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 latest updates include:

• Reporting Deceased Spousal Unused Exclusion (DSUE) Amounts. Form 706 includes a new section for calculating the DSUE amount transferred to a surviving spouse as well as reporting DSUE transferred to a decedent from a predeceased spouse. Form 709 includes a new Schedule C for reporting DSUE applied to current or prior period gifts. This edition includes guidance on completing the new DSUE related schedules.
• New Schedule PC for Form 706. The IRS has added new Schedule PC (Protective Claim for Refund) to Form 706 for executors to file a protective claim as well as perfect a protective claim related to a Section 2053 claim or expense. Guidance on completing Schedule PC, including a new example with illustration, is provided.
• Form 706, Line 7 Worksheet. The line 7 worksheet has changed and must now be attached to Form 706. Guidance has been added for changes to the worksheet. In addition, a new worksheet for calculating the gift tax paid or payable on prior taxable gifts that can be attached to Form 706 was added.
• Unlimited Marital Deduction for Same-sex Spouses. The rights of same-sex spouses are changing as more challenges to the constitutionality of the federal Defense of Marriage Act are made. This edition includes a discussion of the Windsor case and its effect on the unlimited marital deduction for same-sex spouses.
• Increasing Gift Tax Audits. The IRS has increased the number of examiners and audits of gift tax returns. Find out what information the IRS is requesting and how to best represent your client during an IRS examination, as explained in this edition.