709 - US: Indirect Skips (Election Section 2632(c))

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Resolution

Indirect skips are those subject only to the gift tax at this time but which could later be subject to GST tax. To indicate an indirect skip, mark the Indirect skip checkbox and enter an explanation in the Indirect skip: Explanation for section 2632(c) election statement dialog, both of which are located on Screen Gift.

When an X is entered in the Indirect skip checkbox, UltraTax CS includes this gift in the appropriate section of Form 709, Schedule A, Part 3 and on Schedule C, Part 2, Line 5. And when an explanation for the Section 2632(c) election is entered, UltraTax CS enters X in Form 709, Schedule A, Part 3, Column C, prints the explanation as an attachment to the return, and does not include the gift amount on Form 709, Schedule C, Part 2, Line 5.

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