2003 706 New assets found

Technical topics regarding tax preparation.
#1
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Clients dad passed in 2003 with estate of approximately $1.5 million. 706 was filed by attorney, tax paid etc. Last year, a law firm found assets of approximately $200,000 in the fathers name. Took a fee and got the funds sent to my client. The estate was closed almost 15 years ago. Attorney for estate who filed 706 has passed, we have no copy of 706, etc.

The funds are now sitting in an account under the estates name using estates ID number.

I simply cant imagine trying to amend a 706 15 years old?

Any thoughts from this fine group?
 

#2
dave829  
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Unless the failure to report these assets on the estate tax return was due to fraud (from your message, it appears this wasn’t the case), both the 3-year statute of sec. 6501(a), and the 6-year statute of sec. 6501(e)(2), have expired. No amended return is needed.
 

#3
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Yes, my thought is that taxes, including estate taxes, involve assessments and SOL’s.
 

#4
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dave829 wrote:Unless the failure to report these assets on the estate tax return was due to fraud (from your message, it appears this wasn’t the case), both the 3-year statute of sec. 6501(a), and the 6-year statute of sec. 6501(e)(2), have expired. No amended return is needed.



Can you say "Thats what I was thinking" in melody??? :mrgreen:

That's what I told my client. But thought Id post it here. Thank you!
 


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