Form Inh 300 - State Gift Tax Return Page 2
Download a blank fillable Form Inh 300 - State Gift Tax Return in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Inh 300 - State Gift Tax Return with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4INSTRUCTIONS
WHO MUST FILE A RETURN:
Provided that the total value of all gifts during the calendar year exceeds the applicable exemption levels, the State Gift Tax Return must
be filed upon transfer by gift by any person of the following property or any interest therein:
(a) When the transfer is from a resident of this state:
(1) Real property situated in Tennessee.
(2) Tangible personal property, except that which is actually situated outside of Tennessee.
(3) All intangible personal property.
(b) When the transfer is from a nonresident of this state:
(1) Real property situated in Tennessee.
(2) Tangible personal property which is actually situated in Tennessee.
(c) Property in which a person holds a qualifying income interest for life, which is included for taxation pursuant to §67-8-101(e)
Tennessee Code Annotated.
CLASSIFICATION OF DONEES:
CLASS A - Husband, wife, son, daughter, lineal ancestor, lineal descendant, brother, sister, son-in-law, daughter-in-law, or step-
child. For purposes of the Gift Tax, a person who is related to the donor as a result of legal adoption shall be considered to have the same
relationship as a natural lineal ancestor, lineal descendant, brother, sister, or step-child. If a person has no child or grandchild, a niece
or nephew of such person and the issue of such niece or nephew shall be a class A donee, for transfers made on or after January 1, 1996.
CLASS B - Any other relative, person, association, or corporation not specifically designated in Class A.
EXEMPTIONS:
(a) There shall be allowed against the net gifts made during any calendar year a maximum single exemption of ten thousand
dollars ($10,000) against that portion of the net gifts going to donees of class A, and maximum single exemption of five thousand dollars
($5,000) against that portion of the net gifts going to the donees of Class B.
(b) In the event the aggregate net gifts for any calendar year exceed the allowable maximum single exemptions, the tax shall
be applicable only to the extent that the gifts, (other than gifts of future interest in property) to each donee exceed the following amounts:
CLASS A - Gifts made before 2002 - The sum of $10,000
CLASS A - Gifts made in 2002 through 2005 - The sum of $11,000
CLASS A - Gifts made in 2006 through 2008 - The sum of $12,000
CLASS A - Gifts made in 2009 and after - The sum of $13,000
CLASS B - The sum of $3,000
"Net gifts" mean that total amount of gifts made during any calendar year less allowable deductions.
IF THE TOTAL VALUE OF ALL GIFTS MADE BY A PERSON DURING ANY CALENDAR YEAR DOES NOT EXCEED THE
EXEMPTION LEVELS, NO GIFT TAX RETURN IS REQUIRED OF SUCH PERSON, UNLESS CONSENTING TO SPLIT GIFTS.
SCHEDULE A
Item
Date of
Description of Gift - See Instructions
Value of Gift
Commissioner
Gift
(Include Name of Each Donee)
Appraisal
TOTAL
NOTE: To facilitate the Class A and B computations, the items listed above should be segregated into the following categories: (1) gifts
to spouse, (2) gifts to Class A donees other than the spouse, (3) gifts to Class B donees, and (4) gifts to charity, public, and similar uses.
DONEES
Name
Address
Age
Relationship
INTERNET (08-11)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial