Form 17-110 - Generation-Skipping Transfer Tax Return For Terminations Federal Generation-Skipping Transfer Tax Credit Page 2
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2Form17-110 (Back)(Rev.5-02/5)
GENERATION-SKIPPING TRANSFER TAX RETURN FOR TERMINATIONS
FEDERAL GENERATION-SKIPPING TRANSFER TAX CREDIT
GENERAL INFORMATION
WHO MUST FILE - Beginning after September 1, 1993, this return must be filed by the trustee of any trust that has a taxable termination subject to the
generation-skipping transfer (GST) tax occur at the same time as and as a result of the death of a beneficiary if:
- a Federal Generation-Skipping Transfer Tax Return for Termination [IRS Form 706GS(T)] must be filed; and
- the termination of an interest in property held in trust includes property located in Texas.
DUE DATE - Returns are due and any tax liability is payable by April 15 following the year in which the termination occurs. Extensions of time to file and pay
must be requested from the State of Texas prior to the due date.
ATTACHMENTS REQUIRED
- Federal Generation-Skipping Transfer Tax Return for Terminations [IRS Form 706GS(T)]
- Copy of the federal extension request, along with IRS Form 2758. Furnish a copy of the approved extension when received.
SPECIFIC INSTRUCTIONS
Item 1 - "PROPERTY TAXABLE IN TEXAS" of a Texas Resident includes
Item 4 - If any payments were made BEFORE the due date of the return,
real property and oil and gas interests located in this state whether
enter the total amount paid. If any payments were made AFTER
or not held in trust, tangible personal property having an actual
the due date, deduct any applicable penalties and late payment
situs in this state and all intangible personal property, wherever
interest from the amount paid and enter the difference. (Calculate
the notes, bonds, stock certificates or other evidence, if any, of
interest on the amount of tax due from the due date through the
the intangible personal property may be physically located or
date of the payment.) Penalties will apply if payments are not made
wherever the banks or other debtors of the decedent may be lo
timely.
cated or domiciled. A partnership interest is also an intangible
asset regardless of where the physical assets of the partnership
If a payment is insufficient to cover the total amount due, then the
are located. Real property in a personal trust is not taxed if the
payment will be applied first against penalties due, then interest
real property is located outside of this state. Texas residents should
and then to the payment of tax.
circle the item number to identify any out-of-state property on the
Federal Form 706GS(T).
Item 7 - Late payment interest is due on the "Net amount of tax due" (Item
5). Interest begins to accrue one day after the due date on any
"PROPERTY TAXABLE IN TEXAS" of a non-resident includes real
unpaid tax regardless of extensions granted.
property and oil and gas interests located in this state, whether or
not held in trust, and tangible personal property having an actual
When calculating interest use the following rate: 12% per annum
situs in this state. Intangibles of a nonresident are not taxable in
simple interest for terminations occurring on or before December
this state. Circle the item number to identify the Texas property on
31, 1998.
the Federal Form 706GS(T).
For terminations occurring on or after January 1, 1999, interest is
"PROPERTY TAXABLE IN TEXAS" of an alien includes real prop
calculated at the rate available toll free at 1-877-44RATE4 or on
erty and oil and gas interests located in this state whether or not
line at < .
held in trust, tangible personal property having an actual situs in
this state and intangible personal property if the physical evidence
SECTION IV - SIGNATURES
of the property is located within this state or if the property is
Returns must have the name, address and signature of the trustee,
directly or indirectly subject to the protection, preservation or regu
the trustee's authorized representative AND the person prepar
lations under the laws of this state, to the extent that the property
ing the return if other than the trustee or trustee's representative.
is included in the decedent's gross estate. Circle the item number
to identify the Texas property on the Federal Form 706GS(T).
The trustee of the trust is legally responsible for filing returns and
paying all taxes.
Item 2 - Attach tax returns and substantiate all payments to other states.
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