General Instructions

Caution: The section 2801 tax is payable annually and must be figured and filed on a calendar year basis. List all reportable covered gifts and covered bequests you receive from covered expatriates during a single calendar year on one Form 708, including reportable distributions you receive from foreign trusts. This means you must file a separate Form 708 for each calendar year in which you receive reportable covered gifts or covered bequests, including reportable distributions from a foreign trust. Do not file more than one Form 708 for any one calendar year. The calendar year for which the Form 708 is being filed, to be identified on the line under the title of Form 708, is referred to in these instructions as the “applicable calendar year.”