Form G-600 - Gift Tax Return - 2000 (Page 3 of 4) in pdf

GIFTS

Page 3

Donor:

Year:

TOTAL TAXABLE GIFTS

ANNUAL

GROSS VALUE OF

(COL. 9 PLUS COL. 10)

SPECIFIC

NET VALUE OF

EXCLUSION

GIFT FOR THE

(ALSO ENTER THE

EXEMPTION

GIFTS FOR THE

FAIR MARKET

GIFTS ON WHICH

$10,000 (NOT

YEAR SUBJECT TO

AMOUNTS FOR EACH

CLAIMED FOR

YEAR SUBJECT TO

TAX HAS BEEN

APPLICABLE TO

TAXATION TO

VALUE AT

DONEE IN COL. 1 OF

CALENDAR

TAXATION TO EACH

PAID SINCE

FUTURE

EACH DONEE

COMPUTATION OF TAX

TIME OF GIFT

YEAR

DONEE

12–31–47

INTERESTS)

(COL. 5 LESS COL. 6)

SCHEDULE ON PAGE 4.)

The specific exemption is limited to a total of $100,000 in value of taxable gifts made to Class A donees during the lifetime of the donor.

This exemption does not apply to Class B or Class C donees (see instruction 11, page 4). The exemption allowable for the calendar

year must be prorated among all Class A donees receiving gifts. The amount of exemption allocated to each donee is in the same ratio

as the taxable value he or she receives bears to the total gifts to Class A donees during the year (col. 7).

Gifts made to a spouse on or after January 1, 1986 are not subject to gift tax. Such transfers should be reported for information purposes

if they exceed the amount of the annual exclusion.

Extensions – If the return cannot be filed by April 15, you may apply for an automatic 6–month extension of time to file the return.

To receive the extension, you must file Form D–410, Application for Automatic Six–Month Extension of Time to File State Income

Tax Return by the original due date of the return. In lieu of filing Form D–410, you may file Federal Form 4868, Application for

Automatic Extension of Time, with the Internal Revenue Service, provided you submit a copy of the completed Form 4868 by the

original due date of the return. When filing a copy of Form 4868 in lieu of Form D–410, you must clearly state that the form is for North

Carolina, mark through the federal amounts shown on the form and enter the applicable amounts for North Carolina.

Penalties – If the return is not filed by April 15, a late filing penalty of 5 percent of the tax (maximum 25 percent) is due for each month,

or part of a month, the return is late. If the full amount of tax is not paid by April 15, a late payment penalty of 10 percent of the unpaid

tax is due (minimum $5.00).

10.

Interest – Interest on any unpaid tax begins to accrue on April 16th of the year the return is due.

Form G-600 - Gift Tax Return - 2000 Page 3

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