Form Et-500 - Generation-Skipping Transfer Tax Return For Distributions Page 4
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4Page 4 of 4 ET-500 (3/14)
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Column G – Multiply column E by column F to compute the tentative
transfer amount for each distribution, and total the column. Enter the
New York State Law requires all government agencies that maintain
total here and on Part 2, line A.
a system of records to provide notification of the legal authority for
any request, the principal purpose(s) for which the information is to be
Note: If there were transfers after 2003, New York State GST tax may
collected, and where it will be maintained. To view this information, visit
be due even if no federal GST tax was due.
our Web site, or, if you do not have Internet access, call and request
Publication 54, Privacy Notification. See Need help? for the Web
Part 2 – Computation of maximum state
address and telephone number.
generation-skipping transfer tax credit
Line B – Enter the amount of adjusted allowable expenses. Adjusted
allowable expenses are the total allowable expenses multiplied by the
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inclusion ratio from Schedule A, Part 1, column E.
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If there is more than one inclusion ratio in Schedule A, Part 1,
• get information and manage your taxes online
column E, prorate the total expenses among the inclusion ratio based
• check for new online services and features
on the relative value of each distribution made at the various ratios.
Example:
Telephone assistance
1. Value of distribution = $10,000; inclusion ratio = .25
Estate Tax Information Center:
(518) 457-5387
2. Value of distribution = $20,000; inclusion ratio = .33
3. Value of distribution = $30,000; inclusion ratio = .50
To order forms and publications:
(518) 457-5431
Preparer’s fee = $200
Text Telephone (TTY) Hotline (for persons with
hearing and speech disabilities using a TTY): (518) 485-5082
1. $10,000/$60,000 × $200 = 33.33 × .25 = $8
2. $20,000/$60,000 × $200 = 66.67 × .33 = $22
Persons with disabilities: In compliance with the
Americans with Disabilities Act, we will ensure that our
3. $30,000/$60,000 × $200 = 100 × .50 = $50
lobbies, offices, meeting rooms, and other facilities are
Adjusted allowable expense = (8 + 22 + 50) = $80
accessible to persons with disabilities. If you have questions about
special accommodations for persons with disabilities, call the
information center.
Schedule B – Computation of tax due
Line 1 – Enter the maximum state GST tax credit from Schedule A,
Part 2, line E. If the taxable distribution from the trust is wholly from
New York property (see definition below), skip lines 2, 3, and 4 and
enter the amount from line 1 on line 5.
Line 2 – If the taxable distribution from the trust included non-New York
property, enter the value (on the date of distribution) of the New York
property included in the distribution.
The term New York property includes real property and tangible
personal property having a physical location in New York State and
intangible personal property within the state employed in carrying on a
trade, business, or occupation in New York State, that was transferred
by the original transferor. New York property also includes all intangible
personal property transferred by the original transferor, if the transferor
was a resident of New York State at the time of the transfer of the
property to the trust.
Line 3 – If an entry was made on line 2, enter the value (on the date of
distribution) of all property included in the generation-skipping transfer
from the trust to the skip person distributee, including the value of the
New York property.
Line 6 – Enter the amount of any estimated payments.
Paid preparer’s responsibilities
Under the law, all paid preparers must sign and complete the paid
preparer section of the return. Paid preparers may be subject to civil
and/or criminal sanctions if they fail to complete this section in full.
When completing this section, you must enter your New York tax
preparer registration identification number (NYTPRIN) if you are
required to have one. Also, you must enter your federal preparer tax
identification number (PTIN) if you have one; if not, you must enter your
social security number.
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