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Features - June 2003
Inter-Est is the only commercial program available that is specifically designed to compute the federal estate tax for the purpose of IRS audit situations, etc. Inter-Est continues as the only program offered which will compute a high percentage of your Interrelated Federal Estate Tax problems. Inter-Est was one of the first computer programs for interrelated estate tax computations to run on a Micro, and is not the result of a crash program. Earlier versions have been used in IRS audit situations since 1979. Inter-Est is currently used in all parts of the country. If you file a §6166 Supplemental 706 Return without using Inter-Est, you are just guessing at the correct payment. Your IRS Service Center is probably using Inter-Est to compute your tax. If you are not using Inter-Est, you are probably not making timely or proper adjustments to §6166 Supplemental 706 Returns. The current version of Inter-Est. is Version 3.00, Release 100 Program FeaturesThis is a short list for the program features and capabilities of Inter-Est. Interest ComputationsInter-Est keeps separate interest table files that can be edited and used separately from the estate tax case files. Inter-Est also supports many other interest related features such as:
You can insert a new interest period in the middle of a series of periods without changing all the other periods. Period data are sorted by date and inserted in their proper place. The earliest period entered is treated as the due date and the last date entered is treated as the computation date. Flower BondsInter-Est supports standard flower bond computations. It computes correct value of bonds included in the gross estate. Inter-Est assumes that the flower bonds are in residue and are not included in a specific bequest. Interrelated Fees or CommissionsIf the executor’s commission is based on a percentage of the tax, or if the attorney goes to appeals for a percent of the tax and interest saved, Inter-Est supports the computation. Six different options are offered: Percentage of Gross Estate. Percentage of Simple AGE. Percentage of Taxable Estate. Percentage of Claim. Percentage of Expenses (Taxes, Interest, etc.). Percentage of Residue. ESOP DeductionInter-Est continues to support this deduction because Inter-Est supports computations over a fairly broad time period. Marital DeductionThe computed marital deduction is the sum of three items: An input specific bequest, a computed formula bequest, and a computed bequest of a percentage of residue. The formulae options supported are:
There is also a provision to charge the marital deduction with taxes and interest in several different ways. A complex option allows allocation of tax, etc. charged to this bequest. Charitable DeductionThe charitable deduction provisions are just like the marital deduction provision except that there is no provision for formula bequests. A complex option allows allocation of tax, etc. charged to this bequest. GST Direct SkipsProvision for Part II tax, Part III tax and three Schedule R-1 computations. Supports bequest from residue. There is also some support for the extension of GST tax under §6166. Special Residue ComputationWhere there is §2044 property from a prior estate, Inter-Est will compute the §2207A right of reimbursement of tax. A similar adjustment for right of reimbursement of state tax is also supported for around half the states. Complex ComputationsThere is a special provision for tax apportionment and expense allocation with over twenty categories of expenses used for allocation purposes when the COMPLEX option is selected. Gift Tax CreditA gift tax credit is supported for an unlimited number of transfers. Inter-Est also supports this credit for several states as well as the federal. Foreign Death Tax CreditA foreign death tax credit is supported for an unlimited number of countries. Both statutory credits and treaty credits are supported. Interest computations for foreign death taxes is also supported. Credit for Tax on Prior TransfersA credit for tax on prior transfers is supported for an unlimited number of transfers. Inter-Est also supports this credit for several states as well as the federal. Federal PenaltyThe main penalties supported are:
Other penalties such as the §6651(f) penalty, the §6166(g)(3) penalty and the failure to pay penalty related to late payment of §6166 installment payments are also supported. Interest on most supported penalties is also supported. To use these penalty provisions correctly, you should have some knowledge of the desired results. State ComputationProvision for computation of estate or inheritance tax for about twenty states. Supports all pickup tax states. There are some specific provision for each of the the following:
Also computes interest on the state tax liability while computing the interest on the federal liability. The support for some states is more complete than for other states. We have good support where there has been a demand for support and our users have helped by explaining their needs. Generally, we have very good support for New York and the pickup tax states. Fairly good support for some other states with estate taxes. Support for states with inheritance tax is not as good. The states that we have not supported to date are the states with a low volumn of computations. Support is also provided for states that opt out of the current SDTC and use older federal SDTC tables to compute their tax. Increased Estate TaxSupports §4981A(d) additional estate tax on excess retirement accumulations. 706NA ComputationsSupports 706NA computations for non-resident aliens under §§2101-2210 IRC. This support is not complete, but it should allow you to complete basic computations where interest or residue is involved. The Non-Official Official ProgramWhile Inter-Est is not an official program of the IRS and the answers it generates must be verified when used, it is the only program which attempts to handle most audit problems in a manner usful to both the IRS and the taxpayers. This is the reason it is used by all IRS Service Centers, most IRS Regions, the Justice Dept. and others who need accurate answers to these problems. RAR & GRAR for IRSIRS employees can receive a free copy of RAR 3.00 and/or GRAR 3.00 by contacting:
Required EquipmentInter-Est Ver. 3.00 requires a standard PC computer with an 80386 CPU or better and Windows 95 or later. You should have a mouse and enough memory to run normal programs on these operating systems. RAR & GRARWe no longer sell RAR 3.00 and GRAR 3.00 to the general public. You can achieve the same results using the report writers that are in Inter-Est, Version 3.00. Report Writers in Inter-Est Version 3.00Inter-Est Ver. 3.00 has two report writers built in. One for Estate Tax Reports and one for Gift Tax Reports. There is a toggle that suports Appeals Reports as well as the basic report for Estate Tax Attorneys. These report writers are offered as an alternative to the use of RAR and GRAR. SupportTelephone support during business hours is provided at 1-800-594-5826. If your problem is complex, you will need to send a copy of your computation or data by mail. We will study your problem and try to offer a usable solution. We will help you get a usable answer. Computation ServiceInter-Est now offers a computation service for those who have an interrelated computation problem, but do not want to learn how to use a new program. Most problems can be computed for $200.00 including reruns if necessary. Call us if you need a computation. Home Page Top of Page
Cammack Computations Co. P. O. Box 725, Cleburne, TX 76033 Voice: 1 (800) 594-5826 Email: cammack@inter-est.com Price Information |
