Transcription of Instructions for Form 706-GS(T) (Rev. November 2021)
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Userid: CPMS chema: instrxLeadpct: 100%Pt. size: Draft Ok to PrintAH XSL/XMLF ileid: .. 706gs(t)/202109/a/xml/cycle02/source(Ini t. & Date) _____Page 1 of 8 13:56 - 7-Sep-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before for form 706-GS(T)(Rev. November 2021) Generation-Skipping Transfer Tax Return for TerminationsDepartment of the TreasuryInternal Revenue ServiceSection references are to the Internal Revenue Code unless otherwise DevelopmentsFor the latest information about developments related to form 706-GS(T) and its Instructions , such as legislation enacted after they were published, go to s NewGST exemption increased. The generation skipping tax (GST) exemption amount increased for 2021.
Trusts containing qualified termina-ble interest property. Irrevocable trusts in existence on September 25, 1985, that hold qualified terminable interest property (QTIP) (as defined in section 2056(b)(7)) as a result of an election under section 2056(b)(7) or 2523(f), are treated for purposes of the GST tax as if the QTIP election had not been ...
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