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HomeMy WebLinkAbout02-12-07 REV-1500!:x (6-00) . , OFFlClAL USE ONLY COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT. 280601 HARRISBURG, PA 17128-0601 REV -1500 INHERITANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ...lL COUNTY CODE ~L 0930 ___ YEAR NUMBER I- Z W C w fa c DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL) Trace Mar aret DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-DD-YEAR) 3/27/2005 7/6/1916 (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) Trace, Robert J. [i] 1. Original Return D 4. Limited Estate [i] 6. Decedent Died Testate (Attach copy ol IMII) D 9. Litigation Proceeds Received B SOCIAL SECURITY NUMBER 579-12-5126 THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS SOCIAL SECURITY NUMBER 181-32-3519 W I- ll::<l/) (J a:ll:: w Q.(J :1:510 (J Q.iil ~ D 2. Supplemental Return D 3. Remainder Return (date 01 deeth prior to 12-13-82) D 4a. Future Interest Compromise (date 01 death alter 12-12-82) D 5. Federal Estate Tax Return Required D 7. Decedent Maintained a Living Trust (Attach copy ol Trust) _ 8. Total Number of Safe Deposit Boxes D 10. Spousal Poverty Credit (date of death betweon 12-31-91000 1-1-95) D 11. Election to tax under Sec. 9113(A)(Attacl1SohOI THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAl TAX INFORMATION SHOULD BE DIRECTED TO: NAME COMPLETE MAILING ADDRESS I- Z W Q Z o lL I James A. Ulsh Es ire FIRM NAME (If Applicable) METTE, EVANS & WOODSIDE TELEPHONE NUMBER 717-232-5000 3401 North Front Street PO Box 5950 Harrisbur , PA 17110-0950 0.00 23,650.82 0.00 0.00 0.00 0.00 (~FICIAL USE ON~ "':;0 ~ . " ~"~ rr1 ';<'-(J co 5c~ ';..; ::-D N (6) :~~ ;~~ --i ) .J.~ 1. Real Estate (Schedule A) (1) (2) 2. Stocks and Bonds (Schedule B) 3. Closely Held Corporation, Partnership or Sole-Proprietorship (3) 4. Mortgages & Notes Receivable (Schedule D) (4) 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) (5) .....-....... -;J z o i= :s ::) l- ii: 0( o w 0:: 6. J~ Owned Property (Schedule F) U Separate Billing Requested 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7) (Schedule G or L) N N 0"\ 0.00 10. Debts of Decedent, Mortgage Liabilities, & Liens (Sdledule I) (10) (8) 16,597.95 246.00 23,650.82 8. Total Groll Assets (total Lines 1-7) 9. Funeral Expenses & Administrative Costs (Schedule H) (9) (13) 16,843.95 6,806.87 0.00 11. Totsl Deductions (total Lines 9 & 10) (11) 12. Net Value of Estate (Line 8 minus Line 11) 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) (12) 14. Net Value Subject to Tax (Line 12 minus Line 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABlE RATES (14) 6,806.87 15. Amount of Line 14 taxable at the spousal tax z rate, or transfers under Sec. 9116 (a)(1.2) o ~ < 16. Amount of Line 14 taxable at lineal rate I- ::l Ii 17. Amount of Line 14 taxable at sibling rate o (J 18. Amount of Line 14 taxable at collateral rate >< ~ 19. Tax Due 20. D (19) 0.00 306.31 0.00 0.00 306.31 0.00 6,806.86 0.00 0.00 x.O ~(15) x.O 45 (16) x .12 (17) x .15 (18) CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT > > BE SURE TO ANSWER ALL QUESTIONS ON REYER$E SIDE AND RECHECK MATH < < 3W4645 1.000 Decedent's Complete ress: S1REET ADDRESS 331 North 28th Street Cumberland CI1Y I STATE I ZIP CamD Hill PA 17011- Add Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount (1) 306.31 0.00 0.00 0.00 Total Credits (A + B + C) (2) 0.00 3. Interest/Penalty if applicable D. Interest E. Penalty 24.51 0.00 Total Interest/Penalty (0 + E) (3) 24.51 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 line 20 to request a refund (4) 0.00 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 330.82 A. Enter the interest on the tax due. (SA) 0.00 B. Enter the total of Line 5 + SA. This is the BALANCE DUE. (5B) 330 . 82 rt( OF WI.LS, AGENT _I~li.f ____ PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS No ~ ~ [j Oil D ~ contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. D [j IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. Under penalties of perjury, I declare that I have examined this retum. including accompanying schedules and statements, and to the best of my knowledge and belief, ~ is true, correct and complete. Declaration of preparer other than the personal represantative is based on all inlonnalion of which reparer has any knowledge. SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN 1. Did decedent make a transfer and: a. retain the use or income of the property transferred;. . . . . . . . . . . . . . . b. retain the right to designate who shall use the property transferred or its income; . c. retain a reversionary interest: or . . . . . . . . . . . . . . . . . . . . . . . . d. receive the promise for life of either payments, benefits or care? . . . . . . . . . 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . . . .. IX] 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? D 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which Yes D D D D Margaret T. Foster and Susan T. Newton ADDRESS 1962 Chestnut Street SIGNATURE OF PREPARER OiHER iHAN REPRESENTATIVE ~ATE ~\" 0\ James A. Ulsh, Es ADDRESS 3401 N. Front Street, PO Camp Hill, PA 17011 (Iv-> ~ ~\ ;A Harrisburg, PA 17110-0950 For dates of death on or after July 1, 1994 and before January 1, 199 the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% [72 P.S. 99916 (a) (1.1) (i)). For dates of death on or after January 1, 1995. the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0% [72 P.S. 99116 (a) (1.1) (Ii)) The statute does not exempt a transfer to a surviving spouse from tax. and the statutory requirements for disclosure of assets and filing a tax retum are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1. 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent. an adoptive parent, or a stepparent of the child is 0% [72 P.S. 99116(a)(1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as noted in 72 P.S. 99116(1.2) [72 P.S. 99116(a)(1)). The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% (72 P.S. 9 9116(a)(1.3)). A sibling is defined, under Section 9102, as an individual who has at least one parent in cornmon with the decedent, whether by blood or adoption. 3W4646 1.000 REV-150~ EX + (&-98) .. COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF SCHEDULE B STOCKS & BONDS FILE NUMBER Margaret B. Trace 21 06 0930 All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEA 1H 1.552 Shares AT&T common stock at $23.49 per share CUSIP: 00206R102 See attached Estate Valuation Report. 12,966.48 2 332 Shares Bellsouth Corporation common stock at $25.5675 per share CUSIP: 079860102 See attached Estate Valuation Report. 8,488.41 3 1,261 Shares EEX Corporation common stock; no longer traded, deemed worthless CUSIP: 26842V207 See attached Estate Valuation report. 0.00 4 30 Shares Hughes Electronics Corporation common stock, succeeded in interest by General MOtors Corporation Class H; no longer traded, deemed worthless CUSIP: 370442832 See attached Estate Valuation report. 0.00 5 57 Shares Raytheon Company common stock at $38.525 per share CUSIP: 755111507 See attached Estate Valuation report. 2,195.93 6 50 Shares The New York New Haven and Hartford Railroad Company, common stock; no longer traded, deemed worthless 0.00 7 50 Shares The New York New Haven and Hartford Railroad Company, preferred stock; no longer traded, deemed worthless 0.00 3W4696 1.000 TOTAL (Also enter on line 2, Recapitulation) $ (If more space is needed. insert additional sheets of the same size) 23,650.82 . . REV-1510 EX + (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Marqaret B. Trace SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY FILE NUMBER 21 06 0930 This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. DESCRIPTION OF PROPERTY ITEM K:l..lDE ne t-WAE OF l1-E TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT Af\D DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE NUMBEF TtE DATE OF TRAN3FER. ATTJlCHACOPV OF TIE. DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST (IF APPUCABLE\ VALUE 1. FOR INFORMATIONAL PURPOSES: Transfers made within one year of death to decedent's spouse, Robert J. Trace 600,575.21 100.0000 600,575.21 0.00 TOTAL (Also enter on line 7, Recapitulation) $ 0.00 (if more space is needed. insert addttional sheets of the same size) 3W46AF 1.000 Estate of: Margaret B. Trace Schedule G (Page 2) Item No. Description Decedent's estate has submitted a claim against the estate of her husband, Robert J. Trace, who died on February 15, 2006, which claim has not at the time of the filing of this inheritance tax return been adjudicated by either the IRS or the PA Department of Revenue on the death tax returns filed by the Estate of Robert J. Trace under File No. 21-06-0418. The claim alleges that during the weeks preceding the decedent's death, her husband transferred securities owned solely by the decedent to a joint broker account in the name of the decedent and her husband. These transfers were made while Margaret Trace was of a diminished capacity resulting from her terminal illness and were made without her informed consent and were not knowingly authorized by her. If the validity of the transfers is ultimately upheld, there would be no inheritance tax owed on the transfers because they were to decedent's spouse at a 0% tax rate. A supplemental inheritance tax return will be filed showing the transferred securities going to the decedent's spouse at a 0% tax rate. Alternatively, if the transfers are ruled invalid, a supplemental inheritance tax return will be filed for decedent's estate showing the transferred securities passing to the residuary beneficiaries at a 4.5% tax rate. Total (Carry forward to main schedule) DOD Value of Asset % Interest Exclusion 579-12-5126 Taxable Value 0.00 REV-1511 eX + (12-99) . . . . COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Margaret B. Trace ITEM NUMBER A. B. 3W46AG 1.000 1. 1. 2. FUNERAL EXPENSES: Funeral ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal Representative(s) SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS Debts of decedent must be reported on Schedule I. DESCRIPTION Social Security Number(s) I EIN Number of Personal Representative(s) Street Address City Year(s) Commission Paid: Attorney Fees State Zip 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Robert J. Trace Street Address 331 North 28th Street City Camp Hill State P A Zip 17011 4. Probate Fees Relationship of Claimant to Decedent SURVIVING SPOUSE 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. 1 Estate Valuation Valuation of securities 2 The Sentinel Advertise estate notice Total from continuation schedules FILE NUMBER 21 06 0930 TOTAL (Also enter on line 9, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) AMOUNT 8,707.00 4,000.00 3,500.00 152.00 12.40 151.55 75.00 16 597.95 Estate of: Margaret B. Trace 579-12-5126 Schedule H Part 7 (Page 2) 3 Cumberland Law Journal Advertise estate notice 75.00 Total (Carry forward to main schedule) 75.00 REV-1512 EX + (12-03) COMMONWEALTH OF PENNSYLVANIA INI-ERITANCE TAX RElURN RESIDENT DECEDENT ESTATE OF Margaret B. Trace SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS FILE NUMBER 21 06 0930 Report debts Incurred by the decedent prior to death which remained unpaid as of the date of death, including unrelmbursed medical expenses. ITEM NUMBER 1. DESCRIPTION VALUE AT DATE OF DEATH PA Department of Revenue Balance of 2005 Pennsylvania personal income tax 246.00 3W46AH 2.000 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 246.00 . . REV-1513 EX+ (9-00) SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYL VANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Maraaret B. Trace NUMBER I NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY TAXABLE 01 STR I BUTI 0 NS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] Margaret T. Foster 1962 Chestnut Street Camp Hill, PA 17011 1 33.3334 of Residue: 2,268.96 2 Susan T. Newton 330 North 27th Street Camp Hill, PA 17011 33.3333 of Residue: 2,268.95 3 Robert J. Trace, Jr. 13508 Overhill Drive Hagerstown, MD 21742 33.3333 of Residue: 2,268.95 RELATIONSHIP TO DECEDENT Do Not List Trustee(s) FILE NUMBER 21 06 0930 Daughter Daughter Son AMOUNT OR SHARE OF ESTATE 2,268.96 2,268.95 2,268.95 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 3W46All.000 TOTAL OF PART II. ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET (If more space is needed, insert additional sheets of the same size) $ 0.00 r . - 1Il9st MIL 9nd ~est9ment I, Margaret B. Trace, ofthe Borough of Camp Hill, Cumberland County, Pennsylvania, declare this to be my Last Will and Testament, hereby revoking any Will previously made by me. I. I direct the payment of all my just debts and funeral expenses out of my estate as soon as may be convenient after my death. II. I give, devise and bequeath all of my property, real personal and/or mixed of whatsoever nature and wheresoever situate to my children Margaret Trace Foster, Robert J. Trace Jr. M.D. and Susan Trace Newton, their heirs and assigns, share and share alike. III. All transfer inheritance taxes are to be paid out of the proceeds of my estate. IV. I appoint Robert J. Trace Sr. to be the Executor of my Will and ifis deceased or incapable for any reason, I then appoint Margaret T. Foster and Susan T. Newton to be the Executricies of this my Last Will and Testament. IN WITNESS WHEREOF, I have hereunto set my hand and seal on this, the 6th day of January, 2005. ~ ,6 ~L) Maret B. trace Signed, sealed, published and declared by the Testatrix, MARGARET B. TRACE, as and for her Last Will and Testament, in the presence of us who have hereunto, at her request, subscribed our names in her presence and in the presence of each other as witnesses tj' 5 0 ~ Olfe,Q ~I L L Y ({ \'v Go HA ~ E:.(S,WlII M D I I' Address ,~ Name "330 N, 2.1'3 5T Q,A"",p ~ 1'-'-. fA Address . Commonwealth of Pennsylvania : SS County of CUMBERLAND We Margaret B. Trace , Robert J. Trace Jr. , and Susan T. Newton ~ the Testatrix and the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first duly sworn and qualified according to law, do hereby declare to the undersigned authority that we were present and saw the Testatrix sign and execute the instrument as her Last Will and . Testament and that she signed willingly (or willingly directed another to sign for her), and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testatrix, signed the Will as witnesses and that to the best ofms or her knowledge the Testatrix was at that time eighteen (18) years of age or older, of sound mind and under no constraint or undue influence, and I, the said Testatrix, do hereby acknowledge that I signed and executed the instrument as my Last Will and Testament, that I signed it willingly, and that I signed it as my free and vohmtary act for th(~ purposes therein expressed. J. Witnes ~'lIW1u j. ~ Witness Subscribed, sworn to and acknowledged before me by Margaret B. Trace, the Testatrix, and subscribed and sworn to before me by Robert J. Trace Jr. and Susan T. Newton witnesses ., , this ~ ~ day of .:r 6)\ LdlL '\0" J ' ~tl) 0 S '1u ~1.tA..l- 7. d:. Jl Ip.!.) Notarv ic NWEAlTH Of PENNSYLVANIA NOTAPIAL SEAL MARGARET T. FOSTER, '~otary PubIc CamP HUI 80ro. Cumberland County My CommisllionExpires Dec. 27, 2008 . . Date of Death: 03/27/2005 Valuation Date: 03/27/2005 Processing Date: 02/06/2007 Shares or Par Security Description 1) 332 BELLSOUTH CORP (079860102) COM New York Stock Exchange 03/24/2005 03/28/2005 2) 552 AT&T INC (00206R102) COM New York Stock Exchange 03/24/2005 03/28/2005 3) 37 NYNEX CORP (670768100) COM New York Stock Exchange 08/14/1997 Last price available on 08/14/1997 4 ) 37 PACIFIC TELESIS GROUP (694890104) COM New York Stock Exchange 03/31/1997 Last price available on 03/31/1997 5) 57 RAYTHEON CO (755111507) COM NEW New York Stock Exchange 03/24/2005 03/28/2005 6) 30 GENERAL MTRS CORP (370442832) CL H NEW New York Stock Exchange 12/22/2003 Last price available on 12/22/2003 7) 1261 EEX CORP (26842V207) COM NEW New York Stock Exchange 11/26/2002 Last price available on 11/26/2002 Total Value Total Accrual Total $23,650.82 Estate Valuation High/ASk 25.60000 25.94000 23.48000 23.88000 58.43750 38.25000 38.69000 38.74000 16.13000 2.08000 Page 1 Low/Bid 25.24000 H/L 25.49000 H/L 23.25000 H/L 23.35000 H/L 56.93750 H/L 36.75000 H/L 38.35000 H/L 38.32000 H/L 15.64000 H/L 1.98000 H/L Estate of: TraceMargaret.estate Account: 13600-0001 Report Type: Date of Death Number of Securities: 7 File ID: Trace.Margaret.estate Mean and/or Div and Int Security Adjustments Accruals Value 25.567500 8,488.41 23.490000 12,966.48 57.687500 N/A 37.500000 N/A 38.525000 2,195.93 15.885000 N/A 2.030000 N/A $23,650.82 $0.00 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4) ::S ~ (JIO . (JO ~ laJo,oo ~ , .