Preparing Forms 706 and 709: Understanding the Issues


July 21, 2023


Warren Bergstein

  12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 240 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


Tax compliance issues in estate and gift taxation are sometimes confusing to practitioners because many lack experiences in this area. This course, is a the entire 2-part series (4 CPE hours in total).  It provides the practitioner with a practical understanding of Federal estate and gift tax law, as well as provide the practitioner with a “hands-on” understanding as to how to prepare both the Federal Form 706 (Estate Tax return) and the Federal Form 709 (Gift Tax return) line by line.  Emphasis will be given on the various of the Internal Revenue Code Sections that deal with this topic (income taxation of estates and trusts).    Mastering these sections of the Internal Revenue Code areas will allow the practitioner to start their understanding of tax compliance in preparing Federal Forms 706 and 709 and gain confidence in preparing these difficult tax returns.

This course provides practical understanding of the issues involved in preparing the federal estate tax return, Form 706; the federal gift tax return, Form 709; and the decedent's final federal income tax return, Form 1040.

Basic Course Information

Major Subjects

  • Understanding the basics of Estate and Gift Taxation
  • Understanding valuation of assets
  • Understanding what constitutes the “Gross Estate”
  • Understanding the various deductions (funeral and administrative expenses)
  • Understanding debts Understanding the charitable deduction
  • Understanding the marital deduction
  • Understanding the calculation and the various tax credits 
  • Overview of the Federal Form 706
  • Overview of the Federal Form 709
  • How to prepare a federal estate tax return (Form 706)
  • How to prepare a federal gift tax return (Form 709)
  • How to comply with “Portability”
  • Coordination of the various issues involved in the preparation of the decedent’s final federal income tax return (Form 1040)
  • Various postmortem estate planning issues involved in the preparation of the above-mentioned tax returns   

Learning Objectives:

  • To provide an overview and guide to understanding Federal Estate and Gift Taxation so that a practitioner will able to successfully prepare Internal Revenue Service Forms 706 and 709.
  • To provide a line-by-line understanding of the tax compliance issues in preparing the Federal Forms 706 and 709 so that the practitioner will able to successfully add this compliance are to their practice
  • Illustrate the preparation of Forms 706, 709, and 1040
  • Identify value of assets for a client who had no other elections made
  • Recognize the three-year "look back rule" and how it applies to client cases
  • Describe when IRC §2038 would apply
  • Identify how much of a donation deduction would be allowed to an estate under IRC §2055
  • Differentiate which Internal Revenue Codes would allow a dollar-to-dollar deduction on the federal return for paying estate taxes in a state, as an executor/executrix of an estate
  • Differentiate executor/executrix cases where federal estate tax would need to be paid
  • Recognize land valued in an estate after death under IRC §2031
  • Identify elections of Alternative Valuation Date (AVD) under IRC §2031
  • Recognize cases of estate beneficiaries under IRC §2034
  • Differentiate the code which would allow you to avoid a descendant willing inherited assets to someone else, requiring the assets go back into the estate if your descendant predecease you
  • Describe what would transpire under IRC §2039 in a case where a decedent has an IRA with survivor benefits
  • Identify the percentage of property value belonging to an estate
  • Recognize what occurs in a trust for a spouse where the remainder goes to whoever the spouse chooses under IRC §2041
  • Identify how much debt that is deductible when filing Form 706
  • Describe circumstances where you could set up a QTIP (Qualified Terminable Interest Trust)

Who Should Attend?

This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Credits and Other information:

  • Recommended CPE credit – 4.0 Tax Hours
  • Recommended field of study – Tax
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • NASBA Sponsor: 138804
  • IRS Course ID: DFFSC
  • Attendance Requirement:  Yes
  • Session Duration: 4 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

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Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: