This advanced course is designed to complement the 4-part 706 Preparation Series and will discuss various aspects of the Generation-Skipping Transfer Tax.
Learning Objectives
• Determine the 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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