Screen M & O - Bequests and Allocation of Taxes (706)

Schedule M - Specific Bequest to Surviving Spouse

Calculation of specific marital bequest
If code
1
, then UltraTax CS reports all assets and deductions entered on the Asset, A-L, and U on Schedule M screens. Specific allocations to other beneficiaries or charitable interests are not considered.
Additional information
Enter any relevant information about Schedule M. This information will print in a statement to include with the Schedule M.

Schedule O - Charitable Gifts and Bequests

Information for charitable, public, and similar gifts
List any charitable organizations that received bequests and indicate the amount or percentage received.

Allocation of Taxes to Residual Estate

Total federal and state generation-skipping transfer taxes paid
This amount is only used in the calculation of residual estate available for distribution to the surviving spouse or charitable organizations on the Schedule M Residual Interests and Schedule O Residual Interests Worksheets.
Foreign death tax credit
UltraTax CS uses this amount to calculate residual marital and charitable bequests on Schedule M Residual Interests and Schedule O Residual Interests Worksheets. The Schedule P calculation is not used in this calculation.
Tax on prior transfers credit
UltraTax CS uses this amount to calculate residual marital and charitable bequests on Schedule M Residual Interests and Schedule O Residual Interests Worksheets. The Schedule P calculation is not used in this calculation.
Federal estate tax
UltraTax CS subtracts the sum of these amounts from the total federal estate tax to determine the amount available to the residual estate for the marital allocation and charitable allocation on the Worksheet.
State and other death tax
UltraTax CS subtracts the sum of these amounts from the total federal estate tax to determine the amount available to the residual estate for the marital allocation and charitable allocation on the Worksheet.
Federal and state GST tax
Subtract the sum of these amounts from the total federal estate tax to determine the amount available to the residual estate for the marital and charitable allocation on the Worksheet.
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