How long do we have to amend Form 706?

Discussion in 'Tax' started by nomail1983@hotmail.com, Mar 21, 2007.

  1. Guest

    What is the statute of limitations for amending Form 706?

    And is the statute of limitations, if any, measured from the
    date of death, from the original due date (currently 9
    months after the date of death), or from the date of first
    (or most recent!) filing?

    I am asking about a self-initiated amended Form 706, not one
    mandated by the IRS.

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    , Mar 21, 2007
    #1
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  2. "" <> wrote:

    > What is the statute of limitations for amending Form 706?


    I imagine you can amend a 706 at any time.

    > And is the statute of limitations, if any, measured from the
    > date of death, from the original due date (currently 9
    > months after the date of death), or from the date of first
    > (or most recent!) filing?


    As with most tax returns, the statute of limitations for IRS
    enforcement of a 706 is generally three years from the date
    of the return, or the date it is due, whichever is later.

    > I am asking about a self-initiated amended Form 706, not one
    > mandated by the IRS.


    Why in the world would you want to file one if you're not
    required to?

    Stu

    << ======================================================= >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ======================================================= >>
     
    Stuart A. Bronstein, Mar 23, 2007
    #2
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  3. Guest

    "Stuart A. Bronstein" <> wrote:
    > "" <> wrote:
    >> What is the statute of limitations for amending Form 706?


    > I imagine you can amend a 706 at any time.


    Yes, but would it have any legal force? (See below.)

    >> I am asking about a self-initiated amended Form 706, not one
    >> mandated by the IRS.


    > Why in the world would you want to file one if you're not required to?


    Because Form 706 was not filled out correctly initially, so
    our estate attorney believes the Decedent's Trust might not
    be recognized by the IRS and the assets might be added to
    the survivor's estate at the time of her death. He is
    recommending that we file a supplemental Form 706 with the
    omitted information.

    However, two CPAs believe a supplemental Form 706 is (a)
    unnecessary and (b) o now useless that the statute of
    limitations has expired. It is long past 3 years since the
    date of filing, which was after the due date.

    Of course, I am not seeking overriding advice from this
    forum. I just wanted some confirmation of the statute of
    limitations. I thought it might be longer; 7 years sticks
    in my mind for some reason.

    Can someone point me to where the applicable statute of
    limitations is articulated?

    I was unable to find it in the instructions and Pubs related
    to Form 706. A citation to the USC or CFR would be fine.

    << ======================================================= >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2006) - All rights reserved. >>
    << ======================================================= >>
     
    , Mar 25, 2007
    #3
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