Instructions For Rev-1514 Schedule K
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1Instructions for REV-1514 Schedule K
Life Estate, Annuity & Term Certain
REV-1514 EX (02-15)
disposition or inter-vivos transfer did
For any other type of calculation a fee
GENERAL INFORMATION
not allow for the disposition of assets
is applied for private letter valuations
outright at the time of death but
that involve an actuarial calculation.
PURPOSE OF SCHEDULE
allowed for their limited distribution to
This fee is similar to that charged by
Use REV-1514 Schedule K to report all
a beneficiary for the duration of the
the Internal Revenue Service for
presently vested life estates, annuities
beneficiary’s life or allowed for disposi-
private letter rulings which involve an
and terms certain created by the
tion over a specific term of years, it is
actuarial calculation, and is a result of
decedent for which valuations must be
a taxable transfer.
the increase in requests due to rate
actuarially determined.
changes in the 1995 amendments to
Do not use this schedule if the
the PA Inheritance and Estate Tax Act.
beneficiary has elected a 5 per-
FORM INSTRUCTIONS
The fee must be paid by a certified
cent or $5,000 option or if the surviving
form of payment prior to the issuance
spouse plans to invade the principal of
Estate of
of the valuation. Acceptable forms of
the trust.
Enter the complete name of the estate
payment are a money order, bank
as shown on REV-1500, Pennsylvania
For decedents dying on or after
draft, or certified check made payable
Inheritance Tax Return.
Dec. 13, 1982, the valuation methods
to the PA Department of Revenue.
File Number
are the same as described in U.S.
Personal or business account checks
Enter the file number of the estate
Treasury Department regulations. The
will not be accepted.
assigned by the Register of Wills as
actuarial tables used for dates of death
The department should be contacted at
shown on REV-1500, Pennsylvania
on or after May 1, 1989, can be found
least three weeks in advance of the
Inheritance Tax Return.
in IRS Publication 1457, Actuarial
date needed to request a written
Tables.
valuation. The calculation and written
GENERAL INSTRUCTIONS
The actuarial tables used for dates of
valuation will be mailed to the estate
death on or after May 1, 2000, can be
representative. To speak to a Trust
Life Estate Interest Calculation
found in IRS Publication 1457, Actuarial
Valuation Specialist call 717-787-8327.
The asset(s) subject to the annuity or
Tables, Aleph and Beth Volumes. The
Requests should be mailed to:
life estate calculation must be included
present value of an annuity or life
in the asset schedules (A through G) at
PA DEPARTMENT OF REVENUE
estate which is dependent on the
the full date of death value.
INHERITANCE TAX DIVISION
continuation or termination of the life
SPECIALTY TAX UNIT
of only one person or the present value
The description of the trust, property
PO BOX 280601
of an annuity or income interest which
interest or other arrangement to be
HARRISBURG, PA 17128-0601
is payable for a term certain will be
valued must include the name, date of
determined using tables which incorpo-
birth, and age of each beneficiary to
The request must be accompanied by
rate an interest rate equal to 120 per-
enable the Department of Revenue to
a statement including the dates of birth
cent of the federal midterm annual rate
readily identify the property interest
of each person, the duration of whose
in effect for the month in which the
to be valued with reference to the
life may affect the value of the interest,
date of death occurred. For purposes of
governing instrument.
and copies of the relevant instruments.
the computation, the age of the life
For charitable remainder unitrusts and
Annuity Interest Calculation
tenant used is his or her age on the
pooled income funds, the factor to
If the interest to be valued is the right
birthday nearest to the date of death.
calculate the interest of a beneficiary is
to receive the income or annuity for a
The Department of Revenue will provide
calculated in accordance with the
term certain rather than the life of a
methods described in U.S. Treasury
person, include the number of years.
single life estate factors by telephone
If the decedent, by testamentary
free of charge.
Department regulations.
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