Form 709 is the most commonly filed of all transfer tax returns (approximately 10 times more common than estate tax returns) and provides a significant opportunity to reduce later estate tax and/or generation skipping transfer tax (GST tax). The explosion of gifting in 2012 accelerates the frequency for gift tax filing in 2013. Formula-clause gifting, which has also become more popular, requires a unique description of the gift distinct from traditional reporting.

This webinar reviews the following compliance issues and special topics:

• Identification of taxable gifts
• Valuation principals and practicalities with appraisals
• Calculation of gift tax payable
• Annual exclusions with Crummy trusts, LLCs and partnerships
• Reporting use of the deceased spousal unused exclusion amount (DSUEA) for gifts by a surviving spouse
• Section 529 elections
• Coordinating gift tax reporting with GST treatment
• Significance, use, and satisfaction of adequate disclosure for gift tax and estate tax savings
• Calculation of gift tax payable
• Reporting formula gifts
• Identification and reporting of GST transfers and elections
• Timely versus late elections with GST reporting
• GST traps and avoidance on Form 709

This is a recorded webinar that originally ran live on June 19, 2013. As an eLearning course, you must pass the final exam of this course to receive CPE credit.

Course Level: Intermediate

Course Prerequisites: Basic understanding of estate tax issues

Delivery Method: Self-study

Published: 07/10/2013

After taking this course you will be able to:

• Learn how to complete each line of Form 709;
• Be equipped to avoid audits and use the Form 709 as a planning aid;
• Alert practitioners to special gift descriptors with formula clauses;
• Recognize the purpose, benefits and “how-to” of adequate disclosure;
• Use DSUE amounts by the donor spouse;
• Identify gift tax issues with popular estate planning strategies; and
• Identify GST exemption elections, allocation traps, and opportunities.

CPE

1.5

CLE

N/A