What is 706 tax code?

An estate tax return (Form 70) must be filed if the deceased's gross estate (who is a U.S. citizen or resident) must be filed. (U.S.), augmented by the decedent's adjusted taxable gifts and the specific gift tax exemption, is valued at more than the filing threshold for the year of the decedent's death, as shown in the following table. The executor of a decedent's estate uses Form 706 to calculate the estate tax imposed by Chapter 11 of the Internal Revenue Code.

In accordance with section 13550 of the Revenue and Tax Code, interest is calculated at the rate applicable to underpayment of wealth tax, as set forth in section 6621 (a) (of the Internal Revenue Code). The Office of the State Comptroller will pay interest on any overpayment of taxes, in accordance with section 13563 of the Revenue and Tax Code, in the same manner as set forth in sections 6621 (a) (and 6622) of the Internal Revenue Code.