A taxpayer files a Form 5495 after regular filing of either an Estate or Gift tax return. The form is used to request discharge from personal liability for any deficiency for the kind of tax and periods shown on the form. The current Form can be found on the IRS website: http://www.avvo.com/questions/when-should-irs-tax-form-5495-be-submitted--992378/answers/new.
My colleague is correct.
Evan A. Nielsen is licensed to practice law in California. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.