Instructions For Schedule Fi-162 Capital Gains Exclusion For Estates Or Trusts - Vt Department Of Taxes - 2009

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SCHEDULE FI-162
Capital Gains Exclusion for Estates or Trusts
VT allows a portion of net adjusted capital gains (as defined in Internal Revenue Code Section 1(h) ) to be excluded
from VT taxable income. The exclusion calculation changes for tax year 2009:
40% Exclusion Method - For capital gains occurring from January 1 to June 30, 2009, exclude 40% of the capital
gain or 40% of Federal taxable income, whichever is less.
Flat Exclusion Method - For capital gains occurring from July 1 to December 31, 2009, exclude the capital gain
amount, up to a maximum of $2,500.
Capital gains from sale of farm or standing timber - For gains from these specific sale types exclude 40% of the
capital gain or 40% of Federal taxable income, whichever is less, regardless of the date the gain occurred in 2009. If
you have capital gains from sales other than farm or standing timber, the 2009 exclusion for those gains is calculated
using the applicable method and then added to the exclusion for sale of farm or standing timber.
INSTRUCTIONS
PART I and PART II
NOTE: If you have capital gains from the sale of farm or standing timber, do not enter these sales on Part I or Part II.
Enter the information directly on Part IV.
Part I and Part II are pro forma Federal schedules for VT purposes to separate the capital gains into those occurring
from January 1 to June 30, 2009 and July 1 to December 31, 2009. Line instructions direct you to the appropriate
Federal schedule and line numbers.
PART III
Use Part III to calculate the capital gain exclusion for gains other than for farm or standing timber sales. The amount
on Line 63 is the 2009 capital gain exclusion.
PART IV
Use Part IV to calculate the capital gain exclusion on farm or standing timber sales only. If you have capital gains
from sales other than farm or standing timber, complete Part III and enter the amount on Line 68.
For additional information, contact:
VT Department of Taxes
Ph: 1-866-828-2865 (toll-free in VT)
133 State Street
Ph: 1-802-828-6820 (local and out-of-state)
Montpelier, VT 05633-1401
Fax: 1-802-828-2720
E-mail: brenda.carpenter@state.vt.us

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