Instructions For Form 709 - 2016 Page 12

ADVERTISEMENT

Any corporation, trust, community
enter on line 10 the total from Schedule D,
Column A. If you filed returns for gifts
chest, fund, or foundation organized and
Part 3, column H. Otherwise, enter zero on
made before 1971 or after 1981, show the
operated only for religious, charitable,
line 10.
calendar years in column A. If you filed
scientific, literary, or educational
returns for gifts made after 1970 and
purposes, or to prevent cruelty to children
Line 12. Election Out of QTIP
before 1982, show the calendar quarters.
or animals, or to foster national or
Treatment of Annuities
Column B. In column B, identify the IRS
international amateur sports competition
office where you filed the returns. If you
(if none of its activities involve providing
Section 2523(f)(6) creates an automatic
have changed your name, be sure to list
athletic equipment unless it is a qualified
QTIP election for gifts of joint and survivor
any other names under which the returns
amateur sports organization), as long as
annuities where the spouses are the only
were filed. If there was any other variation
no part of the earnings benefits any one
possible recipients of the annuity prior to
in the names under which you filed, such
person, no substantial propaganda is
the death of the last surviving spouse.
as the use of full given names instead of
produced, and no lobbying or
initials, please explain.
The donor spouse can elect out of
campaigning for any candidate for public
QTIP treatment, however, by checking the
office is done;
Column C. To determine the amount of
box on line 12 and entering the item
A fraternal society, order, or association
applicable credit (formerly unified credit)
number from Schedule A for the annuities
operating under a lodge system, if the
used for gifts made after 1976, use the
for which you are making the election. Any
transferred property is to be used only for
Worksheet for Schedule B, Column C
annuities entered on line 12 cannot also
religious, charitable, scientific, literary, or
(Credit Allowable for Prior Periods), unless
be entered on line 4 of Schedule A, Part 4.
educational purposes, including the
your prior gifts total $500,000 or less.
Any such annuities that are not listed on
encouragement of art and the prevention
Prior gifts totaling $500,000 or less.
line 12 must be entered on line 4 of Part 4,
of cruelty to children or animals; or
In column C, enter the amount of
Schedule A. If there is more than one such
Any war veterans' organization
applicable credit actually applied in the
joint and survivor annuity, you are not
organized in the United States (or any of
required to make the election for all of
prior period.
its possessions), or any of its auxiliary
them. Once made, the election is
departments or local chapters or posts, as
Prior gifts totaling over $500,000.
irrevocable.
long as no part of any of the earnings
See Redetermining the Applicable Credit,
benefits any one person.
later.
Schedule B. Gifts From
On line 7, show your total charitable,
Column D. In column D, enter the
Prior Periods
public, or similar gifts (minus annual
amount of specific exemption claimed for
exclusions allowed). On the dotted line,
gifts made in periods ending before
If you did not file gift tax returns for
indicate which numbered items from the
January 1, 1977.
previous periods, check the “No” box on
top of Schedule A are charitable gifts.
page 1 of Form 709, line 11a of Part
Column E. In column E, show the correct
1—General Information. If you filed gift tax
amount (the amount finally determined) of
Line 10. GST Tax
returns for previous periods, check the
the taxable gifts for each earlier period.
“Yes” box on line 11a and complete
If GST tax is due on any direct skips
See Regulations section 25.2504-2 for
Schedule B by listing the years or quarters
reported on this return, the amount of that
rules regarding the final determination of
in chronological order as described below.
GST tax is also considered a gift and must
the value of a gift.
If you need more space, attach a separate
be added to the value of the direct skip
sheet using the same format as
Redetermining the Applicable
reported on this return.
Schedule B.
Credit
If you entered gifts on Part 2, or if you
Complete Schedule A before
To redetermine the Applicable Credit for
and your spouse elected gift splitting and
beginning Schedule B.
!
prior gifts in excess of $500,000, use the
your spouse made gifts subject to the GST
Worksheet for Schedule B, Column C
CAUTION
tax that you are required to show on your
(Credit Allowable for Prior Periods).
Form 709, complete Schedule D, and
-12-

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial