Rev. November 2013
Form 706-GS(T) is used to report the generation-skipping transfer (GST) tax for a trust, including information on terminations, deductions, and tax computations. It includes schedules for reporting general and specific debts, expenses
An applicable fraction is a calculation used to determine the inclusion ratio for a generation-skipping transfer. It is calculated by dividing the GST exemption by the sum of the nontaxable portion of the trust and the taxable portion of the trust immediately before the current transfer.
Examples of transfers that may be subject to GST tax include transfers to a grantor trust, a trust created by a will or revocable trust, and a trust created outside of the decedent's will or revocable trust but that meets certain requirements.
A charitable lead annuity trust is a type of irrevocable trust that provides an income stream to one or more non-charitable beneficiaries for a specified term of years, after which the remaining assets in the trust pass to one or more charitable organizations.
Form 706-GS(T) is used to report and pay the generation-skipping transfer (GST) tax on transfers made to a trust that may be subject to the GST tax. It is used to calculate the inclusion ratio, which determines the amount of the transfer that is included in the decedent's estate for estate tax purposes.
Form 706-GS (T) is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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