Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations (Page 4 of 4) in pdf

Page 4 of 4 ET-501 (3/14)

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 termination from the trust included non‑New York

property, enter the value (on the date of termination) of the New York

property included in the termination.

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

termination) of all property included in the generation‑skipping transfer

from the trust, 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.

Privacy notification

New York State Law requires all government agencies that maintain

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

collected, and where it will be maintained. To view this information, visit

our Web site, or, if you do not have Internet access, call and request

Publication 54, Privacy Notification. See Need help? for the Web

address and telephone number.

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Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations Page 4

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