Form 706 revisited.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has revised Form 706, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Estate (and Generation-Skipping Transfer) Tax Return, which deals with estates of decedents in 2003. The executor executor n. the person appointed to administer the estate of a person who has died leaving a will which nominates that person. Unless there is a valid objection, the judge will appoint the person named in the will to be executor. of a decedent's estate uses the form to determine the estate tax imposed by Chapter 11 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . The exemption increases to $1.5 million in 2004, and presumably pre·sum·a·ble adj. That can be presumed or taken for granted; reasonable as a supposition: presumable causes of the disaster. the IRS will revise Form 706 later this year, probably in August or September. Since the form must be filed by the nine-month anniversary of a death, the first time a 2004 revision is needed is October 2004. Other changes to the revised form include decreasing the maximum tax rate for the estates of decedents in 2003 to 49 percent and reducing the state death tax credit to 50 percent of the otherwise allowable amount for the estates of decedents in 2003. Various dollar amounts and limitations relevant to Form 706 are indexed for inflation. GLASS CEILING Women hold 779 board seats--or 13.6 percent--of Fortune 500 seats, up from 12.4 percent in 2001. Catalyst |
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