Form Lg-2 - Vermont Land Gains Tax Return - 2015 Page 2
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220.
TAX DUE ON INSTALLMENT SALE. ATTACH COPY OF PROMISSORY NOTE AND CALCULATE TAX DUE. IF THIS IS NOT AN INSTALLMENT SALE, SKIP TO LINE 21.
20a. AMOUNT OF THIS PRINCIPAL PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20a.
20b. AMOUNT REPORTED ON LINE 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20b.
20c. DIVIDE LINE 20a BY LINE 20b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20c.
%
20d. AMOUNT REPORTED ON LINE 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20d.
20e. MULTIPLY LINE 20c BY LINE 20d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20e.
21.
AMOUNT OF TAX WITHHELD BY BUYER OR ADVANCE PAYMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
22.
REFUND: SUBTRACT LINE 21 FROM LINE 19 (LINE 20 IF INSTALLMENT SALE) AND ENTER AMOUNT OF REFUND DUE . . . . . . . . . . . . . . 22.
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23.
TAX DUE: IF LINE 21 IS SMALLER THAN LINE 19 (LINE 20 IF INSTALLMENT SALE), ENTER THE AMOUNT DUE . . . . . . . . . . . . . .
23.
DO NOT COMPLETE SCHEDULE A OR SCHEDULE B
IF YOU REPORTED A LOSS ON LINE 15
SCHEDULE A - COMPLETE THIS SCHEDULE IF THE TRANSFER INCLUDES BUILDINGS.
24.
FAIR MARKET VALUE OF LAND, EXCLUDING BUILDINGS. (SEE INSTRUCTIONS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.
25.
TOTAL SELLING PRICE: ENTER AMOUNT REPORTED ON LINE 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.
26.
PERCENTAGE GAIN ON LAND: DIVIDE LINE 24 BY LINE 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.
%
27.
TOTAL REALIZED GAIN: ENTER AMOUNT REPORTED ON LINE 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.
28.
TAXABLE LAND GAIN: MULTIPLY LINE 26 BY LINE 27. IF AN EXEMPTION WAS NOT CLAIMED ON LINE 6, ENTER
THE AMOUNT FROM LINE 28 ON LINE 17. IF AN EXEMPTION WAS CLAIMED ON LINE 6, COMPLETE SCHEDULE B. . . . . . . . . . . . . . . . . . 28.
SCHEDULE B - COMPLETE THIS SCHEDULE IF AN EXEMPTION WAS CLAIMED ON LINE 6 AND ANY PORTION OF THE TRANSFER IS NOT EXEMPT.
29.
TOTAL ACRES OR SQUARE FEET TRANSFERRED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.
30.
NO. OF ACRES OR SQUARE FEET ELIGIBLE FOR EXEMPTION. (SEE INSTRUCTIONS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.
31.
PERCENTAGE OF AREA USED FOR EXEMPT PURPOSES (I.E. NONCOMMERCIAL USE). THIS LINE IS NOT THE PRODUCT OF
LINES 29 AND 30. (SEE INSTRUCTIONS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.
32.
EXEMPT AREA: MULTIPLY LINE 30 BY LINE 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.
33.
NONEXEMPT AREA: SUBTRACT LINE 32 FROM LINE 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.
34.
PERCENTAGE OF GAIN FROM NONEXEMPT ACRES: DIVIDE LINE 33 BY LINE 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.
%
35.
TAXABLE LAND GAIN: MULTIPLY LINE 34 BY LINE 28. IF THE TRANSFER DID NOT INCLUDE BUILDINGS, MULTIPLY
LINE 34 BY LINE 15 AND ENTER THE AMOUNT ON LINE 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.
SCHEDULE C - COMPLETE THIS SCHEDULE IF THE TRANSFER INCLUDES THE SALE OF TIMBER OR TIMBER RIGHTS (SEE INSTRUCTIONS).
PLEASE COMPLETE LINES 9-15 PRIOR TO THE COMPLETION OF THIS SCHEDULE.
36.
SELLING PRICE OF TIMBER OR TIMBER RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.
37.
BASIS OF TIMBER OR TIMBER RIGHTS (ADD TO LINE 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.
38.
GAIN OR LOSS ON SALE OF TIMBER OR TIMBER RIGHTS SUBTRACT LINE 37 FROM LINE 36. ADD THIS AMOUNT TO LINE 15. . . . . . . 38.
WE HEREBY CERTIFY THIS RETURN IS TRUE, CORRECT AND COMPLETE TO THE BEST OF OUR KNOWLEDGE.
_______________________________________________________________
____________________________________________________________________
SIGNATURE OF SELLER (Transferor)
DATE
PREPARER’S SIGNATURE
_______________________________________________________________
____________________________________________________________________
SIGNATURE OF SELLER (Transferor)
DATE
PREPARED BY - PRINT OR TYPE
TELEPHONE NO.
_______________________________________________________________
____________________________________________________________________
SIGNATURE OF SELLER (Transferor)
DATE
MAILING ADDRESS - STREET OR PO BOX
_______________________________________________________________
____________________________________________________________________
SIGNATURE OF SELLER (Transferor)
DATE
CITY AND STATE
ZIP
MAKE CHECKS PAYABLE TO AND MAIL WITH THIS FORM TO:
VERMONT DEPARTMENT OF TAXES
LAND GAINS TAX
133 STATE STREET
MONTPELIER, VERMONT 05633
FORM LG-2
Keep a copy of this return for your records.
Rev. 06/15
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