2010 Generation-Skipping Transfer Tax Return Filing Requirements


If you were the Trustee or a beneficiary of a generation-skipping trust in 2010, there are three types of generation-skipping transfer tax returns that you should be aware of:

1. IRS Form 706-GS(D-1): Notification of Distribution From a Generation-Skipping Trust;

2. IRS Form 706-GS(D): Generation-Skipping Transfer Tax Return for 2010 Distributions; and

3. IRS Form 706-GS(T): Generation-Skipping Transfer Tax Return for 2010 Terminations.

Traditionally, the filing deadline for these returns is April 15, but the IRS has extended the deadline for filing most of these 2010 returns to September 17, 2011 (for Form 706-GS(T)) and September 19, 2011 (for Forms 706-GS(D-1) and 706-GS(D)). It is also important to remember that the generation-skipping transfer tax rate in 2010 was 0%, so no generation-skipping transfer tax should be due as a result of 2010 distributions. However, you may still be required to file one or more of the following returns for informational purposes.

Following is a summary of these returns.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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