INSTRUCTIONS FOR SCHEDULE “B”
GENERAL
If the taxpayer had any interest in a closely held corporation, partnership, joint venture or sole proprietorship, the
following information is required (in each instance):
1. A detailed balance sheet and profit and loss statement, revised to reflect the market value of the assets thereof as
distinguished from the net book value, as of the decedent’s date of death, or as near thereto as the Director may deem
acceptable.
2. For the five year period preceding the decedent’s date of death:
A. Detailed balance sheets.
B. Detailed profit and loss statements.
3. The nature of the business.
4. Describe and state the assessed and market value of any real property.
5. Set forth your basis for determining the clear market value as reported.
CLOSELY HELD CORPORATIONS
If the decedent had any interest in a closely held corporation, submit (in addition to the general information required
above):
1. For the five year period preceding the decedent’s date of death:
A. A listing of salaries paid to officers.
B. A listing of dividends paid, together with the name(s) of the payees.
2. Copy/copies of any stock purchase or option agreement to which the decedent was a party as of the date of death.
3. Copy/copies of any insurance policy/policies on the decedent’s life payable to the corporation as beneficiary together
with a statement of the benefits payable thereunder.
4. The number of shares of stock of all classes issued and outstanding and the par value thereof.
5. List of stockholders setting forth the number of shares held by each.
PARTNERSHIPS OR JOINT VENTURES
If the decedent had any interest in a partnership or joint venture, submit (in addition to the general information required
above):
1. Copy of the partnership agreement.
2. Copy/copies of any mutual purchase agreement(s) to which the decedent was a party at the date of death.
3. Copy/copies of any insurance policy/policies on the decedent’s life payable to the surviving partners as beneficiary
together with a statement of the benefits payable thereunder.
SOLE PROPRIETORSHIPS
If the decedent had any interest in a sole proprietorship, submit (in addition to the general information required above):
1. If any of the sole proprietorship’s assets are listed elsewhere on this return, (i.e. Schedule “A”), make full
disclosure.
IT-NR - Page 6