Fillable Form La 709 - Gift Tax Return Of Donor (Page 5 of 7) in pdf

For purposes of the statute, an individual is considered as the spouse of another individual only if he is married to such

individual at the time of the gift and does not remarry during the remainder of the calendar year. Consent to gift splitting

must be signified under the section of the return titled “Declaration By Signature.”

RATe oF TAX – The tax is calculated on the total of all taxable gifts made by a donor during his lifetime. A taxable gift is

that amount by which the gift exceeds the applicable annual exclusions and any portion of the specific exemption claimed

and allowed. The first $15,000 in taxable gifts is taxed at 2 percent, and all taxable gifts in excess of $15,000 are taxed at

3 percent.

InTeReST – Refer to the Tax Interest Rate Schedule (R-1111) for monthly interest rates that apply. Form R-1111 is avail-

able on LDR’s website at Interest is calculated from the due date of the return until the tax is

paid.

DeLInqUenT PenALTY AnD LATe PAYMenT PenALTY – R.S. 47:1602 imposes a delinquent penalty for the filing

of a return after it becomes due. In addition, the statute imposes a late-payment penalty for the failure either to remit the

total amount of tax shown due on a return that has been filed or to submit a written statement of estimated tax due with a

request for an extension of time for filing a return. The penalty is 5 percent of the tax for each 30 days, or fraction thereof,

that a return is delinquent or a remittance is late. The penalty cannot exceed 25 percent of the tax due.

eXTenSIon oF TIMe To FILe FoR FILInG A ReTURn – The Secretary of Revenue may grant an extension of time for

filing the return for a period not to exceed six months from the due date of the return. All requests for an extension must be

in writing and must be received prior to the due date of the return. To avoid imposition of a late payment penalty, remittance

of estimated tax due must also accompany the request. The Secretary may accept an extension of time to file a federal gift

tax return for the same tax year as an extension to file R-3302.

SPeCIFIC InSTRUCTIonS

Schedule A - Computation of Taxable Gifts and Tax

Line 1 – Total gifts for current year – Print the amount of total gifts for the current taxable year from Schedule B.

Line 2A – Total annual exclusions – Print the total amount of annual exclusions.

Line 2B – Specific lifetime exemption claimed – Print the amount of the specific lifetime exemption being claimed on

this return. The specific exemption is limited to $30,000. The total amount of any exemption claimed in prior years plus any

amount claimed on this return may not exceed $30,000.

Line 2C – Gifts to spouse – Print the total amount of any gifts made to your spouse during the current taxable year. This

exemption applies only to gifts made after December 31, 1991.

Line 2D – Charitable, religious, and educational exemptions – Print the amount of any gifts made during the current

taxable year to charitable, religious, or educational institutions located within Louisiana.

Line 3 – Total exemptions – Add Lines 2A, 2B, 2C, and 2D, and print the total.

Line 4 – Taxable gifts for current year – Subtract Line 3 from Line 1, and print the result.

Line 5 – Add taxable gifts in prior years – Print the amount of the taxable gifts made in prior years from Schedule C,

Line 1. This amount should not exceed $15,000.

Line 6 – Total taxable gifts – Add Lines 4 and 5, and print the total.

Line 7A – Calculation of tax – Multiply the first $15,000 of Line 6 by 2 percent, and print the result. This amount should

not exceed $300.

Line 7B – Calculation of tax – Multiply the balance of Line 6, if any, by 3 percent, and print the result.

Line 8 – Total tax–Add Lines 7A and 7B, and print the total.

Line 9 - Less credit for tax paid on taxable gifts in prior years – Multiply Line 5 by 2 percent, and print the result. This

amount may not exceed $300.

Form La 709 - Gift Tax Return Of Donor Page 5