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. Taxable Estate

    The total value of a deceased person's assets that are subject ...
  2. Estate Planning

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

    A tax levied on an heir's inherited portion of an estate if the ...
  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. Investing Basics

    Are arm's length transactions always better than transactions not at arm's length?

    Transactions not at arm's length have real tax and other consequences for individuals and businesses, but they are not necessarily always worse.
  6. Taxes

    What are the best ways to lower my taxable income?

    Paying taxes is an unavoidable obligation each year, but individuals and business owners can take advantage of various strategies for tax savings.
  7. Budgeting

    Can trust funds be activated before the grantor intended?

    Trust law gives the grantor specific rights over the release of assets and therefore it is not possible to change the stipulations without his or her consent.
  8. Taxes

    If I reinvest my dividends, are they still taxable?

    Take a brief look at how the Internal Revenue Service taxes different kinds of dividends, including taxation on dividends that are reinvested.
  9. Retirement

    What are the keys to setting up a trust fund?

    Setting up a trust to secure your assets for a beneficiary allows you to set the terms under which the beneficiaries are allowed to access these assets.
  10. 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.

You May Also Like

Hot Definitions
  1. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  2. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  3. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  4. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  5. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  6. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
Trading Center