Instructions For Rev-1503 Schedule B - Stocks And Bonds printable pdf download

Instructions for Rev-1503 Schedule B

Stocks and Bonds

mean between the high and low on

Death” [POD] designation or any

General Information

the Monday after death. Where death

other beneficiary designation format

occurs on a holiday, the valuation of

must be reported on Schedule G.

such stock is the average of the

Purpose of Schedule

mean of the high and the low on the

In order to satisfy the reporting

Use Rev-1503 Schedule B to report

day preceding the holiday and the

requirements the estate may file a

all stocks and bonds held by the

mean between the high and low of

return and pay the tax prior to the

decedent solely or as tenant-in-

the succeeding market day. If there

transfer of the asset. If that is not

common.

were no sales on the valuation date,

possible, you may also receive a

but there were sales on dates within

waiver from the Department of

a reasonable period both before and

Revenue prior to the transfer, or

Form Instructions

after the valuation date, the fair

simply provide written notice of the

market value is determined by taking

transfer to the Department within ten

Estate of

a weighted average of the means

days of the transfer. The latter two

between the highest and lowest sales

options for compliance can be

Enter the complete name of the

on the nearest date before and the

accomplished by using form REV-516

estate as shown on the REV-1500,

nearest after the valuation date. The

to request a waiver or provide the

Pennsylvania Inheritance Tax Return.

average is to be weighted inversely

appropriate notice within ten days.

by the respective numbers of trading

REV-516.pdf

File Number

days between the selling dates and

Enter the file number of the estate

the valuation date.

Total

assigned by the Register of Wills as

In cases of stock quotations listed

Total all items in the Value at Date of

shown on the REV-1500,

as “Over the Counter”, use the mean

Death column and enter value here.

Pennsylvania Inheritance Tax Return.

between the bid and asked. The

Enter this value on Line 2 Page 2 of

“alternate valuation” is not accepted

the REV 1500.

for Pennsylvania Inheritance Tax

General Instructions

purposes.

Description

Note. U. S. Savings Bonds,

Caution. Stocks, securities,

series E, EE and I must be

The stock description must include

jointly held with rights of

reported at the date of death

the number of shares, whether

survivorship, are to be

redemption value. Series H and HH

common or preferred, par and

reported on Schedule F.

must be reported at the face value.

market values, the exact name of the

corporation and CUSIP number, if

Mutual funds are to be reported at

Stocks and securities accounts

available.

held in a beneficiary form should be

the net asset value (NAV). Include as

The bond description must

reported on Schedule G.

a separate item dividends not

include the type of bond, quantity,

collected at death but payable to the

denomination, obligor, date of

decedent or estate because decedent

maturity, interest rate, and interest

was a stock-holder of record on or

due dates.

before the date of decedent’s death.

When stock is being traded on an

exchange and is selling ex-dividend

Value at Date of Death

on the date of the decedent’s death,

Estates are required to report all

add the amount of the dividend to

stocks and bonds at the market value

the ex-dividend quotation to

as of the date of death.

determine the fair market value of

the stock as of the date of the

Fair market value is

decedent’s death. Interest due, but

determined by taking the

not collected, and interest accrued,

mean of the highest and

but not due as of the date of death of

lowest quoted selling prices on the

decedent, is taxable and must be

date of death.

reported on this schedule.

Where death occurs on a weekend,

Important. Capital stock,

the valuation of any stock listed on

registered bonds, a security

the Nasdaq or other major exchange

or a security account held by

is the average of the mean between

the decedent in a “transfer on death”

the high and low for Friday and the

[TOD] designation, a “Payable on

Instructions For Rev-1503 Schedule B - Stocks And Bonds

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