Instructions For Form Ct-709 - Connecticut Estate And Gift Tax Return

Form 4768, Application for Extension of Time to File

The consent may generally be signed any time after

a Return and/or Pay U.S. Estate (and Generation-

the end of the calendar year. However, there are

Skipping Transfer) Taxes.

two exceptions:

C. 1. Check this box if you are making a gift of land

1. The consent may not be signed after April 15

that is classified as farmland under Conn. Gen.

following the end of the year in which the gift was

Stat. §12-107c to a lineal descendant or such

made. (But, if neither you nor your spouse has filed

descendant's spouse and you are using a value

a gift tax return for the year on or before that date,

based on its current use as farmland. Attach an

the consent must be made on the first gift tax return

appraisal or other document showing an adequate

for the year filed by either of you); and

explanation of value based upon its current use

2. The consent may not be signed after a notice of

and Schedule CT-709 FARMLAND. If no

deficiency for the gift tax for the year has been

appraisal is attached to show how the property is

sent to either you or your spouse.

valued, explain in detail how it was determined.

The executor for a deceased spouse or the guardian

2. Check this box if, for federal gift tax purposes, you

for a legally incompetent spouse may consent.

elected to treat certain contributions to qualified

state tuition programs as being made ratably over

The consent is effective for the entire calendar year.

a five-year period for calendar year 1999. Report

Therefore, all gifts made by both you and your spouse

only 1/5 (20%) of your total contributions (up to

to third parties during the calendar year (while you

$50,000) on the 1999 Form CT-709. You must

were married) must be split. (See Gift Splitting on

report in 1999 the entire amount of the contribution

Page 9.)

in excess of $50,000.

F. If you were married to one another for the entire

Example: In Year 1, when the annual exclusion

calendar year, check the "YES" box. If you were

amount under I.R.C. §2503(b) is $10,000, P makes a

married for only part of the year, check the "NO" box.

contribution of $60,000 to a qualified state tuition

program for the benefit of P’s child, C. P elects under

Also, check the box that explains the change in your

I.R.C. §529(c)(2)(B) to account for the gift ratably

marital status during the year and give the date you

over a five-year period beginning with the calendar

were married, divorced, or widowed.

year of contribution. P is treated as making an

excludible gift of $10,000 in each of Years 1 through

G. Indicate whether or not a gift tax return will be filed

5 and a taxable gift of $10,000 is reported in Year 1.

by your spouse for the year.

D. Indicate whether your spouse is a United States

H. See instructions for Line E on this page.

citizen. If "NO," indicate if any property was

transferred to him or her during the calendar year.

Section 2 - Tax Computation

E. If you and your spouse elect to have all the gifts made

Line Instructions

during the calendar year considered as made

one-half by each spouse, check the box marked "YES"

Line 1

on Line E and enter the consenting spouse's name

Enter the amount from Form CT-709, Schedule A,

and Social Security Number on Line H. If the gift

Line 13. This is the amount of taxable gifts for the year.

splitting election is made, the consenting spouse must

sign and date Form CT-709 on Line H.

Gift Tax Rate Schedule

AMOUNT OF TAXABLE GIFTS

RATE OF TAX

Not over $25,000

Over $25,000 but not over $50,000

$250, plus 2% of the excess over $25,000

Over $50,000 but not over $75,000

$750, plus 3% of the excess over $50,000

$1,500, plus 4% of the excess over $75,000

Over $75,000 but not over $100,000

Over $100,000 but not over $200,000

$2,500, plus 5% of the excess over $100,000

Over $200,000

$7,500, plus 6% of the excess over $200,000

Page 11

Instructions For Form Ct-709 - Connecticut Estate And Gift Tax Return - 1999 Page 11

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