Adequate Disclosure
Length of statute of limitations if a Form 709 is filed and the gifts are adequately disclosed.
Three years.
Top rate of GST tax.
40%
Gifts of this type of property made to an individual who is not a skip person do not require GSTT review.
Cash.
What tax year will electronic filing be available for Form 709 through CCH?
2025
What else can the taxpayer provide to meet adequate disclosure if they do not disclose the method used to determine FMV (including discounts)?
An appraisal.
Person disposing of the property in a transfer subject to gift or estate tax.
Transferor.
This must be prepared, reviewed and approved by a WNT GSTT specialist when a gift tax return reports a transfer to trust for the first time.
Trust Document Review Form.
A Donor must attach a signed and dated copy of this their Form 709 in order to gift split.
Notice of Consent to Gift Split.
Dave gave Sarah $100,000 and in turn Sarah gave Dave a gold Labubu worth $25,000. What must be disclosed on Dave’s Form 709 for the property he gave?
Description of the transferred property ($100,000 cash) and any consideration received ($25,000 gold Labubu).
Part of Form 709 where gifts to skip people are reported.
Schedule A, Part 2.
A lifetime gift subject to both gift and GST tax can have an effective tax rate this high.
96%.
New columns (c) and (d) of the Form 709 should state this when the correct inputs are made in CCH.
SEE STMT
In order to meet adequate disclosure, a taxpayer must disclose any position taken contrary to these.
Regulations and published rulings.
Number of years a non-family member will be a skip person.
37.5.
Client makes a gift of 100,000 and elects to gift split but can only split 50,000 because of a spousal interest, how much is the split amount for GST purposes?
50,000 (50% of 100,000).
If gifts are made on multiple dates, this should be input in CCH for the date of the gift so the “Various” will print on the return.
99/99/9999.