Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions


DEFINITION of 'Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions'

A tax form distributed by the Internal Revenue Service (IRS) that is used to calculate taxes due on trust distributions that are subject to a generation-skipping tax (GST). Form 706-GS(D) is used by any taxpayer who receives a taxable distribution coming from a trust. Specifically, the form is to be filled out by the skip distributee - the person who received the benefit from the generation-skipping trust.

BREAKING DOWN 'Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions'

Taxpayers should file Form 706-GS(D) between January 1st and April 15th of the year following the distribution. If the form cannot be filed on time, an extension can be requested by filing Form 7004.

  1. Generation-Skipping Transfer Tax ...

    A tax incurred when there is a transfer of property by gift or ...
  2. Trust

    A fiduciary relationship in which one party, known as a trustor, ...
  3. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  4. Revocable Trust

    A trust whereby provisions can be altered or canceled dependent ...
  5. Trustee

    A person or firm that holds or administers property or assets ...
  6. Irrevocable Trust

    A trust that can't be modified or terminated without the permission ...
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