The United
States Estate Tax Return (Form 706) is approved for use through
3/31/84. OMB also approves continued use of the 1981 version so
late filers will have that version available in future years. IRS
has allowed estates at or below $500,000 the option of not
completing certain schedules. Since the threshold level for valuing
the gross estate is increasing each year for filing purposes,
consideration should be given to adjusting the small/large estate
threshold distinction accordingly in any future request for
extension or revision (after January 1, 1986, estates at or below
$500,000 will not be required to file Form 706). Additionally, in
any extension or revision, consideration should be given to
reducing the requirements f various supplemental documents. For
example, Form 706 asks that the Death Certificate be attached and
also requires that the Death Certificate number and issuing
authority be entered on the form.
Inventory as of this Action
Requested
Previously Approved
03/31/1984
03/31/1984
10/31/1984
88,000
0
151,000
1,390,096
0
4,236,909
0
0
0
FORM 706 IS USED TO REPORT AND COMPUTE
THE FEDERAL ESTATE TAX IMPOSED BY IRC SECTIONS 2001-2057. THE FORM
IS REQUIRED BY CODE SECTION 6018. IRS USES THE INFORMATION TO
ENFORCE THIS TAX BY VERIFYING THAT THE TAX HAS BEEN PROPERLY
COMPUTED.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.