Form 706n-Gst - Nebraska Generation-Skipping Transfer Tax Return Page 2
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1
2INSTRUCTIONS
WHO MUST FILE. This return must be filed where a federal
NAME. Enter the name of the skip-person distributee or the
generation-skipping transfer tax is imposed for any generation-
trust.
skipping transfer or distribution of property of every Nebraska
SOCIAL SECURITY NUMBER. Enter the social security
resident or any nonresident transferring Nebraska real estate
number of the individual distributee.
or tangible personal property situated in Nebraska.
FEDERAL EMPLOYER IDENTIFICATION NUMBER.
WHEN AND WHERE TO FILE. This return is due on the
Enter the federal employer identification number of the trust
due date, including extensions, for filing the related federal
distributee or trust.
returns in the case of the generation-skipping transfer tax.
CALENDAR YEAR OF TRANSFER. Enter the calendar
This return is to be filed with the Nebraska Department of
year in which the distribution or termination occurs.
Revenue, P.O. Box 94818, Lincoln, Nebraska 68509-4818.
PERSON TO RECEIVE CERTIFICATE OF PAYMENT.
AMOUNT OF TAX. The amount of generation-skipping
Enter the name and address of the person who is to receive the
transfer tax due the state of Nebraska is 16% of the amount
certificate evidencing payment. If this space is not completed,
by which the federal taxable transfer exceeds one million
the certificate will be sent to the personal representative or
dollars and which also exceeds the lesser of (1) all transfer
attorney who signed Form 706N-GST.
taxes paid to any states, territories, the District of Columbia,
LINE 1. Enter the federal taxable amount of the transfer. The
or possessions of the United States, or (2) the percentage of
entire taxable amount reported on the federal return must be
the gross value of the transferred property located outside
reported to Nebraska.
Nebraska over the gross value of all the transferred property times
LINE 5. Enter the gross value of the transferred property
the tentative Nebraska transfer tax calculated on line 4.
located outside Nebraska. For a resident, this is the entire
INTEREST. If the tax due as computed on line 13 of this
value of the transferred or distributed property located outside
return is not paid by the prescribed due date, interest on the
of Nebraska. For a nonresident, this is the entire value of
unpaid tax will be assessed at the statutory rates from the due
the transferred or distributed property, less the value of any
date until payment is received. The rate of interest may be
interest in Nebraska real estate and tangible personal property
adjusted on January 1 of every odd-numbered year.
located within Nebraska. Intangibles held in Nebraska at
FEDERAL RETURNS. Attach to this return appropriate
the time of a nonresident’s transfer are to be valued at their
copies of Federal Form 706GS(D) or Federal Form
fair market value and reported on line 5. If the gross value
706GS(T).
of the transferred property located outside Nebraska is zero,
AMENDED RETURN. An amended Nebraska return must
skip to line 8 and enter “0”. If line 5 is greater than zero,
be filed when the Internal Revenue Service has determined
complete lines 6 and 7 before proceeding to line 8. Use line
6 instructions for assistance in determining the appropriate
there is a change in federal tax liability or when an amended
federal return is filed. Complete Form 706N-GST, mark it
gross value amounts.
“Amended” at the top of the return, and attach a copy of the
LINE 6. Enter the gross value of the transferred property.
dated notice of change from the Internal Revenue Service or
This amount is the total gross transfers reported on the federal
a copy of the amended federal return.
return. This gross amount is prior to any adjustments for
An amended Nebraska return must also be filed when the tax
expenses or any other allowable deductions used in computing
paid to other states or political subdivisions changes.
the taxable transfer amounts.
Attach certificates or receipts substantiating the revised tax
LINE 9. Enter the total of all transfer taxes actually paid to any
paid. Interest or other penalties paid to states for delinquent
state, territory, or possession of the United States, the District
of Columbia, or their political subdivisions in respect of any
tax payments cannot be included on line 9.
property subject to the generation-skipping transfer tax.
REFUND OF OVERPAYMENT. An overpayment of tax to
Taxes actually paid do not include taxes which are anticipated
the state of Nebraska will be refunded upon the filing of an
to be paid. Certificates or receipts showing actual payment of
amended return. The claim for refund must be filed with the
such taxes must be attached to this return.
department within four years after the date of overpayment,
or within one year of a change in the amount of federal tax
LINE 15. Attach a check or money order payable to the
due, whichever is later. The party making such overpayment
Nebraska Department of Revenue for the sum reported on
or his or her successors or assigns is entitled to a refund of the
line 15.
amount of overpayment plus interest at the rates determined
SIGNATURES. As determined by the attached federal form,
by the Legislature.
a personal representative, fiduciary, executor, taxpayer, trustee,
Interest will be paid from the due date of the return through the
attorney, or designated filer of the transfer must sign this
date the refund is paid. Interest on refunds will be calculated
return. An attorney must indicate the state wherein currently
at six percent through December 31, 2004.
qualified to practice law. If another person is authorized to
sign this return, there must be a power of attorney on file with
SPECIFIC INSTRUCTIONS
the department.
A separate Nebraska Form 706N-GST must be filed for each
Any person who is paid for preparing this return must also
Form 706GS(D) or Form 706GS(T) filed with the Internal
Revenue Service.
sign the return as preparer.
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