Form Et-417 - Computation Of Family-Owned Business Exclusion
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New York State Department of Taxation and Finance
ET-417
Computation of Family-owned
(9/98)
Business Exclusion
For estates of decedents dying on or after January 1, 1998, and before February 1, 2000
Attach this completed form to the original or amended Form ET-90.
Decedent’s last name
First
Middle initial
Social security number
Date of death
Part I - Adjusted Value of Qualified Family-owned Business Interests
1 Family-owned business interests reported on Form ET-90. All property reported here must be
included in one of the schedules for Form ET-90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Schedule and Item
Description of business interest
Reported Value
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2 Total of family-owned business interests listed above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Total from Schedule K, Debts of the Decedent, Mortgages and Liens
. .
3
(enter here and on line 15 below)
4 Mortgages and other indebtedness on the qualified residence of the
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decedent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
5 Amount of any indebtedness for educational or medical expenses . .
6 Amount of any other debts listed on Schedule K. Do not exceed
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$10,000 in total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
7 Total allowable indebtedness
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(add lines 4, 5, and 6)
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8 Subtract line 7 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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9 Adjusted value of qualified family-owned business interests
. . . . . . . . . . . . . . . . . .
(subtract line 8 from line 2)
Part II - Qualifying Estate
Gifts of qualified family-owned business interests
10 All gifts of qualified family-owned business interests made by the
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decedent to a qualified heir, and retained by the heir . . . . . . . . . . . . .
11 Gifts of qualified family-owned business interests included in the
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decedent’s gross estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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12 Subtract line 11 from line 10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(enter here and on line 17 below)
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13 Add lines 9 and 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted gross estate
14 Federal gross estate, including qualified family-owned business
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interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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15 Total of Schedule K
(from line 3 above)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Subtract line 15 from line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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17 Amount from line 12 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 Total amount of any transfers to the decedent’s spouse, if made by
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the decedent within ten years of his or her death . . . . . . . . . . . . . . . . .
19 Amount of all other gifts made by the decedent within three years of his
or her death, including gifts of a present interest to family members,
reduced by the amount of the applicable annual exclusion . . . . . . . . . .
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20 Add lines 17, 18, and 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 Enter the total of any amounts included on line 20 that are includable
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in the federal gross estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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22 Subtract line 21 from line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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23 Adjusted gross estate
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(add lines 16 and 22)
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24 Enter one-half of the amount from line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25 If line 13 exceeds line 24, enter here and on line 33a of Form ET-90 the amount from line 9 above,
not exceeding $675,000 for 1998 ($650,000 for 1999; $625,000 for 2000). If line 13 does not
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exceed line 24, the estate does not qualify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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