Instructions For Form 709 - 2007 (Page 12 of 12) in pdf

administering their tax laws. We may also

Table for Computing Gift Tax

disclose this information to other

countries under a tax treaty, to federal

Column A

Column B

Column C

Column D

and state agencies to enforce federal

nontax criminal laws, or to federal law

Rate of tax

enforcement and intelligence agencies to

Taxable

Tax on

on excess

combat terrorism.

amount

amount in

over amount

We may disclose the information on

over

not over —

Column A

in Column A

your Form 709 to the Department of the

- - - - -

$10,000

- - - - -

18%

Treasury and contractors for tax

$10,000

20,000

$1,800

20%

administration purposes; and to other

persons as necessary to obtain

20,000

40,000

3,800

22%

information which we cannot get in any

40,000

60,000

8,200

24%

other way for purposes of determining the

60,000

80,000

13,000

26%

amount of or to collect the tax you owe.

We may disclose the information on your

80,000

100,000

18,200

28%

Form 709 to the Comptroller General to

100,000

150,000

23,800

30%

review the Internal Revenue Service. We

150,000

250,000

38,800

32%

may also disclose the information on your

250,000

500,000

70,800

34%

Form 709 to Committees of Congress;

500,000

750,000

155,800

37%

federal, state and local child support

agencies; and to other federal agencies

750,000

1,000,000

248,300

39%

for the purpose of determining entitlement

1,000,000

1,250,000

345,800

41%

for benefits or the eligibility for, and the

1,250,000

1,500,000

448,300

43%

repayment of, loans.

1,500,000

2,000,000

555,800

45%

If you are required to but do not file a

2,000,000

- - - - - - -

780,800

45%

Form 709, or do not provide the

information requested on the form, or

corporation to prepare your return, that

regard to extensions) for filing your 2008

provide fraudulent information, you may

person must also sign the return as

Form 709. This is April 15, 2009, for most

be charged penalties and be subject to

preparer unless he or she is your regular

filers. If you wish to revoke the

criminal prosecution.

full-time employee.

authorization before it ends, see Pub.

You are not required to provide the

947.

Third-party designee. If you want to

information requested on a form that is

allow the return preparer (listed on the

subject to the Paperwork Reduction Act

Disclosure, Privacy Act, and

bottom of page 1 of Form 709, if

unless the form displays a valid OMB

Paperwork Reduction Act Notice. We

applicable) to discuss your 2007 Form

control number. Books or records relating

ask for the information on this form to

709 with the IRS, check the “Yes” box to

to a form or its instructions must be

carry out the Internal Revenue laws of the

the far right of your signature on page 1 of

retained as long as their contents may

United States. We need the information to

your return.

become material in the administration of

figure and collect the right amount of tax.

any Internal Revenue law.

If you check the “Yes” box, you (and

Form 709 is used to report (1) transfers

your spouse, if splitting gifts) are

The time needed to complete and file

subject to the federal gift and certain GST

authorizing the IRS to call your return

this form will vary depending on individual

taxes and to figure the tax, if any, due on

preparer to answer questions that may

circumstances. The estimated average

those transfers, and (2) allocation of the

arise during the processing of your return.

time is:

lifetime GST exemption to property

You are also authorizing the return

transferred during the transferor’s lifetime.

Recordkeeping . . . . . . . . . .

52 min.

preparer of your 2007 Form 709 to:

Our legal right to ask for the

•

Give the IRS any information that is

Learning about the law or the

information requested on this form is

form . . . . . . . . . . . . . . . . . . 1 hr., 53 min.

missing from your return,

sections 6001, 6011, 6019, and 6061,

•

Call the IRS for information about the

Preparing the form . . . . . . . . 1 hr., 58 min.

and their regulations. You are required to

processing of your return or the status of

provide the information requested on this

Copying, assembling, and

your payment(s),

form. Section 6109 requires that you

•

sending the form to the IRS

1 hr., 3 min.

Receive copies of notices or transcripts

provide your social security number; this

related to your return, upon request, and

If you have comments concerning the

is so we know who you are, and can

•

Respond to certain IRS notices about

accuracy of these time estimates or

process your Form 709.

math errors, offsets, and return

suggestions for making this form simpler,

Generally, tax returns and return

preparation.

we would be happy to hear from you. You

information are confidential, as stated in

You are not authorizing your return

can write to the Internal Revenue Service,

section 6103. However, section 6103

preparer to receive any refund check, to

Tax Products Coordinating Committee,

allows or requires the Internal Revenue

bind you to anything (including any

SE:W:CAR:MP:T:T:SP, 1111 Constitution

Service to disclose or give such

additional tax liability), or otherwise

Ave. NW, IR-6526, Washington, DC

information shown on your Form 709 to

represent you before the IRS. If you want

20224. Do not send the tax form to this

the Department of Justice to enforce the

to expand the authorization of your return

office. Instead, see Where To File on

tax laws, both civil and criminal, and to

preparer, see Pub. 947, Practice Before

page 4.

cities, states, the District of Columbia,

the IRS and Power of Attorney.

U.S. commonwealths or possessions, and

The authorization will automatically

certain foreign governments for use in

end no later than the due date (without

-12-

Instructions For Form 709 - 2007 Page 12

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