Worksheet for Schedule Q—Credit for Tax on Prior Transfers

Worksheet for Schedule Q—Credit for Tax on Prior Transfers
Part I Transferor’s tax on prior transfers
Item
1.

Gross value of prior transfer to this transferee

2.
3.

Death taxes payable from prior transfer
Encumbrances allocable to prior transfer

4.

Obligations allocable to prior transfer

5.

Marital deduction applicable to line 1 above,
as shown on transferor’s Form 706

6.

TOTAL. Add lines 2, 3, 4, and 5

7.

Net value of
line 6 from line 1

8.

Net value of transfers. Add columns
A, B, and C of line 7
Transferor’s taxable estate

9.

A

Transferor (From Schedule Q)
B

C

Total for all transfers
(line 8 only)

transfers. Subtract

10.

Federal estate tax paid

11.

State death taxes paid

12.
13.

Foreign death taxes paid
Other death taxes paid

14.

TOTAL taxes paid. Add lines 10, 11, 12, and 13

15.

Value of transferor’s estate. Subtract
line 14 from line 9

16.

Net federal estate tax paid on transferor’s
estate

17.

Credit for gift tax paid on transferor’s estate
with respect to pre-1977 gifts (section 2012)

18.

Credit allowed transferor’s estate for tax on
prior transfers from prior transferor(s) who died
within 10 years before death of decedent

19.

Tax on transferor’s estate. Add lines 16, 17, and 18

20.

Transferor’s tax on prior transfers ((line 7
line 15)  line 19 of respective estates)

Part II Transferee’s tax on prior transfers
Item

Amount

21.

Transferee’s actual tax before allowance of credit for prior transfers (see instructions)

21

22.
23.
24.

Total gross estate of transferee from line 1 of the Tax Computation, page 1, Form 706
Net value of all transfers from line 8 of this worksheet
Transferee’s reduced gross estate. Subtract line 23 from line 22

22

25.

Total debts and deductions (not including marital and charitable deductions)
(line 3b of Part 2—Tax Computation, page 1 and items 17, 18, and 19 of
the Recapitulation, page 3, Form 706)

25

26.

Marital deduction from item 20, Recapitulation, page 3, Form 706
(see instructions)

26

27.

Charitable bequests from item 21, Recapitulation, page 3, Form 706

27

28.
29.

Charitable deduction proportion ( [ line 23  (line 22 – line 25) ]  line 27 )
Reduced charitable deduction. Subtract line 28 from line 27

28

30.
31.

Transferee’s deduction as adjusted. Add lines 25, 26, and 29
(a) Transferee’s reduced taxable estate. Subtract line 30 from line 24
(b) Adjusted taxable gifts

32.
33.

(c) Section 2012 gift tax credit

24

29
30
31(a)
31(b)
31(c)

(c) Total reduced taxable estate. Add lines 31(a) and 31(b)
Tentative tax on reduced taxable estate
33(a)
(a) Post-1976 gift taxes paid
(b) Unified credit (applicable credit amount)

23

32

33(b)
33(c)
33(d)

34.
35.

(d) Section 2014 foreign death tax credit
(e) Total credits. Add lines 33(a) through 33(d)
Net tax on reduced taxable estate. Subtract line 33(e) from line 32
Transferee’s tax on prior transfers. Subtract line 34 from line 21

-31-

33(e)
34
35