Form G-600 - Gift Tax Return - 2000 (Page 2 of 4) in pdf

Form G-600 - Gift Tax Return - 2000 Page 2

Page 2

SCHEDULE

Form G–600

DONEE:

NAME

DATE

DONEE

DESCRIPTION OF GIFT PROPERTY

ADDRESS

NO.

RELATIONSHIP

GIFT

TOTALS

INSTRUCTIONS

The description of real estate should include acreage, location, allotments, and acres cleared (col. 4). Attach a copy of the deed(s) and

a copy of any appraisal(s) which may have been made.

When the gift is of a closely–held stock, a balance sheet of the company as near the date of gift as possible and a summary of net income

for the preceding five years are required. Also, outline the basis on which the value shown in this return was determined (col. 5).

When gifts are made in trust or otherwise controlled by agreements, a copy of the signed agreement is required.

The annual exclusion (col. 6) does not apply to transfers where the donee’s use, possession, enjoyment, or income of the property will

not begin until some future time.

Consent of Spouse – When a gift is made by one spouse to a person other than the donor’s spouse, the donor may elect to claim both

the donor’s annual exclusion and the spouse’s annual exclusion provided both spouses consent to the election and both spouses are

residents of this State when the gift is made. Any portion of the consenting spouse’s annual exclusion not claimed by the donor may

be claimed by the consenting spouse. Consent to share annual gift tax exclusions shall be made in writing on a timely filed gift tax return.

The election to share annual exclusions is irrevocable. The consent of both spouses must be shown on the return where the exclusions

are claimed. Additional exclusions will not be allowed unless the consent of spouse on the front of the return has been completed. The

personal representative for the estate of a deceased spouse, or the guardian of a legally incompetent spouse, may sign the consent.

Form G-600 - Gift Tax Return - 2000 Page 2