EFTA00598601.pdf

CVO to 1545.0:O) Fonn 709 United States Gift (and Generation-Skipping Transfer) Tax Return ► Information about Form 709 and its separate instructions is at wwwirs.goviforogosi . Crapartmant el the Tree:fay Intone, Revenue Service (Fa gas made Owing calendar year 2012) ► See Instructions. 2012 1 Donor's first name and middle initial 2 Donor's last name 3 4 BENJAMIN E rtment number) BLACK Ilifilial 5 Legal residence (domicile) NEW YORK 6 City, state, and ZIP or postal code 7 Citizenship (see instructions) NEW YORK, NY 10021 UNITED STATES 8 If the donor died during the year, check here ► L_I and enter date of death No Yes General Information 9 If you extended the time to file this Form 709, check here ►L 10 Enter the total number of donees listed on Schedule A. Count each person only once. ► 1 11a Have you (the donor) previously filed a Form 709 (or 709-A) for any other year? If 'No," skip line 11b X b Has your address changed since you last filed Form 709 (or 709-A)? X 12 Gifts by husband or wife to third parties. Do you consent to have the gifts (including generation-skipping transfers) made by you and by your spouse to third parties during the calendar year considered as made one-half by each of you? (see instructions.) (If the answer is "Yes; the following information must be furnished and your spouse must sign the consent shown below. If the answer is 'No,' skip lines 13-18.) 13 Name of consenting spouse 1 14 SSN 15 Were you married to one another during the entire calendar year? (see instructions) 16 If 15 is 'No,' check whether L_I married L_I divorced or LJ widowed/deceased, and give date ► 17 Will a gift tax return for this year be filed by your spouse? (If 'Yes,' mail both returns in the same envelope.) 18 Consent of Spouse. I consent to have the gifts (and generation-skipping transfers) made by me and by my spouse to third parties d ring the calendar year considered as made one-half by each of us. We are both aware of the joint and several liability for tax created by the execution of this consent Consenting spouse's signature ► Date ► 19 lime you applied a DSUE amowit received Iran a predeceased spouse to a gilt a arts reported en this or a previous Fenn 709? If "Yes.' complete Schedule. C I Ix 1 Enter the amount from Schedule A, Part 4, line 11 1 5,120,000. 2 Enter the amount from Schedule B, line 3 2 0. 3 Total taxable gifts. Add lines 1 and 2 3 5,120,000. 4 Tax computed on amount on line 3 (see Table for Computing Gift Tax in instructions) 4 1,772,800. 5 Tax computed on amount on line 2 (see Table for Computing Gilt Tax in instructions) 5 0. 6 Balance. Subtract line 5 from line 4 6 1,772,800. 7 Applicable credit amount If donor has DSUE amount from predeceased spouse(s), enter amount from Schedule C, line 5; otherwise, see instructions 7 1,772,800. 8 Enter the applicable credit against tax allowable for all prior periods (from Sch. B, line 1, col. C) 8 9 Balance. Subtract line 8 from line 7. Do not enter less than zero 9 1,772,800. 10 Enter 20% (.20) of the amount allowed as a specific exemption for gifts made after September 8, 1976, and before January 1, 1977 (see instructions) 10 11 Balance. Subtract line 10 from line 9. Do not enter less than zero 11 1,772,800. 12 Applicable credit Enter the smaller of line 6 or line 11 12 1,772,800. 13 Credit for foreign gift taxes (see instructions) 13 14 Total credits. Add lines 12 and 13 14 1,772,800. 15 Balance. Subtract line 14 from line 6. Do not enter less than zero 15 0. 16 Generation-skipping transfer taxes (from Schedule D, Part 3, coL H, Total) 16 17 Total tax. Add lines 15 and 16 17 0. 18 Gift and generation-skipping transfer taxes prepaid with extension of time to file 18 19 If line 18 is less than line 17, enter balance due (see instructions) 19 0. 20 If line 18 is greater than line 17, enter amount to be refunded 20 Under penalise or pagury. I dotty., that I have azarnmod this return. Including any accompanying schedules and statements. and to the best or my knowledge and belief. a IS true. correct. and corrplse. Oecia-atich of en:peter (other than donor) is bated col all information a/ which emperer has any knowledge Islay he PS discuss this return with the caterer shown below (see instructionsY7 Yes ILI No Signature of donor Date Date Check 0 if PTIN Print/Type preparers name Prep...cep signature Paid Sell'OmPleYOZI Preparer THOMAS TURRIN P00850244 Use Only sirm'anerne► RAICH ENDE MALTER & CO., LLP Hews v.* 11 2336434 Firm's widens ► 1 375 BROADWAY ftmom212-944-4433 NEW YORK, NY 10018 LHA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see the instructions for this form. Fenn 709 (20,2) 05rA I 2 EFTA00598601 Form 709 (2012) BENJAMIN E BLACK Page 2 Computation of Taxable Gifts (Including transfers in trust) (see instructions) A Does the value of any item listed on Schedule A reflect any valuation discount? If 'Yes," attach explanation Yes 0 No F- 1 B Check here if you elect under section 52 to treat any transfers made this year to a qualified tuition program as made rata inning this year. See instructions. Attach ex lanatio Part 1 - Gifts Subject Only to OM Tax. Gifts less political organization, medical, and educational exclusions. (see instructions) A B C D E F 0 H Item • it t=i0 ag: adiriry) Donor's adjusted Date Value at For split gifts, Net transfer number • oseramon or •a basis of gift of gift date of gift enter 1/2 of (subtract col. G • It the gift was Of Sac...hies. gtva CUSIP no column F from col. F) • It dosely held entity. gsa EIN Gifts made by spouse - complete only if you we splitting gifts with your spouse and he/she also made gifts. Total of Part 1. Add amounts from Part 1. column H Part 2 Direct Skips. Gifts that are direct skips and are subject to both gift tax and generation-skipping transfer tax. You must list the gift in chronological order. A B C D E F 0 H • Donee's name and •—t i i'01 • neenonmio to Wow, achtwfss 010,10 2632(b) Donor's adjusted Date Value at For split gifts, Net transfer mrii.,,e• • Desahtlon of giff election basis of gift of gift date of gift enter 1/2 of (subtract coL G • ti me gift was of secwitles. gnat CUSIP no. • II dewy held entity. give EIN out column F from col F) Gifts made by spouse - complete only if you are splitting gifts with your spouse and he/she also made gifts. Total of Part 2. Add amounts from Part 2, column H Part 3 I direct Skips. Gifts to trusts that are currently subject to gift tax and may later be subject to generation-s loping transfer tax. You must list these gifts DQ II a•der. A B C D E F G H rem • 2632(c) Donors adjusted Date Value at For split gifts, Net transfer =.ter;70.2:1" PA) MIII::ef • Dasottlon of gift election basis of gift of gift date of gift enter 1/2 of (subtract col. G • n the gift was of sociNtIoS. gin CUSP no column F from cot F) • m closely hold entity. give EIN SEE CONTINUATION SHEET Gift made by whites - nnmnINta _ _. if Vail ana anlittinn nine with wait gamic% and hakha akn mark nifty Total of Part 3. Add amounts from Part 3, column H 0.5,120,000. almore space Is needed, attach additional statements.) Ecim 7O9 s',2012, 2105511 1-21-12 3 EFTA00598602 Form 709 (2012) BENJAMIN E BLACK SCHEDULE A PART 3 CONTINUATION SHEET Part 3 - Indirect Skips. Gifts to trusts that are currently subject to grit tax and may later be subject to generation-skipping transfer lax. You must ist these gifts in chronological order. A B C E F o H Item •• Donee's name and address 2632(c) Donor'sDadjusted Date Value at For split gifts, Net transfer number • Relationship to donor (if any) election basis of gift of gift date of gift enter 1/2 of (subtract col. C • Description of gift column F from col. F) • If the gift was of securities, give CUSIP no. • If closely held entity, give EIN 1 THE YGGDRASIL TRUST 102-76-7664 LEON D. BLACK, TRUSTEE 760 PARK AVENUE NEW YORK, NY 10021 TRUST PROMISSORY NOTE DUE TO BENJAMIN E. BLACK FROM THE BEB 2011 TRUST SEE ATTACHED TRUST AGREEMENT [X] 5,120,000. 12/20/12 5,120,000. 5,120,000. Total of column ft Pio 5,120,000. 05-01-12 Form 709 oom EFTA00598603 Form 709 (2012) BENJAMIN E BLACK Page 3 Part 4 - Taxable Gift Reconciliation I Total value of gifts of donor. Add totals from column H of Parts 1, 2, and 3 5,120,000. 2 Total annual exclusions for gifts listed on line 1(see instructions) 2 0. 3 Total included amount of gifts. Subtract line 2 from line 1 3 5,120,000. Deductions (see instructions) 4 Gifts of interests to spouse for which a marital deduction will be claimed, based on item numbers of Schedule A 5 Exclusions attributable to gifts on line 4 8 Marital deduction. Subtract line 5 from ire 4 7 Charitable deduction, based on item nos. less exclusions 8 Total deductions. Add lines 6 and 7 8 9 Subtract line 8 from line 3 9 5,120,000. 10 Generation-skipping transfer taxes payable with this Form 709 (from Schedule El, Part 3, coL H, Total) 10 11 Taxable gifts. Add lines 9 and 10. Enter here and on page 1, Part 2 -Tax Computation, line 1 11 5,120,000. Terminable Interest (GTIP) Marital Deduction. (see instructions for Schedule A, Part 4, line 4.) if a trust (or other property) meets the requirements of qualified terminable interest property under section 2523(f), and: a. The trust (or other property) is listed on Schedule A, and b. The value of the trust (or other property) is entered in whole or in part as a deduction on Schedule A, Part 4, line 4, then the donor shall be deemed to have made an election to have such trust (or other property) treated as qualified terminable interest property under section 2523(f). If less than the entire value of the trust (or other property) that the donor has included in Parts 1 and 3 of Schedule A is entered as a deduction on line 4, the donor shall be considered to have made an election only as to a fraction of the trust (or other property). The numerator of this fraction is equal to the amount of the trust (or other properly) deducted on Schedule A, Part 4, line 6. The denominator is equal to the total value of the trust (or other property) listed in Parts 1and 3 of Schedule A. If you make the OTIP election, the terminable interest property involved will be included in your spouse's gross estate upon his or her death (section 2044). See instructions for line 4 of Schedule A. If your spouse disposes (by gift or otherwise) of all or part of the qualifying life income interest, he or she will be considered to have made a transfer of the entire property that is subject to the gift tax. See Transfer of Certain Life Estates ReceivedFrom Spouse in the instructions. 12 Election Out of QTIP Treatment of Annuities Check here it you elect under section 2523(9(6) not to treat as qualified terminable interest property any joint and survivor annuities that are reported on Schedule A and would otherwise be treated as qualified terminable interest property under section 2523(1). See instructions. Enter the item numbers from Schedule A for the annuities for which you are making this electron Ile• SCHEDULE B1 Gifts From Prior Periods If you answered 'Yes' on line Ila of page 1, Paft 1, see the instructions for completing Schedule B. If you a swered "No," skip to the Tax Computation on page 1 (or Schedules C or D, if applicable). Complete Schedule A before beginning Schedule B. See instructions for recalculation of the column C amounts. Attach calculations. A B C D E Calendar year or Internal Revenue office Arrant of apoocaOte Arnowil of specific Amount of wide (rrialeo crew) agoinea caerrplion lOr Oiler calendar quarter where prior return was filed get tax lor panels ai Wads eating Odour taxable gifts (see instructions) Deoerreer 31. 1976 January 1. 1977 2010 CINCINNATI, OH 0. 0. 1 Totals for prior periods 1 0. 0. 2 Amount, if any, by which total specific exemption, ire 1, column El is more tha $30,000 2 3 Total amount of taxable gifts for prior periods. Add amount on line 1, column E and amount, if any, on line 2. Enter here and on page 1, Part 2 - Tax Computation, line 2 3 0. (If more space Is needed, attach additional statements.) (-cn 709 120121 205521 11-21-12 5 EFTA00598604 Form 709 (2012) BENJAMIN E BLACK Page 4 Deceased pousal Unused Exclusion (DSUE) Amount Provide the following information to determine the DSUE amount and applicable credit received from prior spouses. Complete Schedule A before beginning Schedule C. A B C D E F a Name of Deceased Spouse Date of Death Portability If 'Yes; DSUE DSUE Amount Date of Gift(s) RESERVED Election Amount Received Applied by Donor to (enter as mmiddiyy (dates of death after Made? from Spouse Lifetime Gifts (current for Part 1and as December 31.2010 only) Yes I No and prior gifts) yyyy for Part 2) Part 1 - DSUE RECEIVED FROM LAST DECEASED SPOUSE I Part 2 - DSUE RECEIVED FROM PREDECEASED SPOUSEIS1 TOTAL (for all DSUE amounts applied for Part 1and Part 2) I Donor's basic exclusion amount (see in tractions) 1 2 Total from column E, Parts 1and 2 2 3 Reserved 3 4 Add lines 1and 2 4 5 Applicable credit on amount in ine 4 (See Table for Computing Gift Tax in the instructions). Enter here and on line 7, Part 2 - Tax Computation 5 6 Reserved 6 7 Reserved 7 8 Reserved 8 9 Reserved 9 10 Reserved 10 SCHEDULE DI Computation of Generation-Skipping Transfer Tax Note. Inter vivos direct skips that are completely excluded by the GST exemption must still be fully reported (including value and exem lions laimed) on Schedule D. Part 1 - Generation-Skipping Transfers A B C D Item No. Value (from Schedule A. Nontaxable Net Transfer (subtract (from Schedule A, Part 2. col. H) Portion of Transfer col. C from col. B) Part 2, col. A) Gifts made by spouse (fo gift splitting only) (If more space is needed, attach additional statements.) Form 709 (2012) 203531 11-21-12 6 EFTA00598605 Form 709 (2012) BENJAMIN E BLACK Page 5 Part 2 - GST Exemption Reconciliation (Section 2631) and Section 2652(a)(3) Election Check here PP. I l if you are making a section 2652(aX3) (special °TIP) election (see instructions) Enter the item numbers from Schedule A of the gifts for which you are making this election IP. 1 Maximum allowable exemption (see instructions) 1 5,120,000. 2 Total exemption used for periods before filing this return 2 3 Exemption available for this return. Subtract line 2 from line 1 3 5,120,000. 4 Exemption claimed on this return from Part 3, column C total, below 4 5 Automatic allocation of exemption to transfers reported on Schedule A, Part 3 (see instructions) 5 6 Exemption allocated to transfers not shown on line 4 or 5, above. You must attach a "Notice of Allocation? (see instructions) 6 5,120,000. 7 Add tines 4, 5, and 6 7 5,120,000. 8 Exemption available for future transfers. Subtract line 7 from line 3 8 0. Part 3 -Tax Computation Item No. 8 C D E F e li (from Net Transfer GST Exemption Divide col. C Inclusion Ratio Maximum Applicable Rate Generation-Skipping Schedule D, (from Sated* D, Allocated by col. 8 (Subtract col. D Estate Tax (multiply col. E Transfer Tax Part 1) Part 1, col 0) from 1.000) Rate by col. F) (multiply col. 8 by col. G) 35% (.35) 35% (.35) 35% (.35) 35% (.35) 35% (.35) 35% (.35) Gifts mane by spouse (for gift spitting only) 35% (.35) 35% (.35) 35% (.35) 35% (.35) 35% (.35) 35%4;35) Total exemption claimed. Enter here and Total generation-skipping transfe tax. Enter he e; on page 3, on Part 2, lin 4, above. May not exceed Schedule A, Part 4, line 10; and on page 1. Pan 2 - Tax Part 2, line 3, above Computation, line 16 (If more space is needed, attach additional statements.) F am 709 (201z 205532 11-21-12 7 EFTA00598606