{"id":11588,"date":"2026-02-18T12:55:49","date_gmt":"2026-02-18T12:55:49","guid":{"rendered":"https:\/\/intelekbusinessvaluations.com\/en-us\/?page_id=11588"},"modified":"2026-04-02T15:25:28","modified_gmt":"2026-04-02T15:25:28","slug":"gift-and-estate-tax-irs-form-709-and-706","status":"publish","type":"page","link":"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/","title":{"rendered":"Gift and estate tax (IRS form 709 &#038; 706)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"11588\" class=\"elementor elementor-11588\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-156391a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"156391a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-135426bc ot-flex-column-vertical\" data-id=\"135426bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51922491 elementor-widget elementor-widget-text-editor\" data-id=\"51922491\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<h2>Why Compliance Valuations Matter<\/h2><p>When you transfer business interests \u2014 whether through a lifetime gift or at death \u2014 the IRS requires a defensible determination of Fair Market Value. That value directly drives what you report on IRS Form 709 (Gift Tax Return) and IRS Form 706 (Estate Tax Return), and ultimately determines how much tax is owed, how much of the lifetime exemption is consumed, and whether your filing can withstand IRS scrutiny.<\/p><p>Getting this wrong carries real consequences: undervaluation can trigger penalties and fraud allegations; overvaluation means your estate or your beneficiaries overpay. Working with an accredited business appraiser who understands IRS compliance standards is the single most important step to protect your family and your legacy.<\/p><p>InteleK&#8217;s team of accredited valuation specialists delivers IRS-compliant, qualified appraisals built specifically for gift and estate tax filings \u2014 providing a highly defensible conclusion of value from both a sophisticated legal and financial perspective.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-152bb18 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"152bb18\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-be63895 ot-flex-column-vertical\" data-id=\"be63895\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;none&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-dee7d0b elementor-section-full_width elementor-section-height-min-height elementor-section-height-default\" data-id=\"dee7d0b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-d475a4a ot-flex-column-vertical\" data-id=\"d475a4a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c0e68c elementor-widget elementor-widget-text-editor\" data-id=\"5c0e68c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<h3 style=\"color: white;\">Book a Free Consultation Call<\/h3>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-080fc0f elementor-widget elementor-widget-text-editor\" data-id=\"080fc0f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>One of InteleK\u00b4s accredited appraisers is available to listen to your story and answer any questions you may have.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-21cd5b3 elementor-widget elementor-widget-html\" data-id=\"21cd5b3\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div style=\"width: 100%; display: flex; justify-content: center; align-items: center; padding: 2rem 0;\">\r\n  <a href=\"https:\/\/calendly.com\/andrew-intelek\/google-meet-andrew-mackson-intelek-val-consultation\" target=\"_blank\" style=\"text-decoration:none;display:inline-block;\">\r\n    <div style=\"\r\n      display: flex;\r\n      align-items: center;\r\n      background: #FFFFFF; \/* Changed to white *\/\r\n      border-radius: 5.5rem;\r\n      padding: 0.75rem 3.5rem; \/* Adjusted horizontal padding (from 2rem to 3.5rem) to make it wider *\/\r\n      box-shadow: 0 4px 16px rgba(30,50,70,0.18);\r\n      color: #222f3e; \/* Changed for readability on white background *\/\r\n      font-size: 1.18rem;\r\n      font-weight: 600;\r\n      width: fit-content;\r\n      gap: 1.25rem;\r\n      cursor: pointer;\r\n      transition: box-shadow 0.2s, background 0.2s;\r\n      border: none;\r\n    \"\r\n      onmouseover=\"this.style.boxShadow='0 6px 20px rgba(30,150,252,0.24)';this.style.background='#F0F0F0'; this.style.color='#1e96fc';\" \/* Adjusted hover for white background *\/\r\n      onmouseout=\"this.style.boxShadow='0 4px 16px rgba(30,50,70,0.18)';this.style.background='#FFFFFF'; this.style.color='#222f3e';\" \/* Adjusted hover for white background *\/\r\n    >\r\n      <img decoding=\"async\" src=\"https:\/\/losangelesbusinessvaluations.com\/wp-content\/uploads\/2023\/11\/andrew-cubic.jpg\" alt=\"Andrew Mackson\" style=\"\r\n        width: 52px;\r\n        height: 52px;\r\n        object-fit: cover;\r\n        border-radius: 50%;\r\n        border: 2.5px solid #fff;\r\n        box-shadow: 0 2px 8px rgba(0,0,0,0.12);\r\n        background: #fff;\r\n        flex-shrink: 0;\r\n      \">\r\n      <span style=\"display: flex; flex-direction: column; line-height: 1.15;\">\r\n        Andrew Mackson, CFA, ABV\r\n        <span style=\"font-size: 0.95rem; font-weight: 400; color: #1e96fc; margin-top: 2px;\"> Book Appointment\r\n        <\/span>\r\n      <\/span>\r\n    <\/div>\r\n  <\/a>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a6807d1 elementor-widget elementor-widget-html\" data-id=\"a6807d1\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div style=\"width: 100%; display: flex; justify-content: center; align-items: center; padding: 2rem 0;\">\r\n  <a href=\"https:\/\/calendly.com\/ryan-maguire-intelekbva\/30min\" target=\"_blank\" style=\"text-decoration:none;display:inline-block;\">\r\n    <div style=\"\r\n      display: flex;\r\n      align-items: center;\r\n      background: #FFFFFF; \/* Changed to white *\/\r\n      border-radius: 5.5rem;\r\n      padding: 0.75rem 3.5rem; \/* Adjusted horizontal padding (from 2rem to 3.5rem) to make it wider *\/\r\n      box-shadow: 0 4px 16px rgba(30,50,70,0.18);\r\n      color: #222f3e; \/* Changed for readability on white background *\/\r\n      font-size: 1.18rem;\r\n      font-weight: 600;\r\n      width: fit-content;\r\n      gap: 1.25rem;\r\n      cursor: pointer;\r\n      transition: box-shadow 0.2s, background 0.2s;\r\n      border: none;\r\n    \"\r\n      onmouseover=\"this.style.boxShadow='0 6px 20px rgba(30,150,252,0.24)';this.style.background='#F0F0F0'; this.style.color='#1e96fc';\" \/* Adjusted hover for white background *\/\r\n      onmouseout=\"this.style.boxShadow='0 4px 16px rgba(30,50,70,0.18)';this.style.background='#FFFFFF'; this.style.color='#222f3e';\" \/* Adjusted hover for white background *\/\r\n    >\r\n      <img decoding=\"async\" src=\"https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2025\/12\/ryan-compressed-2.jpg\" alt=\"Ryan Maguire\" style=\"\r\n        width: 52px;\r\n        height: 52px;\r\n        object-fit: cover;\r\n        border-radius: 50%;\r\n        border: 2.5px solid #fff;\r\n        box-shadow: 0 2px 8px rgba(0,0,0,0.12);\r\n        background: #fff;\r\n        flex-shrink: 0;\r\n      \">\r\n      <span style=\"display: flex; flex-direction: column; line-height: 1.15;\">\r\n        Ryan Maguire, CPA, ABV\r\n        <span style=\"font-size: 0.95rem; font-weight: 400; color: #1e96fc; margin-top: 2px;\"> Book Appointment\r\n        <\/span>\r\n      <\/span>\r\n    <\/div>\r\n  <\/a>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fb1133b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb1133b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9b255ee ot-flex-column-vertical\" data-id=\"9b255ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c106e0 elementor-widget elementor-widget-image\" data-id=\"4c106e0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706-1024x576.png\" class=\"attachment-large size-large\" alt=\"Gift and estate tax (IRS form 709 &amp; 706) compliance services intelek\" srcset=\"https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706-1024x576.png 1024w, https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706-300x169.png 300w, https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706-768x432.png 768w, https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1676c9c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1676c9c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c8ddd3 ot-flex-column-vertical\" data-id=\"5c8ddd3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-737c247 elementor-widget elementor-widget-text-editor\" data-id=\"737c247\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<h2>IRS Form 709 &#8211; Gift Tax Valuations<\/h2><p>Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) must be filed whenever a donor makes a reportable gift\u00a0 including transfers of business interests that exceeds the annual gift tax exclusion ($19,000 per recipient for 2026) or that does not qualify as a present interest.<\/p><h2>When a Business Valuation Is Required<\/h2><p>Privately held businesses have no quoted market price. When shares, membership interests, or partnership units are gifted to family members or trusts, the IRS requires a qualified appraisal to establish Fair Market Value at the exact date of transfer. That appraised value is what appears on Form 709 and counts against the donor&#8217;s lifetime gift and estate tax exemption ($15 million per individual \/ $30 million for married couples in 2026).<\/p><h2>Adequate Disclosure &amp; Statute of Limitations<\/h2><p>A properly prepared valuation report is the cornerstone of adequate disclosure. When the gift is reported with a clear description of the interest transferred, the parties involved, the valuation methodology, and supporting financial data, the IRS&#8217;s window to challenge the gift is limited to three years from filing. Without adequate disclosure, that statute of limitations never starts \u2014 leaving the gift open to IRS challenge indefinitely, including after the donor&#8217;s death.<\/p><h2>Key Valuation Considerations for Gift Tax<\/h2><ul><li>Fair Market Value Standard \u2014 The price at which property would change hands between a willing buyer and willing seller, neither under compulsion and both with reasonable knowledge of the relevant facts.<\/li><li>Revenue Ruling 59-60 Factors \u2014 Nature and history of the business, financial condition, earnings capacity, industry and economic outlook, and the rights attached to the interest being transferred.<\/li><li>Valuation Discounts \u2014 Minority interest discounts, lack of marketability discounts (DLOM), and key person discounts, where applicable, can materially reduce the reported gift value \u2014 allowing you to transfer a greater percentage of your business within the annual exclusion or while using less of your lifetime exemption.<\/li><li>Present vs. Future Interest \u2014 Many gifts of business interests, particularly those transferred into trusts, are treated as future interests that do not qualify for the annual exclusion. Your valuation must account for the specific rights attached to the interest.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6bbe007 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6bbe007\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a01556 ot-flex-column-vertical\" data-id=\"6a01556\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-21c84fd elementor-widget elementor-widget-text-editor\" data-id=\"21c84fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<h2>IRS Form 706 &#8211; Estate Tax Valuations<\/h2><p>Form 706 (United States Estate and Generation-Skipping Transfer Tax Return) is filed by the executor of a decedent&#8217;s estate to report the fair market value of all estate assets \u2014 including business interests \u2014 and to calculate the estate tax liability.<\/p><h2>When a Business Valuation Is Required<\/h2><p>If the decedent owned interests in a privately held business, a qualified appraisal is required to complete Schedule F (and potentially other schedules) of Form 706. The valuation must reflect Fair Market Value as of the exact date of death (or the alternate valuation date, six months later, if elected under \u00a72032).<\/p><h2>Estate Tax Thresholds &amp; Rates<\/h2><p>For 2026, the federal estate tax exemption stands at $15 million per individual ($30 million for married couples), following the permanent increase under the One Big Beautiful Bill Act of 2025. Estates valued above this threshold face a federal estate tax rate of up to 40%. An accurate business valuation ensures you neither overpay nor understate the value \u2014 both of which carry significant financial and legal risk.<\/p><h2>Step-Up in Basis<\/h2><p>A precise date-of-death valuation doesn&#8217;t just determine estate tax \u2014 it also sets the &#8220;stepped-up&#8221; cost basis for the inherited business interests. A higher defensible value means heirs inherit at that value, potentially eliminating years of accumulated capital gains if they later sell. This is now a central planning consideration in the post-OBBBA landscape where many estates fall below the $15M threshold but still benefit enormously from establishing the highest defensible value.<\/p><h2>Key Valuation Considerations for Estate Tax<\/h2><ul><li>Date of Death Valuation \u2014 Fair Market Value must be anchored to the precise date of death per \u00a720.2031-1 standards, using market conditions, comparable transactions, and economic data relevant to that date.<\/li><li>Qualified Appraisal Requirements \u2014 The report must be prepared by a credentialed appraiser (ABV, ASA, or CVA), use at least two recognized valuation approaches (Income and Market are standard), and include a detailed economic outlook section.<\/li><li>Valuation Discounts \u2014 Minority, marketability, and key person discounts can significantly reduce the taxable value of the estate&#8217;s business interests. These discounts are highly scrutinized by the IRS and must be substantiated with well-established research literature.<\/li><li>Portability Considerations \u2014 Even when a surviving spouse &#8220;ports&#8221; the deceased spouse&#8217;s unused exemption, a valuation at the first death is still necessary to establish the exemption amount used and the step-up in basis. Without it, the IRS can challenge the ported amount when the second spouse passes.<\/li><li>Life Insurance (Connelly v. United States) \u2014 Life insurance proceeds held within the business that are intended to redeem a deceased owner&#8217;s shares are treated as a corporate asset, increasing the company&#8217;s total value. The valuation must carefully account for this to avoid an unexpected estate tax bill.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fa4be67 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fa4be67\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-57fb37b ot-flex-column-vertical\" data-id=\"57fb37b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f762b9 elementor-widget elementor-widget-text-editor\" data-id=\"2f762b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<h2>InteleK&#8217;s Compliance Valuation Approach<\/h2><p>Our accredited appraisers bring deep IRS compliance experience to every gift and estate tax engagement. Here&#8217;s what sets our process apart:<\/p><p>Qualified Appraisals That Meet IRS Standards \u2014 Every report satisfies IRS &#8220;Qualified Appraisal&#8221; criteria under the Internal Revenue Code, including full scope explanation, methodology transparency, certification language, independence affirmation, and intended use disclosure.<\/p><p>Revenue Ruling 59-60 Framework \u2014 We rigorously apply all required factors: business history, financial condition, earnings capacity, dividend-paying capacity, intangible asset value, industry outlook, and prior transactions in the company&#8217;s stock.<\/p><p>Multiple Valuation Approaches \u2014 We employ at least two recognized methods (typically Income\/DCF and Market), clearly explaining why each approach was selected and how they were weighted \u2014 meeting IRS expectations for methodological rigor.<\/p><p>Defensible Discounts \u2014 Our discount analysis is customized to the specific case facts and substantiated with peer-reviewed research literature and established empirical studies. We document every assumption so the discount conclusions can withstand IRS examination.<\/p><p>Two-Phase Valuation Process \u2014 Our proven two-phase approach adds significant value by first establishing the enterprise value and then carefully analyzing the specific interest being transferred, applying appropriate discounts grounded in the economic reality of the case.<\/p><p>Collaboration With Your Advisory Team \u2014 We work alongside your estate planning attorney, CPA, and financial advisors to ensure the valuation integrates seamlessly into the overall estate plan and tax filing.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-48bed44 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48bed44\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f8680f ot-flex-column-vertical\" data-id=\"6f8680f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aac8a9f elementor-widget elementor-widget-heading\" data-id=\"aac8a9f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">InteleK AI<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-406f2e1 elementor-widget elementor-widget-text-editor\" data-id=\"406f2e1\" data-element_type=\"widget\" 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aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"ot-flaticon-signs\"><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"team-info\">\n\t\t\t\t<h6 class=\"tname\"><a href=\"https:\/\/intelekbusinessvaluations.com\/en-us\/about-us\/andrew-mackson\/\">Andrew Mackson,                                                              CFA, ABV<\/a><\/h6>\t\t\t\t<span>co-founder & Partner<\/span>\t\t\t<\/div>\n\t\t<\/div>\n\t        \n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-0c60874 ot-flex-column-vertical\" data-id=\"0c60874\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8d9137d elementor-widget elementor-widget-imember\" data-id=\"8d9137d\" 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0ms\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"ot-flaticon-signs\"><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"team-info\">\n\t\t\t\t<h6 class=\"tname\"><a href=\"https:\/\/intelekbusinessvaluations.com\/en-us\/about-us\/cameron-braid\/\">Cameron Braid,<br>                                                            MBA<\/a><\/h6>\t\t\t\t<span>Co-Founder & Partner<\/span>\t\t\t<\/div>\n\t\t<\/div>\n\t        \n\t    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-7bcf76a ot-flex-column-vertical\" data-id=\"7bcf76a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6455016 elementor-widget elementor-widget-imember\" 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1.4rem;\r\n      font-weight: 700;\r\n      margin: 0;\r\n      line-height: 1.3;\r\n      padding-right: 15px;\r\n    }\r\n\r\n    .faq-icon {\r\n      width: 24px;\r\n      height: 24px;\r\n      transition: transform 0.3s ease;\r\n      flex-shrink: 0;\r\n    }\r\n\r\n    .faq-answer {\r\n      max-height: 0;\r\n      overflow: hidden;\r\n      transition: max-height 0.4s cubic-bezier(0.4, 0, 0.2, 1);\r\n      background: #f8fafc;\r\n    }\r\n\r\n    .faq-answer-content {\r\n      padding: 0 30px 30px 30px;\r\n      color: #475569;\r\n      font-size: 1.6rem;\r\n      line-height: 1.7;\r\n    }\r\n\r\n    .faq-card.active .faq-answer {\r\n      max-height: 600px;\r\n    }\r\n\r\n    .faq-card.active .faq-icon {\r\n      transform: rotate(180deg);\r\n    }\r\n\r\n    .no-results {\r\n      text-align: center;\r\n      padding: 80px 20px;\r\n      color: #64748b;\r\n      font-size: 1.3rem;\r\n      display: none;\r\n    }\r\n\r\n    .no-results.show {\r\n      display: block;\r\n    }\r\n\r\n    @media (max-width: 992px) {\r\n      .faq-grid {\r\n        grid-template-columns: 1fr;\r\n      }\r\n      .faq-header h3 { font-size: 2.5rem; }\r\n    }\r\n  <\/style>\r\n\r\n  <div class=\"faq-section-wrapper\">\r\n    <div class=\"faq-header\">\r\n      <h3>Gift & Estate Tax Compliance FAQs<\/h3>\r\n      <p>Expert insights into IRS Form 709 & 706 business valuation requirements for gift tax, estate tax, and compliance planning in 2026.<\/p>\r\n      <p style=\"font-size: 0.rem; opacity: 0.8;\">\u26a0\ufe0f General information only. InteleK Business Valuations & Advisory Pty Ltd recommends professional legal and tax advice for all gift and estate tax matters.<\/p>\r\n    <\/div>\r\n\r\n    <div class=\"search-container\">\r\n      <div class=\"search-title\">Search 2026 Gift & Estate Tax Compliance Topics<\/div>\r\n      <div class=\"search-wrapper\">\r\n        <input type=\"text\" class=\"search-input\" id=\"faqSearchInput\" placeholder=\"Search for Form 709, Form 706, discounts, IRS audit...\">\r\n        <button class=\"search-button\" id=\"faqSearchButton\">Search<\/button>\r\n      <\/div>\r\n    <\/div>\r\n\r\n    <div class=\"faq-grid\" id=\"faqGrid\">\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>When is a business valuation required for IRS Form 709?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            A qualified business valuation is required whenever you gift privately held business interests that exceed the $19,000 annual exclusion per recipient (2026), or when the gift is a \"future interest\" \u2014 such as transfers into trusts. Since there is no quoted market price for a private company, the IRS requires a formal appraisal to establish Fair Market Value at the exact date of transfer. That appraised value is what appears on Form 709 and counts against your $15 million lifetime exemption.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>When is a business valuation required for IRS Form 706?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            If the decedent owned interests in a privately held business, a qualified appraisal is required to complete Schedule F (and potentially other schedules) of Form 706. The valuation must reflect Fair Market Value as of the exact date of death \u2014 or the alternate valuation date six months later if elected under \u00a72032. This value determines the estate tax liability and establishes the stepped-up cost basis for heirs.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What is a \"Qualified Appraisal\" and why does the IRS require one?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            A Qualified Appraisal is a legal standard \u2014 not a marketing term. The IRS requires it for both Form 709 and Form 706 filings involving privately held assets. The report must be prepared by a credentialed appraiser (ABV, ASA, or CVA), include full scope explanation, valuation methodology, certification language, independence affirmation, and intended use disclosure. If the report lacks these elements, the IRS may disregard it entirely \u2014 regardless of cost or convenience.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What is \"Adequate Disclosure\" and how does it protect me?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Adequate disclosure on Form 709 means providing the IRS with a clear description of the interest transferred, the parties involved, the valuation methodology, and the supporting financial data. When met, the IRS's window to challenge the reported gift value is limited to three years from filing. Without adequate disclosure, that statute of limitations never starts \u2014 leaving the gift open to IRS challenge indefinitely, including after the donor's death.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>How do minority and marketability discounts affect my Form 709 or 706 filing?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Discounts for lack of control (minority) and lack of marketability (DLOM) can materially reduce the reported value of gifted or inherited business interests \u2014 meaning less of your lifetime exemption is used on Form 709, or a lower taxable estate on Form 706. However, these discounts are among the most heavily scrutinized items by the IRS. They must be customized to the specific case facts and substantiated with peer-reviewed research literature to withstand examination.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What is the 2026 federal estate tax exemption and how does it impact my filing?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Following the One Big Beautiful Bill Act of 2025, the federal estate tax exemption is $15 million per individual ($30 million for married couples) in 2026. Estates valued above this threshold face a federal tax rate of up to 40%. An accurate business valuation ensures you neither overpay nor understate the value on Form 706 \u2014 both of which carry significant financial and legal risk. Even estates below the threshold benefit from a precise valuation to maximize the step-up in basis for heirs.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>Can I use the same valuation for both Form 709 and Form 706?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Not typically. Form 709 requires the Fair Market Value as of the date of the gift, while Form 706 requires the value as of the date of death (or the alternate valuation date). Each filing requires a valuation anchored to its specific effective date, reflecting the economic conditions, comparable transactions, and company financials relevant to that date. A valuation prepared for one date cannot simply be repurposed for another.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What is \"Step-Up in Basis\" and why does it matter for Form 706?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            When a business owner dies, heirs inherit the business interests at their date-of-death Fair Market Value \u2014 eliminating years of accumulated capital gains. A precise valuation on Form 706 sets the highest defensible \"stepped-up\" cost basis. In the post-OBBBA landscape where many estates fall below the $15M threshold, maximizing the step-up in basis is now the primary financial benefit of a quality valuation, potentially saving heirs millions in future capital gains taxes if they later sell.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>Does life insurance owned by the business affect the Form 706 valuation?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Yes. Under the Connelly v. United States ruling, life insurance proceeds intended to redeem a deceased owner's shares are treated as a corporate asset \u2014 increasing the company's total value on Form 706. A qualified valuation must carefully account for these proceeds, or the estate may face an unexpected tax bill on the \"inflated\" share value. This is one of the most common and costly oversights in estate tax filings.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What valuation approaches does the IRS expect to see?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            The IRS recognizes three general valuation approaches: the Income Approach (projected future cash flows discounted to present value), the Market Approach (comparable company transactions), and the Asset-Based Approach (net asset value). A qualified appraisal for Form 709 or 706 should typically employ at least two approaches, clearly explaining why each was selected or excluded and how they were weighted to arrive at the final conclusion of value.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What is Revenue Ruling 59-60 and why does it matter for compliance?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Revenue Ruling 59-60 is the IRS's foundational guidance for valuing closely held businesses for tax purposes. It requires appraisers to consider the nature and history of the business, financial condition and earnings capacity, industry and economic outlook, dividend-paying capacity, intangible assets, and prior stock transactions. Any qualified appraisal attached to Form 709 or 706 must demonstrate that these factors were rigorously analyzed.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>What happens if my valuation is found to be inaccurate by the IRS?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            If the IRS determines the reported value is \"grossly misstated\" \u2014 generally off by 50% or more \u2014 it can assess penalties on the underpayment of tax, challenge the gift value, and potentially \"claw back\" gifted amounts. For estate tax, executors face fiduciary liability. The best protection is a qualified appraisal prepared by a credentialed, independent appraiser whose methodology and discount analysis are fully documented and supported by established research.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>How long does a compliance valuation take to complete?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Timelines vary based on business complexity, but InteleK prioritizes meeting your filing deadlines. Form 706 must generally be filed within 9 months of the date of death (with a 6-month extension available), and Form 709 is due with the donor's income tax return by April 15 (with extensions). We recommend engaging early \u2014 especially for complex businesses with multiple entities, real estate holdings, or intangible assets \u2014 to ensure the valuation is thorough and defensible.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>Does my state's estate tax require a different valuation than the federal filing?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            Often, yes. States like New York, Oregon, and Washington have much lower estate tax thresholds \u2014 some as low as $1 million \u2014 compared to the federal $15 million exemption. A single valuation must be precise enough to satisfy both federal and state auditors, who may look for different considerations regarding local market conditions and state-specific regulations. InteleK structures every report to withstand scrutiny at both levels.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n      <div class=\"faq-card\" data-faq-item>\r\n        <button class=\"faq-question-trigger\">\r\n          <h3>Why does InteleK use a \"Two-Phase\" valuation approach for compliance work?<\/h3>\r\n          <svg class=\"faq-icon\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\"><path d=\"M6 9l6 6 6-6\"\/><\/svg>\r\n        <\/button>\r\n        <div class=\"faq-answer\">\r\n          <div class=\"faq-answer-content\">\r\n            InteleK's two-phase approach first establishes the total enterprise value of the business, then separately analyzes the specific interest being transferred \u2014 applying appropriate minority, marketability, and key person discounts grounded in the economic reality of the case. This structured methodology creates a clear, defensible audit trail that the IRS can follow, significantly reducing the risk of challenges to either the enterprise value or the discount conclusions on your Form 709 or 706 filing.\r\n          <\/div>\r\n        <\/div>\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n    <div class=\"no-results\" id=\"noResults\">\r\n      No compliance valuation topics found matching your search. 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That value directly drives what you report on IRS Form 709 (Gift Tax Return) and IRS Form 706 (Estate Tax Return), and ultimately determines how much [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11614,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gift and estate tax (IRS form 709 &amp; 706) - Intelek Business Valuations United States<\/title>\n<meta name=\"description\" content=\"When you transfer business interests whether through a lifetime gift or at death, the IRS requires a defensible determination...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/#website\",\"url\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/\",\"name\":\"Intelek Business Valuations United States\",\"description\":\"Valuations and Advisory United States\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706.png\",\"contentUrl\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/wp-content\/uploads\/2026\/02\/Gift-and-estate-tax-IRS-form-709-706.png\",\"width\":1280,\"height\":720,\"caption\":\"Gift and estate tax (IRS form 709 & 706) compliance services intelek\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/#webpage\",\"url\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/\",\"name\":\"Gift and estate tax (IRS form 709 & 706) - Intelek Business Valuations United States\",\"isPartOf\":{\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/#primaryimage\"},\"datePublished\":\"2026-02-18T12:55:49+00:00\",\"dateModified\":\"2026-04-02T15:25:28+00:00\",\"description\":\"When you transfer business interests whether through a lifetime gift or at death, the IRS requires a defensible determination...\",\"breadcrumb\":{\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/gift-and-estate-tax-irs-form-709-and-706\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/intelekbusinessvaluations.com\/en-us\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gift and estate tax (IRS form 709 &#038; 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