Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations Page 4
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4Page 4 of 4 ET-501 (12/13)
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
The Commissioner of Taxation and Finance may collect and maintain
personal information pursuant to the New York State Tax Law, including
but not limited to, sections 5‑a, 171, 171‑a, 287, 308, 429, 475, 505,
697, 1096, 1142, and 1415 of that Law; and may require disclosure of
social security numbers pursuant to 42 USC 405(c)(2)(C)(i).
This information will be used to determine and administer tax liabilities
and, when authorized by law, for certain tax offset and exchange of tax
information programs as well as for any other lawful purpose.
Information concerning quarterly wages paid to employees is provided
to certain state agencies for purposes of fraud prevention, support
enforcement, evaluation of the effectiveness of certain employment and
training programs and other purposes authorized by law.
Failure to provide the required information may subject you to civil or
criminal penalties, or both, under the Tax Law.
This information is maintained by the Manager of Document
Management, NYS Tax Department, W A Harriman Campus, Albany NY
12227; telephone (518) 457‑5181.
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