Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations - 2012
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1
2ET-501
New York State Department of Taxation and Finance
Generation-Skipping Transfer
For office use only
Tax Return for Terminations
For terminations made during the calendar year 2012
Calendar year
2012
Name of trust
EIN of trust
Name of trustee filing return
Address of trustee (number and street or post office box)
Name and title of officer representing trustee
City
State
ZIP code
1 Maximum state generation‑skipping transfer tax credit
allowable
(see instructions)
.....................................................
x 0.0275 =
1.
(if the taxable termination included
Proration of the credit for state generation-skipping transfer tax
non-New York property, complete lines 2, 3, and 4; otherwise enter the amount from line 1 on line 5)
2 Gross value of New York property included in the taxable termination
for federal generation‑skipping transfer tax purposes
(see instr.)
......
2.
3 Gross value of all property included in the taxable termination for
federal generation‑skipping transfer tax purposes
(see instr.)
........
3.
4 Divide line 2 by line 3
(round the result to the fourth decimal place)
............................................................
4.
5 New York State generation‑skipping transfer tax
(Multiply line 1 by line 4. If no entries are made on lines 2, 3,
and 4, enter the amount from line 1)
.............................................................................................................
5.
6 Estimated payment
(see instructions)
...........................................................................................................
6.
7 If line 6 is less than line 5, subtract line 6 from line 5. This is the amount you owe .................................
7.
8 If line 6 is greater than line 5, subtract line 5 from line 6. This is the amount to be refunded to you .......
8.
Attach a copy of your federal generation‑skipping transfer tax return, Form 706‑GS(T), along with all supporting schedules and documents.
Signature of trustee or officer representing trustee
Date
E‑mail address of trustee or officer representing trustee
Print name of preparer other than trustee
Signature of preparer other than trustee
Date
E‑mail address of preparer
Address of preparer
City
State ZIP code
Preparer’s PTIN or SSN
Preparer’s NYTPRIN
Instructions
Payment of tax
General information
New York State GST tax becomes due and payable April 15 of the year
The New York State generation‑skipping transfer (GST) tax is based on
following the calendar year in which the termination occurs.
the credit for state GST taxes allowed against the federal GST tax prior
to the changes made by the federal Economic Growth and Tax Relief
Make the check or money order payable to Commissioner of Taxation
Reconciliation Act of 2001 (EGTRRA).
and Finance. Write the trust’s name, trust’s employer identification
number (EIN), and Generation‑skipping transfer tax on the check or
The New York State GST tax applies to taxable distributions and
money order to help us process the payment.
taxable terminations from a trust to a skip person, if the trust includes
New York property. The distribution or termination has to occur at the
Who must file
same time as, and as a result of, the death of an individual. The New
York State GST tax rate is 2.75% (5% of the federal GST tax rate of
In general, the trustee of any trust that has a taxable termination must
55%, that was in effect in 2001). Use Form ET‑500 for distributions and
file Form ET‑501.
Form ET‑501 for terminations. The New York State GST tax does not
apply to direct skips.
When to file
For terminations occurring in 2012, you must file Form ET‑501 on or
Purpose of form
after January 1, 2013, but not later than April 15, 2013.
A trustee uses Form ET‑501 to calculate and report the New York State
GST tax due on taxable terminations of a trust. For New York State
GST tax purposes, taxable terminations are terminations:
– of a trust to a skip person (other than direct skips);
– subject to the federal GST tax (or would be except for the changes
made by EGTRRA); and
– that occur at the same time as, and as a result of, the death of an
individual.
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