IRS 706-GS(T) Generation-Skipping Transfer Tax Return For Terminations Form

In the case of wanting to file for a generation-skipping transfer tax return for terminations, the following form has to be completed and submitted to the IRS.

Extracted Text for Proper Search

Form 	706-GS(T)	
(Rev. November 2011)
Department of the Treasury   Internal Revenue Service 	
Generation-Skipping Transfer Tax Return For Terminations	
▶ Use for terminations made after December 31, 2010.   	
▶ For calendar year 	.   	
OMB No. 1545-1145	
Part I 	General Information 	
1a  	Name of trust 	1b  Trust’s employer identification number 	(see instructions) 	
2a  	Name of trustee  	
2b  	Trustee’s address (number and street or P.O. box; apt. or suite no.; city, town or post office; state and ZIP code) 
Part II 	Trust Information 	(see the instructions) 	
3 
 	
Has 	any 	exemption 	been 	allocated 	to 	this 	trust 	by 	reason 	of 	the 	deemed 	allocation 	rules 	of 	
section 	2632? 	If “Yes,” 	describe 	the 	allocation 	on 	the 	line 	7, 	Schedule 	A, 	attachment 	showing 	
how the inclusion ratio was calculated 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	
Yes 	No 	Sch. A  
number(s) 	
4 	Has 	property 	been 	contributed 	to 	this 	trust 	since 	the 	last 	Form 	706-GS(T) 	or 	706-GS(D-1) 	was 	
filed? If “Yes,” attach a schedule showing how the inclusion ratio was calculated 	.	.	.	.	.	.	
5 
 	
Have 	any 	terminations 	occurred 	that 	are 	not 	reported 	on 	this 	return 	because 	of 	the 	exceptions	
in 	section 	2611(b)(1) 	or 	(2) 	relating 	to 	medical 	and 	educational 	exclusions 	and 	prior 	payment 	of 	
Generation-Skipping Transfer (GST) tax? If “Yes,” attach a statement describing the termination 	.	
6 	Have 	any 	contributions 	been 	made 	to 	this 	trust 	that 	were 	not 	included 	in 	calculating 	the 	trust’s 	
inclusion ratio? If “Yes,” attach a statement explaining why the contribution was not included 	.	.	
7 	Has the special QTIP election in section 2652(a)(3) been made for this trust? 	.	.	.	.	.	.	.	
8 	If this 	is not 	an 	explicit 	trust 	(see 	the 	instructions 	under 	Who 	Must 	File	), check 	here 	and 	attach 	a statement 	 describing 	the 	
trust arrangement that makes its effect substantially similar to an explicit trust	 .	.	.	.	.	.	.	.	.	.	.	.	.	. ▶	
Part III 	Tax Computation 	
9a 	Summary of attached Schedules A (see instructions for line 9b) 	
Schedule A No. 	GST tax 	(from Sch. A, line 10) 	
1 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	1	
2 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	2	
3 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	3	
4 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	4	
5 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	5	
6 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9a	6	
9b 	Total from all additional Schedules A, in excess of six, attached to this form	 .	.	.	.	.	.	. ▶	9b 	
10 	Total 	GST tax (add lines 9a1 through 9b) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	10 	
11 	Payment, if any, made with Form 7004 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	11 	
12 	Tax due. 	If line 10 is larger than line 11, enter the amount owed 	.	.	.	.	.	.	.	.	.	.	.	.	12 	
13 	Overpayment. 	If line 11 is larger than line 10, enter amount to be refunded 	.	.	.	.	.	.	.	.	13 	
Sign   
Here 	
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my  knowledge and belief, it is true, correct, and complete. Declaration of preparer other than fiduciary is based on all information of which preparer has any knowledge.▲	
Signature of fiduciary or officer representing fiduciary 	Date 	
Paid  
Preparer 
Use Only	
Print/Type preparer’s name	Preparer's signature	Date	Check         if  self-employed	
PTIN	
Firm’s name      	▶	Firm's EIN  	▶	
Firm's address  	▶	Phone no.	
For Paperwork Reduction Act Notice, see separate instructions. 	Cat. No. 10329M 	Form 	706-GS(T)	 (Rev. 11-2011)

Form 706-GS(T) (Rev. 11-2011) 	Page  	2 	
Name of trust 	EIN of trust 	
Schedule A No. 	
Note. 	Make 	copies 	of 	this 	schedule 	before 	completing 	it if you 	will 	need 	more 	than 	one 	
Schedule A. 	
Schedule A—Taxable Terminations 	
(See the instructions before completing this schedule.) 	
a 	
Name of skip persons 	
b 	SSN or EIN of skip person 	c Item no. from line 4 below in 	 	
which interest held 	
1 
2 	Describe the terminating power or interest. If you need more space, attach an additional sheet. 	
3 	If you elect alternate valuation, check here (see the instructions)	 .	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	. ▶	
4 	Describe each taxable termination below (see the instructions) 
a 	
Item no. 	
b 	
Description of property subject to termination 	
c 	
Date of termination 	
d 	
Valuation date 	
e 
Value 	
Total	 .	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	. ▶	4 	
5 	Total deductions applicable to this Schedule A (from attached Schedule B, line 5) 	.	.	.	.	.	.	.	5 	
6 	Taxable amount (subtract line 5 from line 4) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	6 	
7 	Inclusion ratio (attach separate schedule showing computation) 	.	.	.	.	.	.	.	.	.	.	.	.	.	7 	
8 	Maximum federal estate tax rate (see Table in the instructions) 	.	.	.	.	.	.	.	.	.	.	.	.	.	8 	%	
9 	Applicable rate (multiply line 7 by line 8) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	9 	
10 	GST tax (multiply line 6 by line 9) (enter here and on page 1, Part III, line 9) 	.	.	.	.	.	.	.	.	.	10 	
Schedule A 	(Form 706-GS(T)) (Rev. 11-2011)

Form 706-GS(T) (Rev. 11-2011) 	Page  	3 	Name of trust 	Schedule A No. 	▶	
EIN of trust 	
Note. 	Make copies of this schedule before completing it if you will need more than one Schedule B. 	
Schedule B(1)—General Trust Debts, Expenses, and Taxes 	
(Section 2622(b)) (Enter only items related to the entire trust; see the instructions.) 	
a 	
Item no. 	
b 	
Description 	
c 	
Amount 	
1 	Total of Schedule B(1) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	1 	
2 	Percentage allocated to corresponding Schedule A 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	2 	% 	
3 	Net deduction (multiply line 1 by line 2) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	3 	
Schedule B(2)—Specific Termination-Related Debts, Expenses, and Taxes 	
(Section 2622(b)) (Enter only items related solely to terminations appearing on corresponding Schedule A; see the instructions.) 
a 	
Item no. 	
b 	
Description 	
c 	
Amount 	
4 	Total of Schedule B(2) 	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	.	4 	
5 	Total. 	Add lines 3 and 4 (enter here and on line 5 of the corresponding Schedule A) 	.	.	.	.	.	.	5 	
Schedules B(1) and B(2) 	(Form 706-GS(T)) (Rev. 11-2011)