Form Et-501 - Generation-Skipping Transfer Tax Return For Terminations - 2011 Page 2
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2ET-501 (2011) (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
sent by April 15. Note: Filing a request for an extension of time to file
and/or criminal sanctions if they fail to complete this section in full.
does not extend the time for payment of tax. See Payment of tax on
When completing this section, you must enter your New York tax
the 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
ALBANY NY 12212-5167
maintain personal information pursuant to the New York State Tax
Law, including but not limited to, sections 5‑a, 171, 171‑a, 287,
Private delivery services
308, 429, 475, 505, 697, 1096, 1142, and 1415 of that Law; and
If you choose, you may use a private delivery service, instead of the
may require disclosure of social security numbers pursuant to
U.S. Postal Service, to mail in your form and tax payment. However,
42 USC 405(c)(2)(C)(i).
if, at a later date, you need to establish the date you filed or paid your
tax, you cannot use the date recorded by a private delivery service
This information will be used to determine and administer tax liabilities
unless you used a delivery service that has been designated by
and, when authorized by law, for certain tax offset and exchange of tax
the U.S. Secretary of the Treasury or the Commissioner of Taxation
information programs as well as for any other lawful purpose.
and Finance. (Currently designated delivery services are listed in
Information concerning quarterly wages paid to employees is provided
Publication 55, Designated Private Delivery Services. See Need help?
to certain state agencies for purposes of fraud prevention, support
below for information on obtaining forms and publications.) If you
enforcement, evaluation of the effectiveness of certain employment
have used a designated private delivery service and need to establish
and training programs and other purposes authorized by law.
the date you filed your form, contact that private delivery service
for instructions on how to obtain written proof of the date your form
Failure to provide the required information may subject you to civil or
was given to the delivery service for delivery. If you use any private
criminal penalties, or both, under the Tax Law.
delivery service, whether it is a designated service or not, send the
This information is maintained by the Manager of Document
forms covered by these instructions to: State Processing Center,
Management, NYS Tax Department, W A Harriman Campus,
431C Broadway, Albany NY 12204‑4836.
Albany NY 12227; telephone (518) 457‑5181.
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
When calculating the inclusion ratio, it is necessary to do a separate
• get information and manage your taxes online
calculation for the New York State GST tax because it does not
conform to the federal GST exemption amounts for transfers made to a
• check for new online services and features
trust after 2003. The trustee must calculate the inclusion ratio for each
termination, and different inclusion ratios must be shown on separate
Telephone assistance
federal Form 706‑GS(T) Schedules A.
Estate Tax Information Center:
(518) 457-5387
For 2011 terminations in place of the federal exemption amount, use
$1,360,000 as the New York State numerator limit when recalculating
To order forms and publications:
(518) 457-5431
the inclusion ratio.
Text Telephone (TTY) Hotline (for persons with
The trustee must attach a schedule showing how the taxable amount
hearing and speech disabilities using a TTY):
(518) 485-5082
for New York State was computed.
Persons with disabilities: In compliance with the
Line 1 — In the first box, enter the total of the taxable amounts of the
Americans with Disabilities Act, we will ensure that our
taxable terminations from the trust that occurred at the same time
lobbies, offices, meeting rooms, and other facilities are
as, and as a result of, the death of an individual. Multiply this amount
accessible to persons with disabilities. If you have questions about
by the factor of .0275 and enter the result in the second box. If the
special accommodations for persons with disabilities, call the
taxable termination from the trust is wholly from New York property
information center.
(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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