Partial Release of property reported on a 706

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Partial Release of property reported on a 706...

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Linda Williams

Posted 3/2/2006 11:59:48 AM

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Last Login: 5/2/2011 5:21:23 PM
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A 706 was filed in 2005 for the estate, with State returns in Hawaii and Oklahoma. The states responded very quickly with closing letters. You know how long it takes for the Federal Closing Letter. The estate was valued at over $2m, with the estate value in Oklahoma at $12,000. The property in Oklahoma is owned by several distant family members; they actually are very anxious to sell this property and the beneficiaries agree. They have an offer on the property, but cannot sell it in Oklahoma without the Federal Letter. The Oklahoma requested for us to file a partial release. Any direction on how this is done?

Post #97

Mary Kay Foss

Posted 3/3/2006 11:10:58 AM

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Last Login: 3/12/2011 12:58:57 PM
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Anna Maria Galdieri arranged for Vicki Martinson of IRS Estate Tax Collections to speak to the East Bay Chapter Advanced Estate Planning Symposium last November. I think that Vicki or someone with the same role would be the person to contact. Anna Maria may have the contact information.

If you know an Estate Tax Attorney that audits 706s in your local area, they may be able to put you in contact with someone to do the release or to rush the closing letter.

Good luck! Cool

Mary Kay Foss

Post #98

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