The executor of a decedent's estate should use Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. This tax is levied on the entire taxable estate and not just on the share received by a particular beneficiary. Form 706 is also used to figure the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips (transfers to skip persons of interests in property included in the decedent's gross estate).
To prepare a Form 706 United States Estate tax return, from the Main Menu of the TaxSlayer Pro Program select:
- 706 - United States Estate Return
NOTE: Form 706 cannot be electronically filed. Mail Form 706 and all required schedules and attachments to:
Internal Revenue Service Center
Cincinnati, OH 45999