I need help preparing US federal tax return Form 709 and 706.  I would like to have the answers by...

I need help preparing US federal tax return Form 709 and 706.  I would like to have the answers by tonight or tomorrow night. Thanks. 

1.      709 PROBLEM: Prepare a 2015 Federal Gift Tax Return (Form 709) and indicate in your solution any other factual assumptions you made.  

Sheldon made the following gifts during 2015:

•        $1,000,000 cash to Amy, his wife

•        $6,000,000 in Cosmos Stock equally to Sheldon and Amy’s four children ($1,500,000 each)

•        $500,000 cash to Sheldon’s church (a qualified charity)

Assume the following: 

•        Sheldon has never made prior gifts

•        Sheldon was married to Amy for the entire time through 2015 and neither was ever married previously

•        Neither Sheldon nor Amy died during the year

•        Sheldon and Amy have always been US citizens

•        Do not make a split gift election

•        No valuation discounts were claimed

•        Invent your own names, addresses, gift dates, CUSIPs (etc.)

•        No transfers are subject to generation skipping transfer tax (ignore Parts 2 and 3 of Schedule A and all of Schedule D)

•        Do not prepare Schedule C

•        Use a $0 entry for lines 8 and 10

•        The annual gift tax exclusion amount is $14,000

•        The current year applicable exclusion is $5,250,000

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706 Problem: 

Answer the following: 

A.   Prepare a Federal Estate Tax return (Form 706 – you will need to prepare only Schedules A, B, C, E, J  and M and parts 1, 2 and 5 of pages 1-4.)  

B.  If the Cosmos Stock given away in 2015 (valued at $6,000,000 at that time) is valued at $9,000,000 in 2017, does this change your answer to Part A?  Explain in a one-paragraph written response - but no need to rework the Form 706.

C.   When is the Estate tax return (Form 706) due?  Add your response to your response in Part B.

Facts:

Assume that Sheldon from the 709 problem dies 10/21/2017.  Assume also that the 2017 estate and gift tax rules and forms are identical to 2015.  Sheldon died with the following assets:

               House                                  $1,500,000

               Cash                                          700,000

               Corporate Bonds                     400,000

               Galaxy, Inc. Stock                                   800,000

               Rental Property                       200,000

All of the properties above are given to Amy, Sheldon’s wife, in Sheldon’s Will except for the bonds that go to Sheldon’s four children (equally).  The rental property goes to Amy by virtue of a joint ownership with right of survivorship between Sheldon and Amy (only).  The rental property, therefore, is a qualified joint interest.  All other properties are in Sheldon’s name only.

More assumptions: 

•        The annual gift tax exclusion amount is $14,000

•        The current year applicable exclusion is $5,250,000

•        Sheldon has made only one set of taxable prior gifts (2015 – See 709 Problem) 

•        Sheldon was married to Amy for the entire time through his date of death

•        Sheldon and Amy have always been US citizens

•        No valuation discounts were claimed

•        Invent your own names, addresses (etc.), gift dates and CUSIPs

•        No alternate valuation election is made

•        No transfers are subject to generation skipping transfer tax 

•        No one filed a disclaimer

•        Amy is the sole Executor of Sheldon’s estate

•        No state estate tax will be paid

•        Use a $0  entry for Part 2, Lines 9b, 10, 13 and 14; Part 5, Line 23; and for Schedule M, Line 5(d)

•        For Part 2, Line 7 use your entry for the 709 Problem, Line 17

The estate paid $8,000 in funeral expenses.  The estate also paid $20,000 in legal fees and $42,000 in executor fees to administer the estate.  All of these expenses were paid by the due date of the estate tax return.  No reimbursements will paid to the Estate or to any heir for any of these expenses.