Filing Form 706 (738)

General Description:

This course addresses the preparation and filing of Form 706, the estate and generation-skipping transfer tax return. The discussion will illustrate common issues, problems, and decisions faced by accountants and attorneys in preparing the estate tax return.

Learning Objectives:

After completing this course the participant will be able to:

• Identify and properly advise on elections available to the executor or personal representative.
• Determine the availability of the portability election and calculate the Deceased Spousal Unused Exclusion Amount (DSUEA).
• Explain filing deadlines and extension, including late filing penalties and defenses.
• Discuss available extensions to pay estate taxes.
• Determine the valuation of the estate and the alternate valuation.
• Recognize issues for jointly owned property in common-law and community property states.
• Recommend treatment of estate administration expenses, including expenses deductible on Form 1041.
• Compute credits for prior transfer taxes and foreign death tax credits.
• Prepare protective claims for refund.
• Prepare any required documentation and attachments.

Instructors:

Klaralee Charlton is an attorney practicing in fiduciary and business taxation at 3i Law in Denver. She graduated with honors from Bryn Mawr College and the University of Utah S.J. Quinney College of Law, and earned her LL.M. in taxation at the University of Denver Graduate Tax Program. She is an active participant in the Colorado Bar Association Section of Taxation and adjunct professor teaching Fiduciary Income Tax at the University of Denver Graduate Tax Program.

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