Organized around tax return forms, the Deskbook leads the practitioner through the maze of estate, gift, and GST tax compliance rules and also clearly explains the impact of important cases and rulings applicable to the process. By including pertinent illustrations, filled-in forms, sample elections, checklists, worksheets, and helpful tables, it clarifies the intricacies of transfer tax law.

The 2009 edition features updates to these significant issues:

• New Form 706 and Form 709 Organizers. To help you compile the information necessary for the preparation of Form 706 and Form 709, we have added an Estate Tax Return Organizer and a Gift Tax Return Organizer.
• Graduated GRATs. The IRS proposed regulations to provide guidance about the portion of trust property that must be included in a decedent’s estate when the grantor dies while retaining an interest in a graduated (or accelerating) GRAT or a GRAT based on more than one measuring life. The discussion about valuing GRAT interests adds information about these new regulations. In addition, this edition includes guidance and an example about how to value the gifted interest for a graduated GRAT.
• Ceasing Qualified Use of Special Use Property. Applying the rules for special use valuation has many traps for the unwary, particularly with regard to cessation of qualified use after the decedent’s death. This edition of the Deskbook includes an expanded discussion and examples for determining whether tax benefits must be recaptured when special use valuation was elected for an estate and the property’s special use has ended.
• Delayed CRT Payments. Although the obligation to pay the annuity or unitrust amount from a charitable remainder trust begins on the date of the decedent’s death, funding the trust is often delayed, particularly for a residual bequest. We have added a discussion and new example of how the annuity or unitrust amount is calculated for these delayed annuity or unitrust payments.
• New Valuation Tables. New IRS valuation tables have been issued to calculate the estate or gift tax deductions for remainder or life interests in charitable trusts, grantor retained trusts, or annuities. Information is added regarding access to the tables that are generally effective for transfers after April 30, 2009. In addition, examples and illustrations have been updated to incorporate the new tables.

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