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Form 706 online PA: What You Should Know

A β€” Estate Tax and Gross Estate, as defined, of decedent. β€” TheΒ  Effective date is the date the income tax return is filed. Generally filed on December 31st of the taxable year. 7,064B β€” Gross Estate of decedent by purpose of estate, using tax table. The IRS 7,064C β€” Gross Estate, when used only to determine the portion of the gross estate subject to tax (and not for other purposes). β€” Tax Table in Appendix A to 706,Β β€œTax tables for estate tax purposes: basic method, gross estate, taxable income, and basis of assets.” 7,064D β€” Gross Estate, when used only to determine the portion of the gross estate subject to tax for charitable purposes. β€” Tax Table in Appendix E to 706, β€œTax tables for estate tax purposes: charitable deduction, and gross estate.” 7,064E β€” Gross Estate, when used to determine the gross estate for federal income tax purposes. β€” Tax Table in Appendix F to 706, β€œTax tables for estate tax purposes: basic method, gross estate, taxable income, and basis of property.” 7,063.1 β€” Gross Estate upon death β€” For property disposed of on January 1, 2011, use the gross estate. Example: G is age 62 and died on September 30, 2011. G's gross estate was 3,500,000 on the date of death. G's gross estate is 3,500,000 upon death. 7,063.2 β€” Gross Estate upon death β€” For property disposed of on January 1, 2011, use the gross estate. 1. Use the gross estate. 2. If the person disposed of property between January 1, 2011, and September 30, 2011, use the gross estate amount, then divide this amount by 12,500. 3. If the person disposed of property before January 1, 2011, use the value determined under (2). 4. If the person disposed of property on September 30, 2011, use the gross estate amount, then divide this amount by 12,500. 7,061.1 β€” Gross Estate upon death β€” For property disposed of on January 1, 2011, use the gross estate. Example: G is age 52 and died on December 31, 2011.

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