Form 706 revisited.The IRS has revised Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, which deals with estates of decedents decedent n. the person who has died, sometimes referred to as the "deceased." in 2003. The executor Executor An individual or trust institution nominated in a will and appointed by a court to settle the estate of a deceased person. of a decedent's estate uses the form to determine the estate tax imposed by Chapter 11 of the Internal Revenue Code. The exemption increases to $1.5 million in 2004, and presumably 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 |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion