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Caution: DRAFT—NOT FOR FILING
This is an early release draft of an IRS tax form, instructions, or publication,
which the IRS is providing for your information. Do not file draft forms and do
not rely on draft forms, instructions, and publications for filing. We do not
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If you have comments on reducing paperwork and respondent (filer) burden,
with respect to draft or final forms, please respond to the relevant information
collection through the Federal Register process; for more info, click here.Instructions for
Department of the Treasury
Internal Revenue Service
Form 706-GS(D-1)
(Rev. November 2021)
Use with the October 2008 revision of Form 706-GS(D-1)
DRAFT AS OF
Notification of Distribution From a Generation-Skipping Trust
Section references are to the Internal Revenue
Code unless otherwise noted.
Trusts
Nonexplicit trusts. An arrangement
A distribution is not considered a
taxable distribution if, had it been made
while an individual was alive, it would
September 15, 2021
Future Developments that has substantially the same effect as have been a nontaxable gift because of
For the latest information about a trust will be treated as a trust even section 2503(e) (relating to transfers
developments related to Form though it is not an explicit trust. made for certain educational or medical
706-GS(D-1) and its instructions, such Examples of such arrangements are expenses).
as legislation enacted after they were insurance and annuity contracts,
arrangements involving life estates and Also, a distribution (or any portion
published, go to IRS.gov/Form706-
remainders, and estates for years. thereof) is not a taxable distribution to
GS(D-1).
the extent that:
In general, a transfer of property in
• The property distributed was
General Instructions which the identity of the transferee is
conditioned on the occurrence of an
previously subject to GST tax and
event is a transfer in trust. However, this
• The distributee in the prior distribution
Purpose of Form rule does not apply to a testamentary
is assigned to a generation the same as
A trustee uses Form 706-GS(D-1) to or lower than the distributee in the
trust if the event is to occur within 6
report certain distributions from a trust current distribution.
months of the transferor's date of death.
that are subject to the generation- This rule does not apply if the
Nonexplicit trusts do not include
skipping transfer (GST) tax and to transfers have the effect of avoiding
decedents' estates.
provide the skip person distributee with GST tax for any transfer.
information needed to figure the tax due In the case of a nonexplicit trust, the
on the distribution. person in actual or constructive Exceptions
possession of the property involved is
Irrevocable trusts. The GST tax does
Who Must File considered the trustee and is liable for
not apply to any distribution from a trust
In general, the trustee of any trust that filing Form 706-GS(D-1).
that was irrevocable on September 25,
makes a taxable distribution must file a If you are filing this return for a 1985. Any trust in existence on
Form 706-GS(D-1) for each skip nonexplicit trust, see Line 2a. Trust's September 25, 1985, will be considered
person. See Distributions Subject to Employer Identification Number. irrevocable unless:
GST Tax, later, for a discussion of what Separate trusts. You must treat the • On September 25, 1985, the value of
constitutes a taxable distribution. The following as separate trusts: the trust could have been included in
trustee must file a return for each skip • Portions of a trust that are attributable the settlor's gross estate for federal
person even if the inclusion ratio to transfers from different transferors estate tax purposes by reason of
applicable to the distribution is zero. and section 2038 if the settlor had died on
See Column d. Inclusion Ratio. • Substantially separate and September 25, 1985, or
independent shares of different • Regarding a policy of life insurance
When to File beneficiaries in a trust. that is treated as a trust under section
The trustee must file Copy A of Form 2652(b), the insured was an owner on
You must report such separate trusts September 25, 1985, and this would
706-GS(D-1) with the IRS and send under different item numbers in column
Copy B to the distributee by April 15th of have caused the insurance proceeds to
a of line 3, even if they have the same be included in the insured's gross estate
the year following the calendar year inclusion ratios.
when the distribution was made. If the for federal estate tax purposes if the
due date falls on a Saturday, Sunday, or insured had died on September 25,
legal holiday, file on the next business
Distributions Subject to 1985.
day. GST Tax For more information, see
In general, all taxable distributions are Regulations section 26.2601-1(b).
Where To File subject to the GST tax. A taxable
Trusts containing qualified termina-
The trustee must send Copy A of Form distribution is any distribution from a
trust to a skip person (other than a ble interest property. If an irrevocable
706-GS(D-1) to the following address: trust in existence on September 25,
taxable termination or a direct skip).
1985, holds qualified terminable interest
Department of the Treasury
If any GST tax imposed on a property (QTIP) (as defined in section
Internal Revenue Service Center
distribution is paid out of the trust from 2056(b)(7)) as a result of an election
Stop 824G
which the distribution was made, the under section 2056(b)(7) or 2523(f), the
7940 Kentucky Drive
amount of tax paid by the trust is also a trust may elect to be treated for
Florence, KY 41042-2915
taxable distribution. purposes of the GST tax as if the QTIP
Sep 09, 2021 Cat. No. 10926Lelection had not been made. Thus, decimal places (for example, Transition Rule in Case of
transfers from such a trust will not be “0.00001”). Mental Disability
subject to the GST tax.
Transition Rule for Revocable If the settlor was under a disability on
Additions to irrevocable trusts. To Trusts October 22, 1986, the GST tax may not
the extent that a distribution from a trust apply. See Regulations section
is from an addition to an irrevocable The GST tax will not apply to any
26.2601-1(b)(3) for a definition of the
trust made after September 25, 1985, distributions from a revocable trust,
provided: term “mental disability” and details on
such distribution is subject to the GST the application of this rule.
DRAFT AS OF
tax. Additions include constructive 1. The trust was executed before
additions described in Regulations October 22, 1986; Exceptions to Additions Rule
section 26.2601-1(b)(1)(v). 2. The trust as it existed on October Do not treat as an addition to a trust any
For purposes of figuring the inclusion 21, 1986, was not amended after addition that is made pursuant to an
ratio (defined later), use only the value October 21, 1986, in any way that instrument or arrangement that is
of the total additions made to the trust created or increased the amount of a covered by the rules discussed earlier
September 15, 2021
after September 25, 1985. generation-skipping transfer; under Transition Rule for Revocable
3. Except as provided later, no Trusts and Transition Rule in Case of
Distributions from trusts to which Mental Disability. This also applies to
additions have been made. As addition was made to the trust; and
inter vivos transfers if the same property
described earlier, when an addition is 4. The settlor died before January 1, would have been added to the trust by
made after September 25, 1985, to an 1987. such an instrument. For examples
irrevocable trust, only the portion of the illustrating this rule, see Regulations
A revocable trust is any trust that on
trust resulting from the addition is section 26.2601-1(b)(4)(ii).
October 22, 1986, was not an
subject to the GST tax. For distributions,
irrevocable trust (as defined earlier) and
this portion is the product of the
would not have been an irrevocable Definitions
allocation fraction and the value of the
trust had it been created before Skip persons. For GST tax purposes,
property distributed (including
September 25, 1985. skip person means:
accumulated income and appreciation
on that property). The instructions under Trusts 1. A natural person assigned to a
The allocation fraction is a fraction, containing qualified terminable interest generation that is two or more
the numerator of which is the value of property apply also to revocable trusts generations below the settlor's
the addition as of the date it was made covered by these transition rules. generation, or
(regardless of whether it was subject to Amendments to revocable trusts. An 2. A trust that meets the following
gift or estate tax, but reduced by the amendment to a revocable trust in conditions:
amount of federal or state estate or gift existence on October 21, 1986, will not a. All interests in the trust are held
tax imposed and paid by the trust). The be considered to result in the creation of by skip persons, or
denominator of the fraction is the fair or an increase in the amount of a
market value of the entire trust b. No person holds an interest in the
generation-skipping transfer where: trust, and at no time after the transfer to
immediately after the addition, less any • The amendment is administrative or
trust amount that is similar to expenses, the trust may a distribution be made to a
clarifying in nature; or non-skip person.
indebtedness, or taxes that would be • It is designed to perfect a marital or
allowable as a deduction under section charitable deduction for an existing Non-skip person. A non-skip person is
2053, and further reduced by the same transfer, and it only incidentally any person who is not a skip person.
amount that the numerator was reduced increases the amount transferred to a
by to reflect federal or state estate or gift skip person. Generation assignment. A generation
taxes paid by the trust. is determined along family lines as
Addition to revocable trusts. If an follows:
When there is more than one
addition (including a constructive
addition, the allocation fraction is 1. Where the beneficiary is a lineal
addition) to a revocable trust is made
revised after each addition. The descendant of a grandparent of the
after October 21, 1986, and before the
numerator of the revised fraction is the transferor (for example, the donor's
death of the settlor, all subsequent
sum of: cousin, niece, nephew, etc.), the
distributions from the trust will be
1. The value of the trust subject to number of generations between the
subject to the GST tax, provided the
the GST tax immediately before the last transferor and the descendant is
other requirements of taxability are met.
addition and determined by subtracting the number
For settlors dying before January 1,
of generations between the grandparent
2. The amount of the latest addition. 1987, any addition made to a revocable
and the transferor from the number of
trust after the death of the settlor will be
The denominator of the revised generations between the grandparent
treated as if made to an irrevocable
fraction is the total value of the entire and the descendant.
trust.
trust immediately after the latest 2. Where the beneficiary is the lineal
addition. If the addition results from a See Regulations section
descendant of a grandparent of a
generation-skipping transfer, reduce the 26.2601-1(b)(2)(vii) for examples
spouse (or former spouse) of the
numerator and denominator by the demonstrating the operation of these
transferor, the number of generations
amount of any GST tax imposed on the rules.
between the transferor and the
transfer and recovered from the trust. descendant is determined by
Round off the allocation fraction to five subtracting the number of generations
between the grandparent and the
-2-spouse (or former spouse) from the great-grandchildren who are lineal If someone prepares your return and
number of generations between the descendants of the deceased does not charge you, that person should
grandparent and the descendant. grandchild are considered your not sign the return. Generally, anyone
3. For this purpose, a relationship grandchildren for purposes of the GST who is paid to prepare your return must
by adoption is considered a blood tax. sign it in the space indicated.
relationship. A relationship by half-blood This rule also governs generation
is considered a relationship by whole
blood.
assignment for other lineal
descendants. For example, if property is
Specific Instructions
DRAFT AS OF
4. The spouse or former spouse of a transferred to an individual who is a Part I—General
transferor or lineal descendant is descendant of a parent of the transferor,
considered to belong to the same and that individual's parent (who is a Information
generation as the transferor or lineal lineal descendant of the parent of the Line 1a. Skip Person
descendant, as the case may be. transferor) is deceased at the time the
transfer is subject to gift or estate tax, Distributee's Identifying
September 15, 2021
A person who is not assigned to a then for purposes of generation Number
generation according to the rules above assignment, the individual is treated as Enter the social security number of an
is assigned to a generation based on his if he or she is a member of the individual distributee. (If the number is
or her birth date as follows. generation that is one generation below unknown or the individual has no
1. A person who was born not more the lower of: number, indicate “unknown” or “none.”)
than 121/2 years after the transferor is in • The transferor's generation or If the distributee is a trust, enter the
the transferor's generation. • The generation assignment of the trust's employer identification number
2. A person born more than 121/2 youngest living ancestor of the (EIN).
years, but not more than 371/2 years, individual, who is also a descendant of
the parent of the transferor. Line 2a. Trust's Employer
after the transferor is in the first
The same rules apply to the Identification Number
generation younger than the transferor.
generation assignment of any Enter the EIN of the trust from which the
3. Similar rules apply for a new
descendant of the individual. distribution was made.
generation every 25 years.
This rule does not apply to a transfer A nonexplicit trust as described
If more than one of the rules for to an individual who is not a lineal
assigning generations applies to a under Who Must File must have an EIN
descendant of the transferor if the that is separate from any other entity's
beneficiary, the beneficiary is generally transferor has any living lineal
assigned to the youngest of the EIN and that will be used only by the
descendants. nonexplicit trust.
generations that apply.
If any transfer of property to a trust
If an entity such as a partnership, would have been a direct skip except for A trust or nonexplicit trust that does
corporation, trust, or estate has an this generation assignment rule, then not have an EIN should apply for one on
interest in the property, each individual the rule also applies to transfers from Form SS-4, Application for Employer
who has a beneficial interest in the the trust attributable to such property. Identification Number. You can get
entity is treated as having an interest in Form SS-4, and other IRS tax forms and
the property. The individual is then Ninety-day rule. For purposes of publications, by visiting IRS.gov/Forms.
assigned to a generation using the rules determining if an individual's parent is
described above. deceased at the time of a testamentary Send Form SS-4 to the address
Governmental entities and certain transfer, an individual's parent who dies listed under Where To File. If the EIN
charitable organizations are assigned to no later than 90 days after a transfer has not been received by the filing time
the transferor's generation. Distributions occurring by reason of the death of the for the GST form, write “Applied for” on
to them will never be transferor is treated as having line 2a.
generation-skipping transfers. predeceased the transferor. The 90-day
rule applies to transfers occurring on or Part II—Distributions
Generation assignment where inter- after July 18, 2005. See Regulations Report all taxable distributions made
vening parent is deceased. If you section 26.2651-1 for more information. during the year from the trust listed on
made a gift or bequest to your line 2 to the skip person distributee
grandchild and at the time you made the Multiple skips. If after a
generation-skipping transfer the listed on line 1. Report a distribution
gift or bequest, the grandchild's parent even if its inclusion ratio is zero.
(who is your or your spouse's or your property transferred is held in trust, then
former spouse's child) is deceased, for the purpose of determining the Column a. Item No.
then for purposes of generation taxability of subsequent distributions
from the trust involving that property, the Assign consecutive numbers to each
assignment, your grandchild will be distribution made during the year.
considered to be your child rather than settlor of the property is assigned to the
first generation above the highest Different items of property having
your grandchild. Your grandchild's different inclusion ratios must be listed
children will be treated as your generation of any person who has an
interest in the trust immediately after the separately in Part II. Include under a
grandchildren rather than your single item number any properties
great-grandchildren. initial transfer.
having the same inclusion ratio even if
This rule is also applied to your lineal Signature they were distributed at different times.
descendants below the level of An exception to this is distributions from
grandchild. For example, if your The trustee, or an authorized “separate trusts” as that term was
grandchild is deceased, your representative of the trustee, must sign defined earlier. You must report
Form 706-GS(D-1). distributions from such separate trusts
-3-under different item numbers even if Applicable fraction. The applicable Once made, allocations are
they have the same inclusion ratio. fraction is a fraction, the numerator of irrevocable.
Column b. Description of which is the amount of the GST Allocation of the GST exemption is
exemption allocated to the trust. The made by the settlor on Form 709, United
Property denominator of the fraction is: States Gift (and Generation-Skipping
Real estate. Describe the real estate in 1. The value of the property Transfer) Tax Return, and/or Form 706,
enough detail so that the IRS can easily transferred to the trust, minus United States Estate (and
locate it for inspection and valuation. Generation-Skipping Transfer) Tax
2. The sum of:
DRAFT AS OF
For each parcel of real estate, report the Return, by the executor of the settlor's
location and, if the parcel is improved, a. Any federal estate tax or state estate. Therefore, you should obtain
describe the improvements. For city or death tax actually recovered from the information regarding the allocation of
town property, report the street number, trust attributable to the property and the exemption to this trust from the
ward, subdivision, block and lot, etc. For b. Any charitable deduction allowed settlor or the executor of the settlor's
rural property, report the township, under section 2055 or 2522 with respect estate, as applicable.
September 15, 2021
range, landmarks, etc. to the property. If the settlor's entire GST exemption
Stocks and bonds. For stocks, give: Round the applicable fraction to at is not allocated by the due date
• Number of shares; least the nearest one-thousandth (for (including extensions) of the settlor's
• Whether common or preferred; example, “0.001”). estate tax return, the exemption is
• Issue; automatically allocated under the rules
• Par value where needed for Numerator (GST exemption). Every of section 2632.
valuation; individual settlor is allowed a lifetime
GST exemption to be allocated against Transfers subject to an estate tax in-
• Price per share; clusion period. If a transferor made an
• Exact name of corporation; property that the individual has
transferred. For generation-skipping inter vivos transfer, and the property
• Principal exchange upon which sold, transferred would have been includible
if listed on an exchange; and transfers made through 1998, the
exemption was $1 million. The GST in the transferor's estate if he or she had
• CUSIP number. died immediately after the transfer
exemption amounts thereafter are as
For bonds, give: follows: (other than by reason of the transferor
• Quantity and denomination; dying within 3 years of making the gift),
• Name of obligor; Year Amount for purposes of determining the
• Date of maturity; 1999 . . . . . . . . . . . . . . $1,010,000 inclusion ratio, an allocation of GST
• Interest rate; 2000 . . . . . . . . . . . . . . $1,030,000 exemption will only become effective at
• Interest due date; 2001 . . . . . . . . . . . . . . $1,060,000 the close of the estate tax inclusion
• Principal exchange, if listed on an 2002 . . . . . . . . . . . . . . $1,100,000 period (ETIP).
exchange; and 2003 . . . . . . . . . . . . . . $1,120,000 The value of the property for the
• CUSIP number. 2004 and 2005 . . . . . . . . $1,500,000 purpose of figuring the inclusion ratio is
If the stock or bond is unlisted, show 2006–2008 . . . . . . . . . . $2,000,000 the estate tax value if the property is
the company's principal business office. 2009 . . . . . . . . . . . . . . $3,500,000 included in the transferor's gross estate,
The CUSIP (Committee on Uniform 2010 and 2011 . . . . . . . . $5,000,000 or its value at the close of the ETIP.
Security Identification Procedure) 2012 . . . . . . . . . . . . . . $5,120,000 The ETIP closes at the earliest of:
number is a nine-digit number that is 2013 . . . . . . . . . . . . . . $5,250,000
1. The time the transferred property
assigned to all stocks and bonds traded 2014 . . . . . . . . . . . . . . $5,340,000
would no longer be includible in the
on major exchanges and many unlisted 2015 . . . . . . . . . . . . . . $5,430,000
settlor's estate,
securities. Usually the CUSIP number is 2016 . . . . . . . . . . . . . . $5,450,000
2017 . . . . . . $5,490,000 2. The date of a generation-
printed on the face of the stock . . . . . . . .
skipping transfer of the property, or
certificate. If the CUSIP number is not 2018 . . . . . . . . . . . . . . $11,180,000
printed on the certificate, it may be 2019 . . . . . . . . . . . . . . $11,400,000 3. The date of death of the settlor.
obtained through the company's 2020 . . . . . . . . . . . . . . $11,580,000
transfer agent. 2021 . . . . . . . . . . . . . . $11,700,000 Denominator (valuation of trust as-
sets). In general, the value to be used
Other personal property. Any in the applicable fraction is the gift tax
personal property distributed must be value for an inter vivos transfer as long
described in enough detail that the IRS A valid Deceased Spousal
as the allocation of the GST exemption
can value it. ! Unused Exclusion Amount
CAUTION (“DSUE ” or portability) election
was made on a timely filed gift tax
Column d. Inclusion Ratio return. The value of a testamentary
by an executor of a deceased spouse's
transfer is generally the estate tax value.
Note. The trustee must provide the estate does not apply to or impact GST
inclusion ratio for every distribution. tax exemption. If the allocation of the exemption to
All distributions, or any part of a single an inter vivos transfer, made before
For existing trusts, transferors may January 1, 2001, is not made on a
distribution, that have different inclusion
allocate the additional GST exemption timely filed gift tax return, the value for
ratios must be listed as separate items
amount attributable to section 2631(c) purposes of the applicable fraction is
in column a.
increases if they otherwise qualify under the value of the property transferred at
The inclusion ratio is the excess of 1 the existing rules for late allocations. For the time the allocation is filed with the
over the applicable fraction determined more information, see section 2632 and IRS.
for the trust from which the distribution Multiple transfers into a trust, later.
was made.
-4-Qualified terminable interest attributable to such property) and any
property. For qualified terminable charitable deduction allowed with Paperwork Reduction Act Notice.
interest property (QTIP) that is included respect to such property and We ask for the information on this form
in the estate of the surviving spouse of to carry out the Internal Revenue laws of
2. The value of all property in the the United States. You are required to
the settlor because of section 2044, trust immediately before the current
unless a special QTIP election has been give us the information. We need it to
transfer. ensure that you are complying with
made under section 2652(a)(3), the
surviving spouse is considered the these laws and to allow us to figure and
Charitable lead annuity trusts. For collect the right amount of tax.
DRAFT AS OF
transferor under section 2652(a) for distributions from a charitable lead
GST purposes, and the value is the annuity trust, the numerator of the You are not required to provide the
estate tax value in the estate of the applicable fraction is the adjusted GST information requested on a form that is
surviving spouse. exemption as defined below. The subject to the Paperwork Reduction Act
A special QTIP election allows denominator is the value of the trust unless the form displays a valid OMB
property for which a QTIP election was immediately after termination of the control number. Books or records
September 15, 2021
made for estate or gift tax purposes to charitable lead annuity. relating to a form or its instructions must
be treated for GST tax purposes as if The adjusted GST exemption is the be retained as long as their contents
this QTIP election had not been made. If sum of: may become material in the
the special QTIP election has been 1. The exemption allocated to the administration of any Internal Revenue
made, the predeceased settlor spouse trust and law. Generally, tax returns and return
is the transferor and the value is that information are confidential, as required
spouse's estate or gift tax value under 2. Interest on the exemption by section 6103.
the rules described above. Either the determined at the interest rate used to
settlor spouse or the executor of the figure the estate or gift deduction for the The time needed to complete and file
settlor spouse's estate must make the charitable lead annuity and for the this form will vary depending on
special QTIP election. actual period of the charitable lead individual circumstances. The estimated
annuity. average time is:
ETIP. If an individual could not make
a timely allocation of exemption In the case of a late allocation, the
Recordkeeping . . . . . 1 hr., 33 min.
because of an ETIP, the value of the amount of interest accrued prior to the
property for the purpose of computing date of allocation is zero. Learning about the
the inclusion ratio is the estate tax value law or the form . . . 1 hr., 46 min.
Column e. Value
if the property is includible in the Preparing the
Enter the value of the property
transferor's gross estate. If the property form . . . . . . . . . . . 42 min.
distributed from the trust at the time of
is not includible in the transferor's gross
distribution. Copying,
estate, the property is valued at the
close of the ETIP, provided that the GST assembling, and
exemption is allocated on a timely filed Part III—Trust Information sending the form
gift tax return for the calendar year in to the IRS . . . . . . . 20 min.
Line 4
which the ETIP closes.
An arrangement that has substantially
Multiple transfers into a trust. When the same effect as a trust will be treated
a transfer is made to a pre-existing trust, as a trust even though it is not an We welcome your comments about
the applicable fraction must be explicit trust. Examples of such these instructions and your suggestions
recomputed. The numerator of the new arrangements are insurance and for future editions. You can send us
fraction is the sum of: annuity contracts, arrangements comments through IRS.gov/
1. The exemption allocated to the involving life estates and remainders, FormsComments. Or, you can write to
current transfer and and estates for years. Nonexplicit trusts the Internal Revenue Service, Tax
do not include decedent's estates. Forms and Publications, 1111
2. The nontax portion of the trust Constitution Ave. NW, IR-6526,
immediately before the current transfer In the case of a nonexplicit trust, the Washington, DC 20224.
(the product of the applicable fraction trustee is the person in actual or
and the value of all of the property in the constructive possession of the property Although we can't respond
trust immediately before the current involved. individually to each comment received,
transfer). we do appreciate your feedback and will
Line 5 consider your comments as we revise
The denominator of the new fraction
Whenever property is transferred into a our tax forms, instructions, and
is the sum of:
pre-existing trust, the inclusion ratio publications. Do not send the tax form to
1. The value of the current transfer must be refigured. See Multiple this address. Instead, see Where To
(minus any federal estate tax or state transfers into a trust for the rule on how File.
death tax actually paid by the trust to refigure the inclusion ratio.
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