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Member
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Last Login: 10/9/2009 10:06:17 AM
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I am amending a 706 and there is a significant tax due. I don't know how to compute the interest since this would be a deduction from the amended return. Will the IRS bill the estate a net interest (like a 6166 rate)?
Neal Teplin
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Member
Group: Forum Members
Last Login: 10/9/2009 1:02:49 PM
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| The interest calculation that you have to do is an interrelated calculation. We run the calculation three or four times until we arrive at the correct interest and tax amounts. As far as I know, when the IRS calculates the interest, they do not do the interrelated calculation.
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