Form 706-NA: United States Estate (And Generation-Skipping Transfer) Tax Return

AAA

DEFINITION of 'Form 706-NA: United States Estate (And Generation-Skipping Transfer) Tax Return'

A tax form distributed by the Internal Revenue Service (IRS) that used to calculate the generation-skipping transfer tax liability for estates of non-resident aliens of the United States. The generation-skipping tax is levied when the transfer of the decedent's estate takes place rather than when it is received by a beneficiary. A non-resident alien does not live in the United States and is not a citizen.

INVESTOPEDIA EXPLAINS 'Form 706-NA: United States Estate (And Generation-Skipping Transfer) Tax Return'

Several countries have death tax treaties with the United States, and executors reporting information on an estate from one of those countries may have to attach a statement stating that the death tax treaty is being applied.


Form 706-NA is available to taxpayers by requesting Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. Citizens of U.S. possessions, such as the U.S. Virgin Islands, are not considered citizens in Form 706-A.

RELATED TERMS
  1. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  2. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  3. Taxable Estate

    The total value of a deceased person's assets that are subject ...
  4. Gross Estate

    The total dollar value of all property and assets in which an ...
  5. Transfer Tax

    Any kind of tax that is levied on the transfer of official documents ...
  6. Section 7702

    The section of the United States Internal Revenue Code that defines ...
Related Articles
  1. Retirement

    How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.
  2. Taxes

    A Concise History Of Changes In U.S. Tax Law

    We look at how U.S. taxes have changed since their inception.
  3. Options & Futures

    Getting Started On Your Estate Plan

    With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips.
  4. Taxes

    A Look At The Generation-Skipping Transfer Tax

    For those who encounter this tax, it can be costly. Find out how to navigate this complicated tax arrangement.
  5. Taxes

    What's the difference between cost of goods sold (COGS) and cost of sales?

    Explore the difference between the cost of goods sold and cost of sales listed on an income statement, and what types of companies use one over the other.
  6. Fundamental Analysis

    What are some examples of industries that cannot claim cost of goods sold (COGS)?

    Discover which types of businesses are not allowed to list cost of goods sold on their income statement or claim their COGS for a tax deduction.
  7. A new Supreme Court ruling has some financial advisors rushing to set up trusts to help protect inherited IRAs. Is that necessary?
    Investing Basics

    How Advisors Can Protect Inherited IRAs

    A new Supreme Court ruling has some financial advisors rushing to set up trusts to help protect inherited IRAs. Is that necessary?
  8. Credit & Loans

    What are some examples of debts that I can consolidate?

    Read about different kinds of debts than can be combined into a consolidation loan, including unsecured debts, secured debts or tax debts owed to the IRS.
  9. Retirement

    What's the difference between a financial advisor and a financial planner?

    Seeking professional advice from a financial advisor may involve asking for financial help from a certified financial planner, stockbroker or an accountant.
  10. Personal Finance

    Top 10 Money Mistakes New Parents Make

    Although having a child is an exciting and exhilarating experience, it is very easy to lose track of finance or make unwise decisions with money.

You May Also Like

Hot Definitions
  1. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  2. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  3. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  4. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  5. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
  6. Annual Percentage Rate - APR

    The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents ...
Trading Center