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SPECIAL CODES ID NUMBER A B C D E F G H I J E D C GENERAL PURPOSE DATA SHEET II form no. 70921 B A Printed in U.S.A. 654321 Copyright 1985 1988 1990 1999 2001 NCS Pearson Inc. All rights reserved. Trans-Optic forms by NCS Pearson MM70921-2 WRITE-IN AREA 1 DO NOT MARK IN THIS SHADED AREA FOR OFFICE USE ONLY Reorder Form No. 70921-2 1-800-367-6627 Fax 1-507-451-4513 valuebridge.
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Who needs form 70921:
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What is form 70921?
Form 70921 is a tax form used for reporting transfers subject to the federal gift and generation-skipping transfer tax.
Who is required to file form 70921?
Individuals who made certain gifts or transfers during the tax year that exceed the annual exclusion amount or that are subject to the gift or generation-skipping transfer tax are required to file form 70921.
How to fill out form 70921?
To fill out form 70921, you need to provide information about the donor, the recipient, the gifted property or assets, and the fair market value of the gifts. The form also requires details about any prior gifts made by the donor and calculations related to the gift and generation-skipping transfer tax.
What is the purpose of form 70921?
The purpose of form 70921 is to report gifts or transfers subject to the federal gift and generation-skipping transfer tax. It helps the IRS monitor and assess any tax liability related to these gifts.
What information must be reported on form 70921?
Form 70921 requires the reporting of the donor's and recipient's personal information, details about the gifted property or assets, fair market values, calculation of gift and generation-skipping transfer tax, and information on any prior gifts made.
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