Form Et-417 - Computation Of Family-Owned Business Exclusion Page 2
ADVERTISEMENT
1
2
3ET-417 (9/98) (back)
Instructions
Use this form to claim the family-owned business exclusion
The election to claim the exclusion must be made no later
on the New York State estate tax return.
than the due date of the return, including extensions, and
once made the election is irrevocable.
To qualify:
Need Help?
1. The decedent must have been a citizen or resident of
the United States.
Telephone Assistance is available from 8:30 a.m. to
4:25 p.m. (eastern time), Monday through Friday. For tax
2. The qualified family-owned business must be an
information, call toll free 1 800 641-0004. If busy, call
1 800 225-5829.To order forms and publications, call toll free
interest in a trade or business, regardless of form, with
1 800 462-8100. From areas outside the U.S. and outside
a principal place of business in the United States. The
Canada, call (518) 485-6800.
interest must be included in the decedent’s New York
Fax-on-Demand Forms Ordering System - Most forms are
gross estate.
available by fax 24 hours a day, 7 days a week. Call toll free from
the U.S. and Canada 1 800 748-3676. You must use a Touch
3. The aggregate value of the decedent’s qualified
Tone phone to order by fax. A fax code is used to identify each
family-owned business interests that are passed to
form.
qualified heirs must exceed 50% of the decedent’s
Internet Access -
adjusted federal gross estate.
Access our website for forms, publications, and information.
4. If a qualified heir is not a citizen of the United States,
Hotline for the Hearing and Speech Impaired - If you have
any qualified family-owned business interests acquired
access to a telecommunications device for the deaf (TDD), you
by that heir must be held in a trust meeting the
can get answers to your New York State tax questions by calling
toll free from the U.S. and Canada 1 800 634-2110. Assistance is
requirements similar to those imposed on Qualified
available from 8:30 a.m. to 4:15 p.m. (eastern time), Monday
Domestic Trusts (Q-DoTs) under section 2056A(a), of
through Friday. If you do not own a TDD, check with independent
the federal Internal Revenue Code.
living centers or community action programs to find out where
machines are available for public use.
5. The decedent and /or a member of his or her family
Persons with Disabilities - In compliance with the Americans
must have owned the business interests at least 5 out
with Disabilities Act, we will ensure that our lobbies, offices,
of the 8 years immediately preceding the date of the
meeting rooms, and other facilities are accessible to persons with
decedent’s death, and must have materially participated
disabilities. If you have questions about special accommodations
in the operation of the business during the same
for persons with disabilities, please call the information numbers
period.
listed above.
Mailing Address - If you need to write, address your letter to:
6. Qualified family-owned business interests include:
NYS Tax Department, Taxpayer Assistance Bureau, W A Harriman
a. A sole proprietorship in a trade or business.
Campus, Albany, NY 12227.
b. An interest in an entity, at least 50% of which is
owned (directly or indirectly) by the decedent and
Privacy Notification
members of the decedent’s family.
The right of the Commissioner of Taxation and Finance and the
Department of Taxation and Finance to collect and maintain
c. An interest in an entity, at least 70% of which is
personal information, including mandatory disclosure of social
owned (directly or indirectly) by members of two
security numbers in the manner required by tax regulations,
instructions, and forms, is found in Articles 22, 26, 26-A, 26-B, 30,
families and at least 30% of which is owned by the
30-A, and 30-B of the Tax Law; Article 2-E of the General City
decedent and members of the decedent’s family.
Law; and 42 USC 405(c)(2)(C)(i).
d. An interest in an entity, at least 90% of which is
The Tax Department will use this information primarily to
owned (directly or indirectly) by members of three
determine and administer tax liabilities due the state and city of
families and at least 30% of which is owned by the
New York and the city of Yonkers. We will also use this information
for certain tax offset and exchange of tax information programs
decedent and members of the decedent’s family.
authorized by law, and for any other purpose authorized by law.
Qualified heirs include any individual who has been actively
Information concerning quarterly wages paid to employees and
employed by a trade or business for at least 10 years prior
identified by unique random identifying code numbers to preserve
to the date of the decedent’s death, and members of the
the privacy of the employees’ names and social security numbers
will be provided to certain state agencies for research purposes to
decedent’s family.
evaluate the effectiveness of certain employment and training
programs.
Caution: If the estate is required to file a federal estate tax
return, Form 706, it may still claim the family-owned
Failure to provide the required information may result in civil or
business exclusion on its New York State estate tax return.
criminal penalties, or both, under the Tax Law.
This information will be maintained by the Director of the
If an estate claims the family-owned business exclusion on
Registration and Data Services Bureau, NYS Tax Department,
a New York State estate tax return, it may not claim the
Building 8 Room 924, W A Harriman Campus, Albany NY 12227;
agricultural credit or the credit for a closely-held business
telephone 1 800 225-5829. From areas outside the U.S. and
on its New York State estate tax return.
outside Canada, call (518) 485-6800.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial