Instructions For Form Ct-709 - Connecticut Estate And Gift Tax Return - 1999 Page 10
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16A terminable interest in property is an interest that will
For additional information, see I.R.C. §2514 and the
end or fail after a period of time or when some
related regulations. The rules in I.R.C. §2518 apply for
contingency occurs or fails to occur. Some examples of
Connecticut gift tax purposes with respect to disclaimers
terminable interests are:
of gifts.
•
A life estate;
•
An estate for a specified number of years; or
Joint Tenancy
•
Any other property interest that after a period
of time may terminate or fail.
If you buy property with your own funds, and you hold
the title to such property with the donee as joint tenants
Report all terminable interest gifts whether or not they
with right of survivorship, but that right may be
can be deducted.
extinguished by either party severing his or her interest,
There is no marital deduction for gifts to a spouse who is
you have made a gift to the donee in the amount of half
not a United States citizen. However, an annual exclusion
the value of the property.
may apply. (See Taxable Gifts on Page 7.)
If you create a joint bank account for yourself and the
donee (or a similar type of ownership by which you can
get back the entire fund without the donee’s consent),
Charitable Remainder Trusts
you have made a gift to the donee only if the donee draws
If you made a gift to a charitable remainder trust and
on the account for his or her own benefit. The amount
your spouse is the only noncharitable beneficiary other
of the gift is the amount that the donee withdrew without
than you, the interest you gave to your spouse is not
any obligation to repay you.
considered a terminable interest gift and, therefore, should
If you buy a U.S. Savings Bond registered as payable to
not be reported on Form CT-709, Schedule A.
yourself or the donee, there is a gift to the donee if he or
she cashes the bond without any obligation to account to
you.
Transfers for Less Than Full
Consideration
Nonresident Aliens
Gifts include transfers without consideration as well as
sales and exchanges for less than adequate and full
Nonresident aliens are subject to gift tax for gifts of
consideration, to the extent the value of the item sold or
property located within Connecticut. Under certain
exchanged exceeds the value of the consideration
circumstances they are also subject to gift tax for gifts
received.
of intangible property. For additional guidance on the
treatment of those gifts for Connecticut gift tax purposes,
see I.R.C. §2501(a).
Powers of Appointment and Disclaimers
The exercise or release of a power of appointment may
constitute a gift by the individual possessing the power.
INSTRUCTIONS FOR FORM CT-709
Section 1
Line Instructions
A. 1. Check this box if the donor died during the year
General Instructions
and enter the date of death.
The top of Form CT-709 requests information
2. Check this box if the donor died during the calendar
concerning the donor and the consenting spouse if gift-
year for which this return is filed and no federal
splitting is elected. The donor’s name, address, Social
estate tax return is required to be filed.
Security Number, residence, and citizenship must be
entered. Check the box for Amended Return if you
B . Check this box if the donor died during the year and
are filing an amended return.
a federal extension was requested on federal
Page 10
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