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Repeat this process for each prior

Column

Instructions for Worksheet for

Column

Instructions for Worksheet for

Form 709 Schedule B, Column C

year with taxable gifts. Do not enter

(Unified Credit Allowable for Prior

less than zero.

Periods).

Note

(j)

Available Credit in Current Period.

The entry in each row of column (h)

must be reduced by 20 percent of the

Subtract column (i) from column (h)

amount allowed as a specific

for the current row.

(k)

Credit Allowable. Enter the lesser of

exemption for gifts made after

September 8, 1976, and before

column (g) and column (j) for the

January 1, 1977 (but no more than

current row. Enter the column (k)

$6,000).

amount on Schedule B, column C.

(i)

Unified Credit Allowable in Prior

Periods. Enter the sum of column (i)

and column (k) from the previous

row.

Worksheet for Form 709 Schedule B, Column C (Unified Credit Allowable for Prior Periods).

Keep for your records.

Use this worksheet to figure amounts for Schedule B, column C.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

Period

Taxable

Cumulative

Tax

Tax Based on

Tax on

Maximum

Unified

Available

Credit

Gifts for

Taxable Gifts Based on

2010 Rates

Gifts for

Unified

Credit

Credit in

Allowable

Current

Prior

Including

2010

Current

Credit

Allowable in

Current

(lesser of

Period

Periods

Current

Rates on

Cumulative

Period

Available

Prior

Period

Col. (g) and

Period

Gifts for

Gifts

(Col. (f) -

for

Periods

(Col. (h) -

Col. (j))

Prior

Including

Current

(Col. (b) + Col.

Col. (e))

Col. (i))

(c))

Periods

Current

Period

(Col. (c))

Period

(based on

2010

(Col. (d))

rates)

Pre-1977

Total Unified Credit Used for Prior Gifts:

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 Credit. (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.

Example 1. Prior Years Unified Credit Recalculation (for Form 709 Schedule B, Column C)

(Three post-1976 years involved, all have the same maximum unified credit available, and the total of prior gifts is $1,000,000)

Use this worksheet to figure amounts for Schedule B, Column C.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

Period

Taxable

Cumulative

Tax

Tax Based on

Tax on

Maximum

Unified

Available

Credit

Gifts for

Taxable Gifts Based on

2010 Rates

Gifts for

Unified

Credit

Credit in

Allowable

Current

Prior

Including

2010

Current

Credit

Allowable in

Current

(lesser of

Period

Periods

Current

Rates on

Cumulative Period (Col. Available

Prior

Period

Col. (g) and

Period

Gifts for

Gifts

(f) - Col. (e))

for

Periods

(Col. (h) -

Col. (j))

Prior

Including

Current

(Col. (b) + Col.

Col. (i))

(c))

Periods

Current

Period

(Col. (c))

Period

(based on

2010

(Col. (d))

rates)

Pre-1977

2005

500,000

155,800

330,800

155,800

2007

300,000

500,000

800,000

155,800

260,800

105,000

330,800

155,800

175,000

105,000

2009

200,000

800,000

1,000,000

260,800

330,800

70,000

330,800

260,800

70,000

Total Unified Credit Used for Prior Gifts :

330,800

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.

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