Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 8
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27personal representative or transferee and may commence nine
cises the option to prepay or at the time, the remainderperson
(9) months after the date of death. The citation process can result
comes into actual possession and enjoyment.
in an order directing filing and payment, a contempt citation, and
Oval 4: Limited Estate - fill in this oval to indicate that the dece-
ultimately, additional fines and imprisonment for failure to com-
dent created a limited estate (i.e., one which does not allow for
ply with the requirements of the Inheritance and Estate Tax Act.
the disposition of assets outright at the time of death, but allows
for their limited distribution to a beneficiary for the duration of
21. VALUATION
the beneficiary’s life or a specific term of years). For further
The general rule is that valuation is based on the fair market
information, please refer to the instructions for Schedules K and
value as of the decedent’s date of death. Special rules apply to
M on pages 15 through 17.
the valuation of life estates and future interests created by a
Oval 4a: Future Interest Compromise - fill in this oval to request
decedent. See the instructions for Schedules K, L, and M.
a compromise if the rate of tax which will be applicable when a
future interest vests cannot be established with certainty. This
For estates of decedents dying on or after January 1, 1995, spe-
block is applicable only to estates where the decedent died on or
cial rules exist for the valuation of a trust established for the sole
after December 13, 1982. If this block is checked, you must
use of the surviving spouse allowing an election to subject the
complete Schedule M.
trust to taxation in the donor’s estate. If an election is not made,
then the value of the trust will be determined as of the date of
Oval 5: Federal Estate Tax Return required - fill in this oval if
death of the surviving spouse and will be subject to tax as though
the total assets reportable to the Internal Revenue Service
it were a transfer from the surviving spouse. See the instructions
require that a Federal Estate Tax Return be filed. A copy of the
for Schedule O for further information.
federal return (Form 706) must be filed with the Department of
Revenue through the Register of Wills office within one (1)
Special rules also apply to the valuation of farmland. See the
month of the filing of the federal return.
instructions for Schedule A, for further information concerning
the Special Farm Use Valuation.
Oval 6: Decedent Died Testate - fill in this oval if the decedent
died having a valid will which has been submitted to the
It is important to note that Pennsylvania does not have a six-
Register of Wills for probate. A copy of the will must be attached
month alternate valuation date similar to that found in the
to the return when it is filed.
Internal Revenue Code.
Oval 7: Decedent Maintained a Living Trust - fill in this oval if
REV-1500 COVER SHEET INSTRUCTIONS
the decedent, during his lifetime, transferred property and
retained or reserved an interest or a power of appointment. A
The Inheritance Tax Return forms (REV-1500 Resident
copy of the instrument must be attached to the return when it is
Decedents, or REV-1737 Nonresident Decedents) can be used
filed.
for all estates, regardless of the date of death of the decedent,
Oval 8: Total Number of Safe Deposit Boxes Inventoried - enter
and all types of returns.
the number of safe deposit boxes held by a decedent alone or
The REV-1500 cover sheet of the Inheritance Tax Return must
jointly (except with a surviving spouse) which were required to
include all information relevant to the estate’s identification, cer-
be inventoried either by a representative of the Department of
tain characteristics of the estate, the name and address of the per-
Revenue or an official of the financial institution in which the
son with whom the Department of Revenue should correspond,
safe deposit box was held.
the recapitulation of the totals of the estate’s assets and deduc-
Oval 9: Litigation Proceeds Received - fill in this oval if the
tions, and the estate representative’s tax calculation. The dece-
estate received proceeds of litigation more than nine (9) months
dent’s complete address must be entered and questions 1 thru 4
from the date of death.
on page 3 must be answered. All estate representatives must sign
Oval 10: Spousal Poverty Credit - fill in this oval if the estate is
the return. Completion of the tax payments and credits portion is
claiming the spousal poverty credit which is available for estates
optional.
of decedents who died after December 31, 1991 and before
The decedent information section on the front of the REV-1500
January 1, 1995. The credit is not allowed unless the oval is
should be completed by entering the county file number, if avail-
filled in and Schedule N is completed and filed with the return.
able, the decedent’s name, social security number, date of death
Oval 11: Election to Tax Under Sec. 9113(a) - fill in this oval if
and date of birth, and the decedent’s surviving spouse’s name
the decedent created a trust or similar arrangement which quali-
and social security number. The following applicable estate
fies under Sec. 9113(a), and for which an election to impose the
characteristics must also be indicated on the cover sheet:
trust or similar arrangement to tax in this estate has been made.
TYPE OF RETURN
The election will not be allowed unless the oval is filled in and
Schedule O is completed and filed with the return.
Oval 1: Original Return - fill in this oval if this is the first return
filed for this estate and no other asset or deduction description
CORRESPONDENT
has been previously submitted.
This section must include the name of the person whom the per-
Oval 2: Supplemental Return - fill in this oval if this return is
sonal representative designates to receive correspondence. All
being filed to report additional assets or deductions not reported
requests for information and documentation from the
on a prior return.
Department, including the tax assessment will be forwarded to
this individual. This section should also include the correspon-
Oval 3: Remainder Return - fill in this oval to report a future
interest under a prior limited estate. This oval is applicable only
dent’s address and telephone number. It is the responsibility of
to estates where the decedent died prior to December 13, 1982.
the personal representative to notify the Department if the corre-
This return is filed either at the time the remainderperson exer-
spondent information changes.
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