Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 14
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41Form 706 (Rev. 8-93)
Instructions for Schedule C.—
2. Promissory notes.—Describe in the same way as
mortgages.
Mortgages, Notes, and Cash
3. Contract by the decedent to sell land.—List: (a)
If the total gross estate contains any mortgages, notes,
the name of the purchaser; (b) date of contract; (c)
or cash, you must complete Schedule C and file it with
description of property; (d) sale price; (e) initial
the return.
payment; (f) amounts of installment payment; (g)
unpaid balance of principal; and (h) interest rate.
On Schedule C list mortgages and notes payable to
the decedent at the time of death. (Mortgages and
4. Cash in possession.—List separately from bank
notes payable by the decedent should be listed (if
deposits.
deductible) on Schedule K.) Also list on Schedule C
5. Cash in banks, savings and loan associations,
cash the decedent had at the date of death.
and other types of financial organizations.—List: (a)
Group the items in the following categories and list
the name and address of each financial organization;
the categories in the following order:
(b) amount in each account; (c) serial number; and (d)
nature of account, indicating whether checking,
1. Mortgages.—List: (a) the face value and unpaid
savings, time deposit, etc. If you obtain statements
balance; (b) date of mortgage; (c) date of maturity; (d)
from the financial organizations, keep them for IRS
name of maker; (e) property mortgaged; and (f) interest
inspection.
dates and rate of interest. For example: bond and
mortgage of $50,000, unpaid balance $24,000; dated
January 1, 1980; John Doe to Richard Roe; premises
22 Clinton Street, Newark, NJ; due January 1, 1993,
interest payable at 10% a year January 1 and July 1.
Schedule C—Page 14
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