Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations - 2012 Page 2
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2ET-501 (2012) (back)
Instructions (continued)
Extensions of time to file
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
If you know that you cannot meet the filing deadline, request an
from the trust, including the value of the New York property.
extension of time to file by writing to the following address:
Line 6 – Enter the amount of any estimated payments.
NYS TAX DEPARTMENT
ESTATE TAX PRocESSING
W A HARRIMAN cAMPUS
Paid preparer’s responsibilities
ALBANY NY 12227
Under the law, all paid preparers must sign and complete the paid
preparer section of the return. Paid preparers may be subject to civil
The time to file will be automatically extended six months if the letter is
and/or criminal sanctions if they fail to complete this section in full.
sent by April 15. Note: Filing a request for an extension of time to file
does not extend the time for payment of tax. See Payment of tax on the
When completing this section, you must enter your New York tax
front page.
preparer registration identification number (NYTPRIN) if you are
required to have one. Also, you must enter your federal preparer tax
Where to file
identification number (PTIN) if you have one; if not, you must enter your
Mail this form and payment to:
social security number.
NYS GENERATIoN-SKIPPING TRANSFER TAX
Privacy notification
PRocESSING cENTER
Po BoX 15167
The Commissioner of Taxation and Finance may collect and maintain
ALBANY NY 12212-5167
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,
Private delivery services
697, 1096, 1142, and 1415 of that Law; and may require disclosure of
If you choose, you may use a private delivery service, instead of the
social security numbers pursuant to 42 USC 405(c)(2)(C)(i).
U.S. Postal Service, to mail in your form and tax payment. However,
if, at a later date, you need to establish the date you filed or paid your
This information will be used to determine and administer tax liabilities
tax, you cannot use the date recorded by a private delivery service
and, when authorized by law, for certain tax offset and exchange of tax
unless you used a delivery service that has been designated by
information programs as well as for any other lawful purpose.
the U.S. Secretary of the Treasury or the Commissioner of Taxation
Information concerning quarterly wages paid to employees is provided
and Finance. (Currently designated delivery services are listed in
to certain state agencies for purposes of fraud prevention, support
Publication 55, Designated Private Delivery Services. See Need
enforcement, evaluation of the effectiveness of certain employment and
help? below for information on obtaining forms and publications.)
training programs and other purposes authorized by law.
If you have used a designated private delivery service and need to
establish the date you filed your form, contact that private delivery
Failure to provide the required information may subject you to civil or
service for instructions on how to obtain written proof of the date your
criminal penalties, or both, under the Tax Law.
form was given to the delivery service for delivery. If you use any
This information is maintained by the Manager of Document
private delivery service, whether it is a designated service or not, send
the forms covered by these instructions to: State Processing Center,
Management, NYS Tax Department, W A Harriman Campus, Albany NY
12227; telephone (518) 457‑5181.
431C Broadway, Albany NY 12204‑4836.
Specific instructions
Need help?
You must submit a completed federal Form 706‑GS(T), including all
Schedules A, with your Form ET‑501.
Visit our Web site at
• get information and manage your taxes online
When calculating the inclusion ratio, it is necessary to do a separate
calculation for the New York State GST tax because it does not conform
• check for new online services and features
to the federal GST exemption amounts for transfers made to a trust
after 2003. The trustee must calculate the inclusion ratio for each
Telephone assistance
termination, and different inclusion ratios must be shown on separate
federal Form 706‑GS(T) Schedules A.
(518) 457‑5387
Estate Tax Information Center:
For 2012 terminations in place of the federal exemption amount, use
To order forms and publications:
(518) 457‑5431
$1,390,000 as the New York State numerator limit when recalculating
Text Telephone (TTY) Hotline (for persons with
the inclusion ratio.
hearing and speech disabilities using a TTY): (518) 485‑5082
The trustee must attach a schedule showing how the taxable amount
Persons with disabilities: In compliance with the
for New York State was computed.
Americans with Disabilities Act, we will ensure that our
Line 1 – In the first box, enter the total of the taxable amounts of the
lobbies, offices, meeting rooms, and other facilities are
taxable terminations from the trust that occurred at the same time
accessible to persons with disabilities. If you have questions about
as, and as a result of, the death of an individual. Multiply this amount
special accommodations for persons with disabilities, call the
by the factor of .0275 and enter the result in the second box. If the
information center.
taxable termination from the trust is wholly from New York property
(see definition below), skip lines 2, 3, and 4 and enter the amount from
line 1 on line 5.
Line 2 – If the taxable termination from the trust included non‑New York
property, enter the value (on the date of termination) of the New York
property included in the termination.
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.
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