Instructions For Form Ct-709 - Connecticut Estate And Gift Tax Return - 1999 Page 3
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16T A B L E O F C O N T E N T S
Some Important Changes ....................................... 4
Paid Preparer Information . . . 12
Mailing Your Return . . . 12
General Information ................................................ 4
Schedule A - Computation of Taxable Gifts ...... 12
Where to Get Help ...................................................... 4
General Instructions . . . 12
Where to Get Additional Forms and Publications ....... 4
Contributions to Qualified State Tuition
What is Gift Tax? ........................................................ 4
Program . . . 12
Person on Whom the Gift Tax is Imposed .................. 4
Gifts to Your Spouse . . . 12
If You do not Elect to "Gift Split" . . . 13
Who Must File Form CT-709 .................................... 4
If You Elect to "Gift Split" . . . 13
When to File Form CT-709 ....................................... 5
Order for Grouping Gifts . . . 13
How to Request an Extension of Time to File ............. 6
Schedule A - Line Instructions ........................... 13
Where to File ............................................................... 6
Terminable Interests . . . 14
Filing an Amended Return ........................................... 6
Life Estate with Power of Appointment . . . 14
Changes to Your Federal Return . . . 6
Election to Deduct Qualified Terminable
Penalties and Interest .................................................. 6
Interest Property (QTIP) . . . 14
Late Payment Penalty . . . 6
Terminable Interest Marital Deduction . . 15
Late Filing Penalty . . . 6
Failure to File . . . 7
Connecticut Gift Tax Return
Failure to Report Federal Changes . . .7
Attachments ....................................................... 15
Waiver of Penalty ........................................................ 7
CONNECTICUT SUCCESSION TAX
Record Retention ......................................................... 7
The Connecticut succession tax is imposed on the
Copies of Returns ........................................................ 7
transfer of property after death. The succession tax
Transfers Subject to Gift Tax ................................. 7
differs from an estate tax in that the size of the
Taxable Gifts ................................................................ 7
exemption and the rate of taxation vary depending
Annual Exclusion . . . 7
upon the relationship of the decedent to the individual
receiving the decedent's property.
Value of Gift ................................................................ 8
General Rules . . . 8
The tax is levied on the transfer of property to heirs
Special Valuation Rules . . . 8
or beneficiaries after an individual dies. The
Gifts of Farmland ......................................................... 8
relationship of the decedent to the individual receiving
Transfers of Farmland or Change of
the property determines the class of the transfer, and
Classification . . . 8
fixes the applicable exemption from taxation as well
Due Date of Additional Tax Liability . . . 9
as the tax rate.
Gift Splitting ................................................................. 9
Beginning in 1997, the succession tax will be reduced
Gifts to Your Spouse .................................................... 9
in increments, and ultimately be repealed in 2005.
Charitable Remainder Trusts ..................................... 10
For more information on the phase out of the
Transfers for Less Than Full Consideration .............. 10
Connecticut succession tax request a copy of Special
Powers of Appointment and Disclaimers .................. 10
Notice 95(18), 1995 Legislative Changes
Joint Tenancy ............................................................. 10
Affecting the Succession and Transfer Taxes and
the Estate Tax. See Where to Get Additional Forms
Nonresident Aliens .................................................... 10
and Publications on Page 4.
Instructions for Form CT-709 ............................. 10
A credit will be allowed on a succession tax return in
Section 1 .................................................................... 10
the amount of any tax imposed and paid on Form
General Instructions . . . 10
CT-709, Connecticut Gift Tax Return, with respect
Line Instructions . . . 10
to taxable gifts which are includable in the gross
Section 2 - Tax Computation ..................................... 11
taxable estate of the donor.
Line Instructions . . . 11
Gift Tax Rate Schedule . . . 11
Page 3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial