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Form 706 preparation

October 28, 2016 • Teresa Crivello • Log In to Post Comments

I'm in th process of preparing an estate tax return for purposes of the portability election.  There is no estate tax due. 

With regards to the brokerage stock accounts, is it necessary to list each fund separately or is disclosing the general information of the account such as company where held, account #, and balance, sufficient information?

Thank you,

Teresa Crivello


Renee, thank you for your responde.  I apologize for not being clear.  Yes, the 706 is being prepared to take advantage of the portability election as the decedent is the first to die.  The assets are being split either between the Decedent's Trust or the Survivor's Trust.  For example, if there is Charles Schwab brokerage account valued at $300,000 at date of death, do the assets compromising the $300,000 need to be listed separately or can I just list the asset wtih no underlying detail?


For example:

Charles Schwab, A/C #######, value at date of death $300,000 or must I list each asset separately as:

ABC stock, 500 shares @ $30

DEF stock, 300 shares $ 56

etc etc

My question is a presentation question...

Thank you,

Teresa Crivello

Are you referring to assets being passed to the surviving spouse? I am not clear on that from the information in your question. If so, the regulations provide that executors of estates who are not otherwise required to file Form 706 under section 6018(a) do not have to report the value of certain property qualifying for the marital or charitable deduction. For such property, the executor may estimate the value in good faith and with the due diligence to be afforded all assets includible in the gross estate. If the assets are not going to the surviving spouse, then specific information should be included. 


I have clarified my question.  See above.

Thank you,

Teresa Crivello


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