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Form 706-NA for Eugene Oregon: What You Should Know

This tax is required of the beneficiaries of anĀ  estate whose income is subject to taxes and is based on the decedent's estate tax.Ā  Form 706: United States Estate (and Generation-Skipping Transfer) Tax Return is used to figure out the amount of tax due on the property that is part of theĀ  estate of a nonresident alien decedent, based on the decedent's gross estate. In order to calculateĀ  the transfer tax, the executor of the decedent's estate must prepare his or her Form 706. TheĀ  part of the tax due is based on the gross estate. For more information on transferring assets after death, see Inherit Taxes and Estate Taxes on Deceased Assets on Investopedia. Example of an Estate With Foreign Income In this example, a business-inclined client has an estate that consists of approximately 4 million in financial wealth with a decedentĀ  WhoĀ had over 1 million in non-U.S. assets; a non-U.S.-based trustee and executor, and twoĀ  generational transfer residents for the estate; four dependents; and no U.S. decedent-to-deed holder. Based on an IRS rule that allows a beneficiary to choose an estate tax rate of between 20% to 50%, that person mustĀ  pay taxes on a part of his or her estate. The executor, with his wife as partner, pays the following portion of theĀ  estate tax: This is the part that is based on the gross estate and includes the following: Estates for individuals with foreign assets To determine the applicable federal estate tax rate, the executor must subtract the value of this foreign income from that of his or her domestic personal-income. Then, the total U.S. income is added to the non-U.S. foreign income, and the U.S. foreign withholding tax, which is usually 30%, is subtracted from the total U.S. income. The federal U.S. estate tax rate of the decedent's estate is equal to the total U.S. income times the non-U.S. foreign income.

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