Preparing Forms 709: Line by Line (Completed)

Tax compliance issues in the gifting of assets are sometimes confusing to practitioners because many lack experience in this area. This course provides you with a practical understanding of the issues involved in the line-by-line preparation of the federal gift tax return (Form 709)

Who Should Attend
CPAs, EAs, and attorneys.

Topics Covered

• Part 1 — General Information
• Part 2 - Tax Computation
• Schedule A — Computation of Taxable Gifts
• Schedule B — Gifts From Prior Periods
• Schedule C — Deceased Spousal Unused Exclusion (DSUE) Amount
• Schedule D — Computation of Generation Skipping Transfer Tax

Learning Objectives

• Identify issues involved in preparing Form 709
• Recognize examples of a gift for tax purposes
• Calculate basis in stock
• Identify what is not considered as a gift for gift tax purposes
• Recognize the Code Section where incomplete gift falls under
• Identify the importance of Form 709, Schedule A
• Recognize which line of Part 2 on Form 709 the total taxable gifts should be entered
• Identify the gift tax exclusion for 2016
• Calculate the maximum amount that can be excluded for gift tax purposes if a spouse agrees to the non-donor split
• Identify the value of a gift inherited which has appreciated in value
• Recognize the time period for Code Section 2035
• Recognize where a consenting spouse must place a signature on when a husband and wife consent to a gift split
• Describe examples of indirect skips
• Recognize when filling out Form 709 what you would report on Line 11
• Identify the maximum estate tax rate you would use in your computation of figuring the generation skipping tax on Form 709, Part 3, Schedule D
• Recognize the computation of the gift tax

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None