.

Column (l) Subtract the amount in

-6-

Part Instructions

Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return - 2011 Page 6

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