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Vermont Capital Gains Exclusion Calculation for Estates or Trusts
Extracted from PDF file 2023-vermont-schedule-fit-162.pdf, last modified May 2023Capital Gains Exclusion Calculation for Estates or Trusts
Vermont Department of Taxes *231621100* 2023 Schedule FIT-162 * 2 3 1 6 2 1 1 0 0 * Capital Gains Exclusion Calculation for Estates or Trusts Attach to Form FIT-161 Name of Estate or Trust FEIN Tax Year End Date (MMDDYYYY) / / PART I Flat Exclusion 1. Enter lesser of Line 18a(2) or 19(2) from federal Form 1041, Schedule D. . . . . . . . . . . . . . . . . . . . . . . . . . . 1. _______________________ .00 2. Enter amount from: 2a. Federal Form 1041, Schedule D, Line 18b(2) . . . . . . . . . . . . . 2a. _______________________ .00 2b. Federal Form 1041, Schedule D, Line 18c(2). . . . . . . . . . . . . . 2b. _______________________ .00 3. Add Lines 2a and 2b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. _______________________ .00 4. Subtract Line 3 from Line 1. Entry cannot be less than zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. _______________________ .00 If you filed federal Form 4952, complete Lines 5 through 7 5. Enter amount from: 5a. Federal Form 4952, Line 4g. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5a. _______________________ .00 5b. Federal Form 4952, Line 4e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5b. _______________________ .00 5c. Multiply Line 5a by Line 5b. Enter result here.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5c. _______________________ .00 5d. Federal Form 4952, Line 4b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5d. _______________________ .00 5e Federal Form 4952, Line 4e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5e. _______________________ .00 6. Add Lines 5d and 5e. Enter result here.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. _______________________ .00 7. Divide Line 5c by Line 6. Enter result here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. _______________________ .00 8. Subtract Line 7 from Line 4. Entry cannot be less than zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. _______________________ .00 9. Enter the lesser of Line 8 or $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. _______________________ .00 (continued on next page) 5454 Schedule FIT-162 Page 1 of 2 Rev. 10/23 *231621200* * 2 3 1 6 2 1 2 0 0 * Name of Estate or Trust PART II FEIN Tax Year End Date (MMDDYYYY) / / Percentage Exclusion (Use this section only if you have eligible gains. See Technical Bulletin TB-60, Taxation of Gain on the Sale of Capital Assets, for more information, or continue on to Part III) 10. Enter the amount from Part I, Line 4 . . . . . . . . . . . . . . . . . . . . . . . . . 10. _______________________ .00 11. Enter amount of adjusted net capital gain from the sale of assets held for three years or less. . . . . . . . . . . . . . . . . . . . 11. _______________________ .00 12. Assets held for more than three years. Subtract Line 11 from Line 10. Entry cannot be less than zero.. . . . . . . . . . . . . . . . . 12. _______________________ .00 Enter the amount of net adjusted capital gain from the sale of the following assets held for more than three years. 13a. Real estate or portion of real estate used as a primary or nonprimary home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13a. _______________________ .00 13b. Depreciable personal property (except for farm property or standing timber). . . . . . . . . . . . . . . . . . . . . . . . . . . 13b. _______________________ .00 13c. Stocks or bonds publicly traded or traded on an exchange or any other financial instruments. . . . . . . . . . . . . . . . . . . 13c. _______________________ .00 14. Add Lines 13a through 13c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. _______________________ .00 15. Subtract Line 14 from Line 12. Enter result here. Entry cannot be less than zero. This is the amount of net capital gain eligible for exclusion. . . . . . . . . . . . . . . . . . . . . . . 15. _______________________ .00 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. 16. Enter amount from Part I, Line 7, or recomputed federal Form 4952. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. _______________________ .00 17. Subtract Line 16 from Line 15. Entry cannot be less than zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. _______________________ .00 18. Multiply Line 17 by 40%; enter result or $350,000, whichever is less.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18. _______________________ .00 PART III Capital Gain Exclusion 19. Enter the greater of Line 9 or Line 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. _______________________ .00 20. 21. Multiply ____________________________________ x 40%. Enter result here. . . . . . . . . . . . . . . . . . . . . 20. _______________________ .00 Federal Taxable Income from Form FIT-161, Line 1 Enter the lesser of Line 19 or Line 20. This is the capital gain exclusion. Enter on Form FIT-161, Line 4b.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21. _______________________ .00 Schedule FIT-162 Page 2 of 2 Rev. 10/23 5454 Clear ALL fields Save and go to Important Printing Instructions Save and Print
Schedule FIT-162
More about the Vermont Schedule FIT-162 Corporate Income Tax TY 2023
We last updated the Capital Gains Exclusion Calculation for Estates or Trusts in February 2024, so this is the latest version of Schedule FIT-162, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule FIT-162 directly from TaxFormFinder. You can print other Vermont tax forms here.
Related Vermont Corporate Income Tax Forms:
TaxFormFinder has an additional 51 Vermont income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Vermont Schedule FIT-162.
| Form Code | Form Name |
|---|---|
| Schedule FIT-166 | VT Income Adjustments and Tax Computation for Fiduciaries |
| Schedule FIT-167 | VT Credit for Tax Paid to Other State or Canadian Province for Fiduciaries |
View all 52 Vermont Income Tax Forms
Form Sources:
Vermont usually releases forms for the current tax year between January and April. We last updated Vermont Schedule FIT-162 from the Department of Taxes in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Vermont Schedule FIT-162
We have a total of nine past-year versions of Schedule FIT-162 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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