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Printable Form 706 Visalia California: What You Should Know
A United States Estate is any property or interest in the estate of a U.S. citizen or resident: Who died on June 6, 1998 (except to the extent that such death affects the filing of this form or one of its predecessor forms, regardless of the date of death), for which a United States Gift or the United States Estate Tax was imposed, or which may be claimed under: Chapter 14, Statutes of 1987, as amended; Chapter 3, Statutes of 1990, as repealed but which was in effect as of June 6, 1998. A United States Gift is any property or interest in the estate of a U.S. citizen or resident: Who dies on July 21, 1998, and Chapter 3, Statutes of 1990, as amended. A Gift Tax is imposed, California. Earmarks include income from the sale of real property. A deed constitutes an earmark if the gift is subject to the California Earmark Act and the sales price is between 100,000 and 3,490,000 in the calendar year, and other property and gifts are subject to the Gift Tax under Chapter 3, Statutes of 1990, as repealed but which was in effect as of June 6, 1998. The California Estate Tax is applicable to estates that have been born prior to July 1, 1978, at any time if two years have elapsed since May 18, 1978, including any time during the period between May 18, 1978, and June 1, 1998. If you are an estate that existed on June 6, 1998, and the value of the gross estate is (a) over 1,000,000, (b) over 10,000,000 to affect the basic exclusion amount, or (c) under 13,000,000 and there was no gross estate (as defined in Section 21, Title 12), you may have to make an additional 4,000.000 (2 times the 100,000 exemption if one is filing a gift, and two times the 26,100 exemption if two gifts are required), as shown on Form 959, U.S. Federal Income Tax Return. The only exception is an estate that is under no obligation to file a federal estate tax return.
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