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What is the Applicable Credit amount for gifts
4,769.800
What is the Applicable Exclusion AMount for GIfts
12 million
What is the annual exclusion amount
16,000
On what forms are gifts recorded
709
When is Form 709 due
4/15 or 9 months from Date of Death
What triggers the requirement to file 709
Taxable Gift unless under the Applicable Credit amount, 12,060,000
Can the Applicable Credit amount be used to reduce or eliminate the tax?
Yes
What is the alternate valuation date?
6 months after DOD
What 2 things must reduce Alternate valuation for it to be available?
Gross Estate & Tax
What if some of the assets are sold before the alternate valuation date?
Fixes/Freezes value
can alternate value be used for some assets and not others
NO
At what dollar amount it ALternate Valuation Date permitted?
Basic exemption Amount 12,060,000
With Special Use Valuation what is the maximum reduction in value from highest and best use value?
1,230,000
WIth Special Use Valuation the property must be used by qualified heirs for how many years?
10
With Special Use valuation how long must the decedent have amterially participated in the qualified use before death?
5 of the last 8 years
with Special Use Valuation how many appraisals is it necessary to obtain?
2
On what IRS forms are administration expenses deducted?
1041 or 706
On what IRS forms are court costs deducted
1041 or 706
On what IRS forms are Medical Bills deducted?
1040 or 706
On what IRS forms are attorney's fee for deathbed estate planning deducted?
1040 or 706
On what IRS forms are funeral expenses deducted?
706 ONLY
On what IRS forms are attorney's fees for estate settlement
1041 or 706
Note 
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