Table of Contents. Final

Transcription

1 Table of Contents Final Responsibility for Filing Return Transferee Liability Signing the Return Married Decedents... 3 Qualifying Widows and Widowers Personal Exemption Standard Deduction Estimated Tax... 6 Refunds Decedent s Income... 8 Matching Issues Title to Assets Wages Interest Dividends Capital Gains and Losses Tax Refunds Schedule C Business Income Alimony Farm Income Rental Real Estate Partnership Interests S Corporation Stock Trust Income Medical Savings Accounts Health Savings Account Coverdell Education Savings Account Section 529 Qualified Tuition Programs Accelerated Death Benefits Social Security Death Benefit Stock Options Installment Sales Death from Terrorist, Military Actions, or as an Astronaut Filing, Accounting, and Income Review Questions Filing, Accounting, and Income Review Answers Decedent s Deductions Date of Payment Deductions in Respect of a Decedent Medical Expenses Net Operating Losses and Carryover Deductions Alimony NATP vii

2 IRA Contributions Moving Expenses Annuity Contracts Mortgage Interest and Costs Tax Credits Earned Income Tax Credit Tax Credit Carryovers Wrapping Up Request for Prompt Assessment of Tax Request for Discharge of Personal Liability Comprehensive Example: Elaine Clemmons s Final Form Completed Example Final Deductions, Credits, and Wrapping up Review Questions Deductions, Credits, and Wrapping up Review Answers Estate Form Probate Probate Process Administrative Issues Taxpayer Identification Number Filing Requirements Form Form Due Date Amended Form E-filing Accounting Period Accounting Method Estimated Tax Payments Allocation of Estimated Payments to Beneficiaries Election to Treat Trust as Part of Estate Extensions Form Form Forms That May Be Required Estate Tax Gift Tax Returns Estate Income Notify Issuers of Information Returns Jointly Owned Property Fiduciary Accounting Income viii NATP

3 Income Distribution Deduction Distributable Net Income Income in Respect of a Decedent Basis of Property Acquired From Decedents The Separate Share Rule Interest Income Dividend Income Capital Gains and Losses Retirement Plans Sale of Personal Residence Rental Real Estate Activities Business Income or Loss Installment Sales Farm Income or Loss Miscellaneous Income Canceled Debt Filing, Accounting, and Income Review Questions Filing, Accounting, and Income Review Answers Estate Deductions Income Tax or Estate Tax Deduction Deductible Expenses Net Investment Income Tax Alternative Minimum Tax Household Employees Credit for Taxes Paid or Withheld Termination of the Estate Items the IRS Will Look For Comprehensive Example: Estate Form Completed Example: Estate Form Deductions, Taxes, Credits, and Wrapping Up Review Questions Deductions, Taxes, Credits, and Wrapping Up Review Answers Estate Form Unified Rate Schedule Fair Market Value The Willing Buyer and Seller Test Forced Sales Timing for FMV Determinations Tax Assessments for Real Estate Subsequent Events Discounts and Premiums Alternate Valuation Date NATP ix

4 Form Nonresident Filing Requirements Due Date Extensions Statute of Limitations Form 706 Specifics Income in Respect of a Decedent Property in Which Decedent Had an Interest Dower and Curtesy Interests Community Property Pages 1 Through Part Part Part Part Part Part Schedule A Real Estate Schedule A-1 Special-Use Valuation Schedule B Stocks and Bonds Dividends Other Investments Schedule C Mortgages, Notes, and Cash Schedule D Insurance Policies Held by Others Filing and Schedules A Through D Review Questions Filing and Schedules A Through D Review Answers Schedule E Jointly Owned Property Schedule F Miscellaneous Assets Schedule G Lifetime Transfers Transfers With Retained Life Estate Transfers Taking Effect at Death Revocable Transfers Transfers for Insufficient Consideration Schedule H Powers of Appointment Schedule I Annuities, Pensions, and IRAs Schedule J Expenses Funeral Expenses Administrative Expenses x NATP

5 Schedule K Mortgages and Liens Medical Expenses and Other Debt Schedule L Losses During Administration Casualty Losses Expenses Incurred on Property Not Subject to Claims Schedule M Marital Bequests Marital Bequests Encumbered by Debt Schedule O Charitable Bequests Schedule P Foreign Death Tax Credit Schedule Q Credit for Tax on Prior Transfers Schedule R Generation-Skipping Tax Generation-Skipping Tax Schedule U Qualified Conservation Easements Practical Considerations Tax Apportionment State Death Tax Deduction Request of Discharge Refund of Overpayment Summary of Items Placed on Form 706, Form 1041, and Form Comprehensive Example: Estate Form Completed Example: Estate Form Schedules E Through U and Wrapping Up Review Questions Schedules E Through U and Wrapping Up Review Answers Appendix Appendix A: Twenty Questions Appendix B: Reasonable Causes under Reg Appendix C: Sample Election to Accrue Savings Bond Interest Appendix D: Election to Waive the Right to Medical Expenses on the Decedent s Estate Tax Return Appendix E: Sample Letter to Terminate the Fiduciary Relationship Appendix F: Election to Take Income Tax Deduction for Estate Expenses NATP xi