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The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year. In this example, we look at a taxpayer who needs to complete additional worksheets for her Form 709 filing.

When a taxpayer has prioryear taxable gifts exceeding $500,000, the taxpayer must complete the Schedule B Column C worksheet to recalculate the applicable credit for those prior periods. The applicable credits are recalculated using the currentyear gift tax rate tables.

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