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Form 706 for Thornton Colorado: What You Should Know

S. Citizen or resident, who survives an individual whose death occurred during the taxable year. If that individual dies after December 31, 2004, the executor of the estate of that individual must file a Colorado estate tax return if any of the following applies: In addition to filing a Colorado estate tax return for every U.S. citizen or resident who survives, the executor of an estate that has received exempt gifts from the decedent, that has a gross estate, that meets the statutory requirements for certain exemptions and exemptions, and whose taxable gifts did not exceed the gross estate or gross taxable gifts of the decedent, must file and pay Colorado state income and use tax on all the exempt gifts. Under current law, such an estate would have to pay Colorado state income and use tax on the exempt gifts received from the decedent. Under current law, it is a gross misdemeanor to fail to pay Colorado state income and use tax on all exempt gifts made through a gift tax exemption certificate. Under current law, the estate of an individual who is a United States citizen and who dies before December 31, 2004, and with a net amount in excess of 40,000,000 who has not been exempted from income tax under the provisions of the applicable provisions of Federal or State tax code of a state or of this state, and who has qualified for a state credit as an exemption from income tax, may, pursuant to the provisions of this section, deduct the excess amount from any Colorado income taxes assessed against the estate with respect to its gross estate for the taxable year in which the death occurs if all the following criteria are satisfied: (1) The estate's gross estate is not subject to Federal estate tax for the death years in which the death occurred and the decedent's applicable exemption has not been granted. (2) The estate is no later than six months after the death of the decedent in this state if the decedent had been a resident of this state. (3) For estate tax purposes, the term 'the estate' includes all persons who are related by marriage within the second degree of consanguinity or affinity and (4) The estate, at the time it is the subject of the death tax determination, is not a disregarded entity for any other reason, such as a nonresident estate.

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