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Form 706 for Georgia: What You Should Know

The estate tax, at least the federal estate tax, is calculated upon the death of a donor's U.S. beneficiary. The federal estate tax applies to persons who die domiciled in or claiming U.S. territory as their sole or primary residence. When filing a tax return for the deceased's estate, there is an additional tax charge for the return-filed U.S. estate.” The estate tax and capital gains tax are subject to a 20 percent alternative minimum tax (AMT) for estates of certain amounts (generally more than 5 million for a couple and 1 million for a single person or head of household). The estate tax is part of the federal estate tax. It is generally levied on amounts of property or interests passing through, or leaving the estate, to the deceased person's estate and included in gross estate. For the death tax year that a person dies, the federal estate tax is equal to the excess of all federal estate tax imposed on the deceased person over the amount allowed under his or her gross estate. The federal estate tax can be calculated as follows: If the federal estate tax is 1,000,000 or more, the value of the assets subject to the federal estate tax is taxed at 28 percent. If the federal estate tax is zero or less than 1,000,000, the estate tax at the maximum rate is imposed on the value of the assets subject to tax, not the estate. The maximum federal estate tax rate of 28 percent applies to assets subject to the federal income tax or the estate tax. Other estate tax burdens are imposed on the estate tax on income and the estate tax on the value of assets taxable to the estate.

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