Fillable Schedule Ct-709 Farmland - 2012 (Page 2 of 2) in pdf

Schedule CT-709 Farmland

Instructions

Donor’s signature – Sign and date this schedule.

Complete this schedule in blue or black ink only.

Give the donee a copy of this schedule and the instructions.

Who Must File

Any donor who makes a gift of land classiﬁ ed as farmland under

Attach this schedule to your completed Form CT-706/709.

Conn. Gen. Stat. §12-107c to a lineal descendant or the spouse of

Donee Instructions

a lineal descendant must complete Schedule CT-709 Farmland

and attach it to its completed Form CT-706/709, Connecticut

A donee is liable for additional gift tax if, within ten years of the

Estate and Gift Tax Return, if the land is valued based upon its

original gift, the farmland is transferred to a nonlineal descendant

current classiﬁ cation and use as farmland.

or is no longer classiﬁ ed as farmland. If this occurs, the donee must

submit to the Department of Revenue Services (DRS):

Transfers of Farmland or Change of Classiﬁ cation

1. A copy of the Schedule CT-709 Farmland provided to the donee

If within ten years land valued as farmland under Conn. Gen. Stat.

by the donor; and

§12-646a is:

2. A written statement that includes the date:

• Transferred by the donee to anyone other than a lineal

a. The land was transferred to a person other than the donee’s

descendant or spouse of the lineal descendant; or

lineal descendant or the lineal descendant’s spouse; or

• No longer classiﬁ ed as farmland:

b. The classiﬁ cation of the land was changed from farmland.

The donee (or the donee’s lineal descendant or the descendant’s

spouse if the farmland has been transferred by the donee to the

Due Date of Additional Tax

donee’s lineal descendant or the descendant’s spouse) must

The additional gift tax due is the amount entered in Column F on

ﬁ le this schedule and pay the tax due. To compute the tax due,

the front of this schedule. The donee must ﬁ le this schedule and

subtract the tax paid by the donor from the tax that would have

pay the tax due no later than 60 days following the transfer or

been due from the donor if the donor had ﬁ led Form CT-706/709

reclassiﬁ cation. Interest accrues at the rate of 1% per month or

using the fair market value of the farmland as reported on federal

fraction of a month from the due date until the tax is paid in full.

Form 709, United States Gift (and Generation-Skipping Transfer)

Pay the additional gift tax due in full with this schedule. Make

Tax Return, Schedule A

check payable to Commissioner of Revenue Services. To ensure

Donor Instructions

payment is applied to your account, write “2012 Schedule CT-709

Farmland” and your SSN, optional, on the front of your check.

Enter the donor’s name, mailing address, and Social Security

Number (SSN) at the top of the schedule.

Be sure to sign your check and paper clip it to the front of your

return. Do not send cash. DRS may submit your check to your

Complete Columns A through F of the Schedule of Farmland as

bank electronically.

shown below for each gift. Use a separate schedule for each

donee.

Mail to:

Department of Revenue Services

Column A: Enter the Item Number assigned for each gift from

State of Connecticut

Form CT- 706/709, Schedule A, Column A.

PO Box 2978

Column B: Enter a complete description of the farmland

Hartford CT 06104-2978

transferred including the volume and page number of

the land records of the town in which the deed of gift

Extension of Time to Pay

is recorded. Attach a copy of the deed that shows its

The Commissioner may, for good cause, extend the time

receipt and recording by the town clerk.

for payment of the tax if the donee, a lineal descendant, or

that descendant’s spouse ﬁ les a written application with the

Column C: Enter the date of the gift

Commissioner on or before the 60-day period expires.

Column D: Enter the fair market value of the farmland based on

its highest and best use as of the date of the transfer.

This should be the same value as on federal Form

709, Schedule A.

Column E: Enter the value of the farmland based upon its current

use as farmland as of the date of the transfer. This

should be the same value as on Form CT-706/709,

Schedule A, Column E.

Column F: Calculate the additional gift tax that would have been

due if the donor ﬁ led Form CT-706/709 using the

fair market value of the farmland as reported on

federal Form 709, Schedule A. Subtract the actual tax

reported on Form CT-706/709, Section 1, Line 4, from

the tax that would have been due if the donor ﬁ led Form

CT-706/709 using the fair market value of the farmland.

Schedule CT-709 Farmland Back (Rev. 06/12)

Schedule Ct-709 Farmland - 2012 Page 2

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