EST2506. Paying the GST Tax: A Guide to Reporting Allocations and Direct Skips at Death, Taxable Distributions, Taxable Terminations, and Qualified Severances of Trusts

This session covers the reporting requirements for GST tax allocations and payments at death, taxable distributions, and taxable terminations. Additionally, it will cover how to report a qualified severance of a trust. The forms to be discussed include the following:

• Form 706 Schedules R: Generation-skipping Transfer Tax
• Form 706 Schedule R-1: Direct Skips From a Trust Payment Voucher
• Form 706-GS(D-1): Notification of a Distribution from a Generation-skipping Trust
• Form 706-GS(D): Generation-skipping Transfer Tax Return for Distributions
• Form 706-GS(T): Generation-skipping Transfer Tax Return for Terminations, Including Reporting a Qualified Severance

Learning Objectives:

• Formulate Form 706 Schedules R and R-1 for GST tax exemption allocations and direct skips at death.
• Formulate Form 706-GS(D-1) and Form 706-GS(D) for reporting taxable distributions.
• Formulate Form 706-GS(T) for reporting taxable terminations and qualified severances of trusts.