This advanced course is designed to compliment the 4-part 706 Preparation Series and will discuss various aspects of the Generation Skipping Transfer Tax.
Learning Objectives
Determine application of the GST rule and when the tax is triggered.
Recognize transfers that trigger GST and when to automatically allocate GST (or elect out) in gifting.
Identify common pitfalls.
Major Topics
• Taxable terminations
• Mismatch between available exemption and GST and utilizing excess GST
• GST elections on Form 709 and automatic allocations
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