Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 12
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27SCHEDULE A
assessments. If you elect to use this method of valuation, the
REAL ESTATE
special use valuation under the Pennsylvania Farmland and
Forest Land Assessment Act of 1974, 72 P.S. §5490.1, et. seq.
must be reported. You will also be required to submit fair mar-
ket value appraisals of the residential property, farm outbuild-
ings and agricultural property so that a proper valuation may be
made if the special use is discontinued or if the property does not
meet all requirements.
Do not report a retained life estate on this schedule. See
Schedule G.
The decedent’s indebtedness for any mortgages on the real estate
reported on this schedule should be claimed on Schedule I.
SCHEDULE B
STOCKS & BONDS
On this schedule list all Pennsylvania real estate held either sole-
ly in the name of the decedent or the fractional interest of any
real estate held by the decedent as tenant-in-common. Real
estate held between a decedent and his or her spouse as either
tenants by the entireties or joint tenants with right of survivor-
ship for more than one year prior to the decedent's death is not
reportable on this return. Real estate held as joint with right of
survivorship, except between spouses, is reportable on Schedule
F. All real estate held in a trust is reportable on Schedule G.
If the decedent owned a fractional interest in a parcel of real
property as a tenant in common, state the decedent’s fractional
interest, include the full value of the property with the descrip-
tion, and enter only the value of the decedent’s interest in the
column marked, “Value at Date of Death”.
On this schedule list all stocks and bonds owned by the decedent
solely or as a tenant in common on the date of the decedent’s
Although the use of the county assessment figure and the “com-
death. The stock description must include the number of shares,
mon level ratio” as determined by the State Tax Equalization
whether common or preferred, par and market values, the exact
Board is required in certain situations for valuation purposes
name of the corporation and CUSIP number, if available. The
when calculating state realty transfer tax, there is no statutory
description of the bonds must include the type of bond, quantity,
requirement that the Department also accept this method for the
denomination, obligor, date of maturity, interest rate, and inter-
valuation of real estate for inheritance tax purposes. Estates are
est due dates.
required to report all real estate at the fair market value as of the
date of death. Fair market value is defined as the price at which
Determine the market value by taking the mean of the highest
the property would be sold by a willing seller, not compelled to
and lowest quoted selling prices on the date of death. Where
sell, to a willing buyer, not compelled to buy, both of whom have
death occurs on a weekend, the valuation of any stock listed on
reasonable knowledge of the relevant facts.
the New York or American Stock Exchange is the average of the
Submit copies of any appraisals, settlement sheets and county
mean between the high and low for Friday and the mean
tax assessment invoices. If the decedent owned a fractional
between the high and low on the Monday after death. Where
interest as a tenant in common, submit a copy of the deed or
death occurs on a holiday, the valuation of such stock is the aver-
deeds showing the decedent’s interest in the real estate. If the
age of the mean of the high and the low on the day preceding the
real estate was sold to a family member or anyone associated
holiday and the mean between the high and low of the succeed-
with the administration of the estate, an appraisal or other docu-
ing market day. If there were no sales on the valuation date, but
mentary evidence of the fair market value must be submitted to
there were sales on dates within a reasonable period both before
verify that the real estate was sold at the fair market value.
and after the valuation date, the fair market value is determined
Selling costs may be claimed on Schedule H. If the real estate
by taking a weighted average of the means between the highest
has not been sold estimated settlement expenses and repairs can-
and lowest sales on the nearest date before and the nearest after
not be claimed until the real estate is sold and reported at the sale
the valuation date. The average is to be weighted inversely by
price.
the respective numbers of trading days between the selling dates
and the valuation date. In cases of stock quotations listed as
Under Section 9122 of the Inheritance and Estate Tax Act of
“Over the Counter”, use the mean between the bid and asked.
1991, land devoted to agricultural use, agriculture reserve or for-
Mutual funds are to be reported at the net asset value (NAV).
est reserve may be eligible for preferential assessment measured
by particular use, rather than by fair market value. This prefer-
Include as a separate item dividends not collected at death but
ential valuation may be used to determine county property tax
payable to the decedent or estate because decedent was a stock-
9
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Rev-1736 Ex - Instructions For Form Rev-1737-a Pennsylvania Inheritance Tax Return - Nonresident Decedent
Financial
Instructions For Form Rev-1737-a - Pennsylvania Inheritance Tax Return Nonresident Decedent
Financial
Instructions For Form It-40ez - Indiana Income Tax Return For Full-year Indiana Resident Filers With No Dependents - 2014
Financial
Related Categories
Parent category: Financial