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Filing Requirements for California Generation-Skipping Transfer Tax Return for Distributions

Pursuant to Revenue and Taxation Code section 16720, every person required to file a federal generation–skipping transfer tax return, IRS Form 706-GS(D) or Form 706-GS(T) is required to file a California Generation–Skipping Transfer Tax Return, GST(D) or GST(T), with the State Controller's Office. (For information on filing requirements for the federal generation–skipping transfer tax return you may view the IRS Instructions for Form 706-GS(D) or Instructions for Form 706-GS(T).)

The California Generation–Skipping Transfer Tax Return is due and payable on or after January 1st, but not later than April 15th, of the year following the calendar year when the distributions were made or the terminations occurred. The California return must include a complete copy of the federal generation–skipping transfer tax return and all related schedules. The return should be mailed to:

NOTE: The return should not be mailed to the Franchise Tax Board.

Interest shall be assessed, pursuant to Revenue and Taxation Code section 16760, on any underpayments and is compounded daily at the same rate per annum as provided in section 6621(a)(2) of the Internal Revenue Code.

The State Controller's Office shall pay interest on any overpayments of tax, pursuant to Revenue and Taxation Code section 16870, in the same manner as provide in sections 6621(a)(1) and 6622 of the Internal Revenue Code.