Form Et-500 - Generation-Skipping Transfer Tax Return For Distributions Page 4
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4Page 4 of 4 ET-500 (12/13)
Privacy notification
Part 2 – Computation of maximum state
generation-skipping transfer tax credit
The Commissioner of Taxation and Finance may collect and maintain
personal information pursuant to the New York State Tax Law, including
Line B – Enter the amount of adjusted allowable expenses. Adjusted
but not limited to, sections 5-a, 171, 171-a, 287, 308, 429, 475, 505,
allowable expenses are the total allowable expenses multiplied by the
697, 1096, 1142, and 1415 of that Law; and may require disclosure of
inclusion ratio from Schedule A, Part 1, column E.
social security numbers pursuant to 42 USC 405(c)(2)(C)(i).
If there is more than one inclusion ratio in Schedule A, Part 1,
column E, prorate the total expenses among the inclusion ratio based
This information will be used to determine and administer tax liabilities
and, when authorized by law, for certain tax offset and exchange of tax
on the relative value of each distribution made at the various ratios.
information programs as well as for any other lawful purpose.
Example:
Information concerning quarterly wages paid to employees is provided
1. Value of distribution = $10,000; inclusion ratio = .25
to certain state agencies for purposes of fraud prevention, support
2. Value of distribution = $20,000; inclusion ratio = .33
enforcement, evaluation of the effectiveness of certain employment and
training programs and other purposes authorized by law.
3. Value of distribution = $30,000; inclusion ratio = .50
Failure to provide the required information may subject you to civil or
Preparer’s fee = $200
criminal penalties, or both, under the Tax Law.
1. $10,000/$60,000 × $200 = 33.33 × .25 = $8
This information is maintained by the Manager of Document
2. $20,000/$60,000 × $200 = 66.67 × .33 = $22
Management, NYS Tax Department, W A Harriman Campus, Albany NY
3. $30,000/$60,000 × $200 = 100 × .50 = $50
12227; telephone (518) 457-5181.
Adjusted allowable expense = (8 + 22 + 50) = $80
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Schedule B – Computation of tax due
Line 1 – Enter the maximum state GST tax credit from Schedule A,
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Part 2, line E. If the taxable distribution from the trust is wholly from
• get information and manage your taxes online
New York property (see definition below), skip lines 2, 3, and 4 and
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enter the amount from line 1 on line 5.
Line 2 – If the taxable distribution from the trust included non-New York
Telephone assistance
property, enter the value (on the date of distribution) of the New York
property included in the distribution.
Estate Tax Information Center:
(518) 457-5387
The term New York property includes real property and tangible
To order forms and publications:
(518) 457-5431
personal property having a physical location in New York State and
Text Telephone (TTY) Hotline (for persons with
intangible personal property within the state employed in carrying on a
hearing and speech disabilities using a TTY): (518) 485-5082
trade, business, or occupation in New York State, that was transferred
by the original transferor. New York property also includes all intangible
Persons with disabilities: In compliance with the
personal property transferred by the original transferor, if the transferor
Americans with Disabilities Act, we will ensure that our
was a resident of New York State at the time of the transfer of the
lobbies, offices, meeting rooms, and other facilities are
property to the trust.
accessible to persons with disabilities. If you have questions about
special accommodations for persons with disabilities, call the
Line 3 – If an entry was made on line 2, enter the value (on the date of
distribution) of all property included in the generation-skipping transfer
information center.
from the trust to the skip person distributee, 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.
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