SECTION 4. RELIEF FROM LATE

ALLOCATIONS OF GST EXEMPTION

.01 Procedural Requirements . (1) File a Form 709 for the year of the transfer to the trust, regardless of whether a Form 709 had been previously filed for that year. State at the top of the Form 709 that the return is “FILED PURSUANT TO REV. PROC. 2004-46.”

(2) Report on the Form 709 the value of the transferred property as of the date of the transfer.

(3) Allocate GST exemption to the trust by attaching a statement to the Form 709 entitled “Notice of Allocation.” The notice of allocation must contain the following information:

(a) clear identification of the trust, including the trust’s identifying number, as defined in § 6109 and the regulations thereunder, when applicable;

(b) the value of the property transferred as of the date of the transfer (adjusted to account for split gifts, if any);

(c) the amount of taxpayer’s unused GST exemption at the time this Notice of Allocation is filed (taxpayers are reminded that they must have unused GST exemption at the time this Notice of Allocation is filed);

(d) the amount of GST exemption allocated to the transfer;

(e) the inclusion ratio of the trust after the allocation; and

(f) a statement that all of the requirements of section 3.01 of this revenue procedure have been met.

August 2, 2004 143 2004–31 I.R.B.

The estimated total annual reporting burden is 350 hours.

The estimated annual burden per respondent varies from 2 hours to 10 hours, depending on individual circumstances, with an estimated average burden of 7 hours to complete the statements required under this revenue procedure. The estimated number of respondents is 50.

The estimated annual frequency of responses is on occasion.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

DRAFTING INFORMATION

The principal author of this revenue procedure is Lian A. Mito of the Office of Associate Chief Counsel (Passthroughs & Special Industries). For further information regarding this revenue procedure, contact Lian A. Mito at (202) 622–7830 (not a toll-free call).

of the Generation-Skipping Transfer Tax Regulations.