Form 706 revisited.

• Position: IRS News - Brief Article

The IRS has revised Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, which deals with estates of decedents in 2003.

The executor of a decedent's estate uses the form to determine the estate tax imposed by Chapter 11 of the Internal Revenue Code.

The exemption increases to $1.5 million in 2004, and presumably the IRS will revise Form 706 later this year, probably in August or September. Since the form must be filed by the nine-month anniversary of a death, the first time a 2004 revision is needed is October 2004.

Other changes to the revised form include decreasing the maximum tax rate for the estates...