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Complete the Donee(s) gift division statement on the Gift screen

The
Donee(s), gift division
 statement is mandatory. UltraTax CS transfers donee information to Form 709, Schedule A, column B exactly as you enter it on the Donee screen, and allocates the gift according to the data you enter in this statement. Do the following steps to complete the statement.
  1. Donee No.:
     Select the recipient of this gift. If the list of donees doesn't contain the name or
    Unavailable - Enter on federal Screen Donee
     displays, first enter the gift recipient’s name and information on the
    Donee
     screen.
  2. Percent of Gift if Not Equal:
     By default, UltraTax CS divides the gift equally among donees. If the donees didn't receive the same amount, enter the percentage that each donee received in this column,
    or
     enter the amount in the
    Amount of Gift if Not Equal
     column.
    1. If you enter data in this column and the
      Amount of Gift if Not Equal
       column, the amounts for the distribution of the gift are used and the percentages are ignored.
    2. If you enter data in the
      Percent of Gift if Not Equal
       column, the gift is divided according to the percentages you enter.
    3. The total of all percentages you enter displays at the bottom of the statement, and will need to total
      100
      . If the sum of the percentages in this column doesn't total 100, the entries are ignored and the gift is divided equally among the gift recipients.
  3. Amount of Gift if Not Equal:
     By default, UltraTax CS divides the gift equally among donees. If the donees didn’t receive the same amount, enter the dollar amount each donee received in this column,
    or
     enter a percentage in the
    Percent of Gift if Not Equal
     column.
    1. If you enter data in this column and the
      Amount of Gift if Not Equal
       column, the amounts for the distribution of the gift are used and the percentages are ignored.
    2. If you enter data in the
      Amount of Gift if Not Equal
       column, the gift is divided according to the amounts you enter. The total of all amounts you enter displays at the bottom of the statement, and will need to equal the total amount you enter on the
      Gift
       screen in the
      Value at date of gift
       field.
    3. If the sum of the amounts you enter in this column doesn’t equal the total amount you enter in the
      Value at date of gift
      field, the entries are ignored and the gift is divided equally among the gift recipients.
  4. Donee’s Exclusion (Force):
     UltraTax CS assumes all gifts qualify for the annual exclusion and applies the annual exclusion to gifts in chronological order of the date each gift was made. If multiple gifts were made on the same date, UltraTax CS applies the exclusion (until exhausted) by item number. You may view the exclusion calculation for each gift recipient on their Donee Worksheet. Then, if necessary, use this column to force the calculated amount of annual exclusion applied to a donee’s portion of this gift. If the gift doesn’t qualify for the exclusion, enter
    0
     (zero) in this column. This information is used in the calculation of the return’s total annual exclusions on Form 709, Page 3, Schedule A, Part 4, line 2 and on the Donee Worksheet.
  5. Charitable Deduction Before Exclusion (Force):
     UltraTax CS assumes all gifts given to charitable donees qualify for 100 percent of the charitable deduction. If this is not the case, enter the portion of this gift that does qualify for the charitable deduction. Enter
    0
     (zero) if the entire gift doesn’t qualify for the deduction. UltraTax CS uses this information to calculate the charitable deduction on Form 709, Page 3, Schedule A, Part 4 and on the Donee Worksheet for the charity.

This article applies to:

  • Product: UltraTax CS
  • Return type: 709 Gift Tax
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