Form FI-162 Capital Gains Exclusion for Estates or Trusts

(Use this section only if you have eligible gains See Technical Bulletin 60 for more information) 133 State Street Ph: 1 802 828 6820 (local and out of state) 13a Real estate or portion of real estate used as a 13b Depreciable personal property (except for 13c Stocks or bonds publicly traded or traded on an 2a Federal Form 1041 Schedule D Line 14b(2) 2a 2b Federal Form 1041 Schedule D Line 14c(2) 2b 5a Federal Form 4952 Line 4g 5a 5b Federal Form 4952 Line 4e 5b 5c Multiply Line 5a by Line 5b and enter result here 5c 5d Federal Form 4952 Line 4b 5d 5e Federal Form 4952 Line 4e 5e Add Lines 13a through 13c 14 Add Lines 2a and 2b 3 Add Lines 5d and 5e; enter result here 6 Any other financial instrument Assets held for more than three years Subtract Line 11 from Line 10 Entry cannot be less than zero 12 Capital Gains Exclusion for Estates or Trusts Capital Gains from the sale of the following assets are NOT Eligible For Exclusion under the Percentage Method continued on back Depreciable personal property (except for farm or standing timber) Divide Line 5c by Line 6; enter result here 7 E mail: brenda carpenter@state vt us Enter amount from Part I Line 7 or recomputed Federal Form 4952 16 Enter amount from: Enter amount of adjusted net capital gain from the sale of assets held for three years or less and any qualified dividends included in Line 1 11 Enter smaller of Line 14a(2) or 15(2) from Federal Form 1041 Schedule D 1 Enter the amount from Part I Line 4 10 Enter the amount of net adjusted capital gain from the sale of the following assets held for more than three years Enter the greater of Line 9 or Line 18 19 Enter the smaller of Line 19 or Line 20 This is the capital gain exclusion Enter on Form FI 161 Line 4b 21 Enter the smaller of Line 8 or $5 000 9 even if they have been held for more than three (3) years: exchange or any other financial instruments (see EXCLUSION farm property or standing timber) 13b For additional information contact: for ESTATES or TRUSTS If the Federal return shows a capital loss do not complete this form If you do not file Schedule D (Form 1041) enter the amount from Form 1041 Line 4 on Line 1 If you filed Federal Form 4952 complete Lines 5 through 7 If you have qualified dividends you may add the amount on Form 1041 Line 2b(2) to the lesser of Lines 14a(2) INSTRUCTIONS instructions for information on a negative) 13c Line 16 Federal Form 4952 information If no investment interest expense for ineligible assets reported on Federal Form 4952 enter Line 7 from Part I of this form Otherwise you may need to recompute Federal Form 4952 to reflect only investment interest income for assets eligible for the capital gain exclusion Montpelier VT 05633 1401 Fax: 1 802 828 2720 Multiply Line 17 by 40%; enter result here 18 Multiply x 40%; enter result here 20 Federal Taxable Income from Form FI 161 Line 1 Name of Estate or Trust Employer Identification Number or 15(2) of Schedule D If you did not file Schedule D you can add the amounts from Line 2b(2) and Line 4 of Part I Flat Exclusion Part II Percentage Exclusion PART III Capital Gain Exclusion Part III Capital Gain Exclusion Amount primary or nonprimary home 13a PRINT in BLUE or BLACK INK Real estate or a portion of real estate used as a taxpayer s primary or nonprimary home Rev 12/12 Schedule FI 162 Schedule FI 162 Schedule FI 162 page 2 of 2 Special instructions for Line 1 Stocks or bonds which are publicly traded or traded on an exchange Subtract Line 14 from Line 12; enter result here This is the amount of net adjusted capital gain eligible for exclusion 15 Subtract Line 16 from Line 15 17 Subtract Line 3 from Line 1 4 Subtract Line 7 from Line 4 Entry cannot be less than zero 8 Taxpayers may opt to exclude 40% of their adjusted net capital gain from the sale of assets held for more than the 1041 and enter the total on Line 1 The general exclusion amount for tax year 2012 is $5 000 or the actual amount of net adjusted capital gains whichever is less This part applies the limitation of 40% of federal taxable income and calculates your capital gain exclusion Enter the amount from Line 21 on FI 161 Line 4b three years Only certain categories of capital gain income are eligible for this exclusion VT allows a portion of net adjusted capital gains as defined by Internal Revenue Code Section 1(h) to be excluded from VT taxable income but in no case may the amount exceed 40% of federal taxable income Taxpayers calculate their capital gains exclusion and enter that amount on the VT Fiduciary tax return FI 161 at Line 4b from Part III Line 21 Each line contains instructions directing you to the appropriate federal schedule and line numbers VT CAPITAL GAINS VT Department of Taxes Ph: 1 866 828 2865 (toll free in VT)