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(60 FR 66898) under sections 2611, 2612, 2613, 2632, 2641, 2642, 2652, 2653, 2654, and 2663. This proposed regulation will delete 26.2652 1(a)(4) and two related examples. Explanation of Provision
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Correction of 706 GSD refers to the process of amending and making changes to the Form 706 GSD, which is the United States Estate (and Generation-Skipping Transfer) Tax Return for a decedent. It is used to correct errors or provide additional information that was omitted in the original filing.
Those who are required to file correction of 706 GSD are the executors or administrators of an estate where the original Form 706 GSD was filed and needs to be corrected.
To fill out correction of 706 GSD, the same form (Form 706 GSD) needs to be used. The corrections should be clearly indicated, and any additional information should be provided accurately. Detailed instructions on how to complete the form can be found on the official website of the Internal Revenue Service (IRS).
The purpose of correction of 706 GSD is to rectify errors or provide necessary information that was missing or inaccurate in the original filing. It ensures the estate's tax liability is accurately calculated and reported.
The corrections to the original Form 706 GSD should include any necessary changes or updates to the decedent's assets, liabilities, deductions, credits, and distributions. Any errors or omissions in the initial filing should be addressed.
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