Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 13
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27holder of record on or before the date of decedent’s death. When
The verification data which must be submitted for closely held
stock is being traded on an exchange and is selling ex-dividend
corporate stock interests include:
on the date of the decedent’s death, add the amount of the divi-
1. Detailed calculations used in the valuation of the decedent’s
dend to the ex-dividend quotation to determine the fair market
stock.
value of the stock as of the date of the decedent’s death. Interest
2. Complete copies of financial statements or Federal Corporate
due, but not collected, and interest accrued, but not due as of
Income Tax returns (Form 1120) for the year of death and 4
the date of death of decedent, is taxable and must be reported on
preceding years.
this schedule.
3. If the corporation owned real estate, submit a list showing the
U. S. Savings Bonds, series E, EE must be reported at the date
complete address(es) and estimated fair market value(s). If
of death redemption value. Series H, HH and I must be reported
real estate appraisals have been secured, attach copies.
at the face value.
4. List of principal stockholders at the date of death, number of
Due to the enactment of Act No. 168 of 1996, C h a p t e r 64
shares held and their relationship to the decedent.
has been added to the Probate Estates and Fiduciaries Code
5. List of officers, their salaries, bonuses and any other benefits
[PEF Code]. Section 6411 requires the reporting of capital stock, regis-
received from the corporation.
tered bonds, a security or a security account held by the decedent in a
“ Transfer on Death” [TOD] designation, a “Payable on Death” [POD]
6. Statement of dividends paid each year. List those declared
designation or any other beneficiary designation format to the
and unpaid.
Department of Revenue for inheritance tax purposes. In order to satisfy
7. Any other information relating to the valuation of the
the reporting requirements the estate may file a return and pay the tax
decedent’s stock.
prior to the transfer of the asset. If that is not possible, you may also
receive a waiver/consent from the Department of Revenue prior to the
The verification data which must be submitted for partner-
t r a n s f e r, or simply provide written notice of the transfer to the Department
ship interests includes:
within ten days of the transfer. The latter two options for compliance can
1. Detailed calculations used in the valuation of the decedent’s
be accomplished by using form REV-516 to request a waiver or provide
partnership interest.
the appropriate notice within ten days. Form REV-516 can be obtained
as indicated in SECTION 4, ORDERING FORMS, in the first part of
2. Complete copies of financial statements or Federal
this booklet.
Partnership Income Tax returns (Form 1065) for the year of
Stocks, securities, jointly held with rights of survivorship, are to
death and four preceding years.
be reported on Schedule F, unless stated on the certificate as ten-
ants in common which are reported at the decedent’s fractional
3. If the partnership owned real estate, submit a list showing the
share on this schedule. Stocks and securities accounts held in a
complete address(es) and estimated fair market value(s). If
beneficiary form should be reported on Schedule G.
real estate appraisals have been secured, attach copies.
SCHEDULE C
4. Any other information relating to the valuation of the
CLOSELY-HELD CORPORATION, PARTNERSHIP
decedent’s partnership interest.
OR SOLE-PROPRIETORSHIP
Complete a separate report for each interest in a closely held cor-
poration and/or partnership held by a decedent.
For sole-proprietorships, a supplemental schedule is not
necessary. However, the estate must submit the following
information with the return:
1. Detailed calculations used in the valuation of the decedent’s
proprietorship interest.
2. Complete copies of financial statements or copies of the
decedent’s Federal Income Tax returns, including Schedule C
and supporting schedules, for the year of death and four
preceding years. If financial statements are unavailable,
include a balance sheet as of the date of death.
3. A breakdown of liquidation distributions, if the proprietor-
ship was dissolved or liquidated after the decedent’s death.
All business interests, including proprietorships held by the
decedent, must be included on Schedule C. In addition to a gen-
4. Real property owned by the decedent and used by the propri-
eral description and date of death value, you must submit the
etorship must be reported on Schedule A. Identify such real
appropriate supplemental schedule (C-1 or C-2) and all informa-
property as used in the proprietorship.
tion relative to establishing the true value of the decedent’s inter-
Schedules C-1 and C-2, if applicable. Schedules C-1 and C-2
est. All jointly owned business interests must be reported on
Schedule F, and the appropriate supplemental schedule(s) and
can be obtained from the Register of Wills or at local district
verification data must be prepared and attached.
offices upon special request.
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