A decedent owned 300 shares of closely held xyz stock jointly with her brother. this property must be reported on

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Hudson Buckley

Business

28 November, 06:34

A decedent owned 300 shares of closely held xyz stock jointly with her brother. this property must be reported on

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Korbin Mcgee · Answer 1

Schedule E of Form 706

Explanation:

Form 706 is filed by the executor to compute the estate of the deceases and to compute generation skipping taxes. Schedule E of form 706 is filled to estimate taxes due on jointly held property by the deceased and the survivor. The survivor could be spouse or any other family member who have joined tenancy. If property is held in joint tenancy with spouse, then full amount of fair market value of asset is reported.

If property is held in joint tenancy with some other family member, then decedent's share of fair market value of the property is reported and proportion of the amount the member has contributed against the right to hold joint tenancy.

Here, decedent and her brother jointly owned 300 shares. So, this should be reported in Schedule E of form 706