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Federal input screens

Screen Asset - Asset Information (706)

Overview

You can import asset information to this screen from Excel. For details, see Excel Import utility for asset information overview.

General Information

Description
Enter a full description of the asset. Refer to the Form 706 instructions for a complete explanation of the information required.
Schedule
Select the schedule letter. The asset reports on the appropriate schedule based on this entry.
Included in gross estate outside the US
Enter X to indicate the asset is part of the decedent’s gross estate outside the U.S. The application uses the amount from the
Alternate value
 or
Value at date of death
 box to complete Form 706-NA, Schedule B, line 2 when you enter X in this box.
CUSIP or EIN
This information is only for Schedule B, Schedule E, and Schedule F.
Co-tenant: Name
Enter co-tenants on the Names screen. Use the fieldview to select the co-tenant with whom the decedent held the property. This information is only for Schedule E, Part 2.
Beneficiary / ratio
To allocate the asset to a specific beneficiary other than the surviving spouse or a Trust beneficiary receiving QTIP property, select the name of the beneficiary or the ratio number from the fieldview.

Values

Alternate value
If you select the alternate valuation election on the 706 screen, enter the asset’s value for alternate valuation purposes.
Values are estimates per section 20.2020-2T(a)(7)(ii)
Only the Item Number and Description columns displays on the selected schedule if you fill tis box. The asset’s value is included on Form 706, Part 5, line 10. The value your report for the asset may recalculate based on the IRS Instructions for Form 706.
Community property
Enter
X
 to calculate the community property adjustment as one half the asset’s alternate value and/or value at date of death.

Schedule M and Form 8971

Marital share: Spouse
Enter the percentage of the asset to be allocated to the surviving spouse. Use ###.#### format to enter percentages. This calculation is for Schedule M and Form 8971, Schedule A.
Marital share: Trust beneficiary(ies) receiving QTIP property
Enter the percentage(s) of the asset to be allocated to the Trust beneficiary(ies) receiving QTIP property. This calculation is for Schedule M and Form 8971, Schedule A.
The QTIP property box must be marked in order for these calculations to apply.
Subject to deductions and / or expenses
Select expenses and/or debts and losses entered on Screen A-L. The amount(s) will subtract from the value on an of an asset reporting on Schedule M. This calculation is for  Schedule M only.
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