Vermont Department of Taxes 

           2023 Schedule FIT-162                                                                                                *231621100*

     Capital Gains Exclusion Calculation                                                                                        *231621100*
                                                                                                                                                                                                    Page 3
               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
                                                                                                                                                                                                    FORM  (Place at FIRST page)
  4. Subtract Line 3 from Line 1 . Entry cannot be less than zero.    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4..   ______________________                        .00   Form pages 

If you filed federal Form 4952, complete Lines 5 through 7
  5.  Enter amount from:
    5a.  Federal Form 4952, Line 4g  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .5a.  ______________________ .00
                                                                                                                                                                                                    3 - 4
    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)

                                                                                                                                                                        Schedule FIT-162
                                                                                                                                                                        Page 1 of 2
               5454                                                                                                                                                     Rev. 10/23

                                                                                                             *231621200*
                                                                                                             *231621200*
                                                                                                                                                                                            Page 4
                       Name of Estate or Trust                                                               FEIN                                               Tax Year End Date (MMDDYYYY)
                                                                                                                                                                /        /

PART II  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                                                            FORM  (Place at LAST page)
  13b.  Depreciable personal property (except for                                                                                                                                           Form pages 
       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                                                         3 - 4
 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.   Multiply ____________________________________ x 40% .  Enter result here  . . . . . . . . . . . . . . . . . . . .  .20.  ______________________ .00 
                      Federal Taxable Income from Form FIT-161, Line 1
 21.   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
         5454                                                                                                                                                   Rev. 10/23

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