Connecticut General Statutes 12-644 – Returns
(a) Any individual, whether resident or nonresident, liable for a return under this chapter, who in the calendar year makes any transfer by gift not excluded in this chapter shall make a return with respect to the gift tax imposed by this chapter.
Terms Used In Connecticut General Statutes 12-644
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Executor: A male person named in a will to carry out the decedent
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
(b) If the donor dies before filing his return, the executor of his will or the administrator of his estate shall file the return. If the donor becomes legally incompetent before filing his return, his guardian or conservator shall file the return.
(c) The return shall set forth:
(1) Each gift made during the calendar year which is to be included in computing the taxable gifts.
(2) The deductions claimed and allowable under section 12-643.
(3) A description of the gift, and the donee‘s name, address and Social Security account number.
(4) The fair market value of gifts not made in money.
(5) Such further information as the Commissioner of Revenue Services may find necessary to administer properly the provisions of this chapter.
(d) (1) If any gift which is required to be shown on a return under this chapter is not shown on such return, or if the information set forth in such return fails to meet the requirements of subsection (c) of this section, any tax imposed by this chapter on such undisclosed gift may be assessed at any time with respect to that gift, even if the commissioner has filed a return on behalf of the taxpayer in accordance with section 12-649.
(2) In the case of any item adequately disclosed in such return in accordance with subsection (c) of this section, the provisions of subdivision (1) of this subsection shall not apply.