Form Dr-350111 - Intangible Tax Self_audit Worksheet Page 8
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8DR-350111
R. 06/07
Page 8 of 8
Schedule E - Trust Property Only
Discounts - Not Applicable
however, for future filings, you may claim a discount
This schedule is to be used by the trust beneficiaries
for early filing provided your return with tax payment
is postmarked on or before the last day of the
when they are reporting the assets of a trust for
which they are the current income beneficiary. If the
month for claiming the discount shown on the return.
trust property is being returned by the trustee, DO
Discounts are not extended when the last day of the
NOT complete this schedule. If the trustee is not
month falls on a Saturday, Sunday or a federal or
filing a return for the trust assets, then complete the
state legal holiday.
questions in the schedule before continuing. Any
current income beneficiary may file an intangible tax
Discount
Discount
Discount Postmarked
Period
on or before
return whether they have a beneficial interest in the
trust or not.
January-February
4%
Feb. 28
March
3%
March 31
A taxable interest in the trust is one in which the
April
2%
April 30
beneficiary may, without limitation, name the
May
1%
May 31
successor beneficiary. If the naming of future
June
0%
June 30
beneficiaries is in any way limited, this is not a
Penalties - Not Applicable
taxable interest. Another way a beneficiary may
have a taxable beneficial interest is by a power
On future filings, full payment of the tax must be
of invasion of the trust assets. This may be an
made by June 30th of the tax year to avoid any
unlimited power to invade or it may be limited to a
penalties. A return mailed after June 30th is not late
stated percentage or dollar amount.
if June 30th falls on Saturday, Sunday or a federal or
state legal holiday and the return is postmarked or
A power to revoke the trust is also a taxable
delivered to the Department on the next succeeding
beneficial interest in a trust.
workday. Payments made after June 30th are
subject to delinquency penalty, and the specific late
To complete Schedule E, list the total of all stocks on
filing penalty.
Line A. Attach a separate schedule listing all stocks
held in the trust. List the total of all bonds held in the
Interest
trust on Line B. Attach a separate schedule listing
all bonds held in the trust. List the value of any other
See Interest Rate Schedule, on page 4. This is a
multi-step process. 1) For the 2003 return, FIND the
intangible property held by the trust, such as notes
or loans on Line C. Total Lines A, B and C on
yearly interest rate from the Interest Rate Schedule
(25.5%) and enter it in Column B, Row 1. 2) Multiply
line 12. Enter this total on Schedule A, Line 4.
your tax liability by the interest rate and enter it in the
Note to Trustees: Trustees are to complete form
last column, row 1. 3) DETERMINE the number of
DR-601C or DR-601AC using Schedules A through
days from June 30, 2007 to your postmark date and
D. The trust is the taxpayer and not a beneficiary of
enter the number of days in Column C, Rows 2 and
3. 4) If the return you are filing is for a year prior to
itself. Therefore Schedule E is not used by trustees
to file a return for the trust assets.
2000, you will use the second row (fixed). For years
subsequent to 1999, you will use the third row. 5)
Multiply your tax liability by the appropriate daily rate
by the total number of days determined and enter on
2a if fixed or 2b for floating. 6) Add 1 and 2a or 2b
to determine your total interest and enter on line 13.
This amount is carried to page 1, Schedule A, line 7.
** If you have filed for homestead exemption prior to March 1
of any calendar year and were granted
st
the exemption, you have declared your intention that Florida is your state of domicile and would be
subject to intangible tax for that year.
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