Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 18
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41Form 706 (Rev. 8-93)
Instructions for Schedule E.—Jointly
Part 2.—Other joint interests.—All joint interests that
were not entered in Part 1 must be entered in Part 2.
Owned Property
For each item of property, enter the appropriate
You must complete Schedule E and file it with the
letter A, B, C, etc., from line 2a to indicate the name
return if the decedent owned any joint property at the
and address of the surviving co-tenant.
time of death, whether or not the decedent’s interest is
Under “Description,” describe the property as
includible in the gross estate.
required in the instructions for Schedules A, B, C, and
Enter on this schedule all property of whatever kind
F for the type of property involved.
or character, whether real estate, personal property, or
In the “Percentage includible” column, enter the
bank accounts, in which the decedent held at the time
percentage of the total value of the property that you
of death an interest either as a joint tenant with right to
survivorship or as a tenant by the entirety.
intend to include in the gross estate.
Generally, you must include the full value of the
Do not list on this schedule property that the
decedent held as a tenant in common, but report the
jointly owned property in the gross estate. However,
value of the interest on Schedule A if real estate, or on
the full value should not be included if you can show
that a part of the property originally belonged to the
the appropriate schedule if personal property. Similarly,
other tenant or tenants and was never received or
community property held by the decedent and spouse
acquired by the other tenant or tenants from the
should be reported on the appropriate Schedules A
decedent for less than adequate and full consideration
through I. The decedent’s interest in a partnership
in money or money’s worth, or unless you can show
should not be entered on this schedule unless the
that any part of the property was acquired with
partnership interest itself is jointly owned. Solely
consideration originally belonging to the surviving joint
owned partnership interests should be reported on
Schedule F, “Other Miscellaneous Property.”
tenant or tenants. In this case, you may exclude from
the value of the property an amount proportionate to
Part 1.—Qualified joint interests held by decedent
the consideration furnished by the other tenant or
and spouse.—Under section 2040(b)(2), a joint interest
tenants. Relinquishing or promising to relinquish dower,
is a qualified joint interest if the decedent and the
curtesy, or statutory estate created instead of dower or
surviving spouse held the interest as:
curtesy, or other marital rights in the decedent’s
Tenants by the entirety, or
property or estate is not consideration in money or
Joint tenants with right of survivorship if the
money’s worth. See the Schedule A instructions for the
decedent and the decedent’s spouse are the only
value to show for real property that is subject to a
joint tenants.
mortgage.
Interests that meet either of the two requirements
If the property was acquired by the decedent and
above should be entered in Part 1. Joint interests that
another person or persons by gift, bequest, devise, or
do not meet either of the two requirements above
inheritance as joint tenants, and their interests are not
should be entered in Part 2.
otherwise specified by law, include only that part of the
value of the property that is figured by dividing the full
Under “Description,” describe the property as
value of the property by the number of joint tenants.
required in the instructions for Schedules A, B, C, and
F for the type of property involved. For example, jointly
If you believe that less than the full value of the
held stocks and bonds should be described using the
entire property is includible in the gross estate for tax
rules given in the instructions to Schedule B.
purposes, you must establish the right to include the
smaller value by attaching proof of the extent, origin,
Under “Alternate value” and “Value at date of
and nature of the decedent’s interest and the
death,” enter the full value of the property.
interest(s) of the decedent’s co-tenant or co-tenants.
Note: You cannot claim the special treatment under
In the “Includible alternate value” and “Includible
section 2040(b) for property held jointly by a decedent
value at date of death” columns, you should enter only
and a surviving spouse who is not a U.S. citizen. You
the values that you believe are includible in the gross
must report these joint interests on Part 2 of Schedule
estate.
E, not Part 1.
Schedule E—Page 18
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