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HomeMy WebLinkAbout97-00435 caM~F~i'h~~~\\OF Prft!Wl.\\~ANIA HAARISgO~~ ,~~~ \28 -060 1 ('j - IfI(l -:j INHERITANCE TAX RETURN RESIDENT DECEDENT (TO BE FILED IN DUPLICATE WITH REGISTER OF WILLS COUNfYCOU[: 7].97-0/,35 Y[AR c_ rOR DATES OF DfAlH AFTER 12/) "91 CHECK HEf\E Ir' A ~JPOUSAl rI .?..i.>'y!WjYCUfDIT Isg}~.1IL..l.-L...___._ FILE NUMBER REV - 1500 r:x I (1.9~J C P o 0 ~ N~ NAM' ~ Roger B. Irwin, Esquire S N TELEPHONE NUMBER - T 717-249.2353 1, Real Estate (Scheduk> AI 2, Stocks and Bond. (Schedule BI 3, Closely Held Stock/Pa~ne"hip Inter.,t (Schedule C) 4, Mortgages and Noles Receivable (Schedule 0) 5, Cash, Bank Deposlls & Miscellaneous Personal P,aperty (Sch. 6, .Ioint~ Owned Property (Schedule PI 7, Transfe" (Schedule G) (Sr.hedule LI 8, Talal Gross Assels (tolal Lines 1.7) 9. Funeral Expenses, Administrative Costs, MiscellanElOU5 Expenses (Schedule H) 10, Debts, Mortgage Liabilities, Liens (Schedule II 11, Talal Deductions (tolal Lines 9 & 10) 12, Net Vatue 01 Estale (Line 8 minus Line 11) 13, Charitable and GovernmentalSequests (Schedule J) 14, Net Velue Sub ecl to Tax (Line 12 minus Line 13) 15, Spousal Transfe.. (for dales 01 death afte, 6-30-94) See Instructions lor Applicable Percentage on page 2. (Include velues from Schedule K or Schedule M,) 16. Amount of Line 141axable at 6% rate (Include values from Schedule K or Schedule M) 17. Amourlt of Line 1,4 taxable a11S% rale (Include values Irom Schedule K or Schedule M) 18, Principal tax due (Add tax Irom Line 15, 16 and 17,) 19, C,edltslSp Poverty Prlo, Paymenls Discounl Interest 0.00 + 1,000.00. + 52.63 0.00 20, If Line 19 is grealer than Line 18, enler Ihe difference an Line 20, This Is the OVERPAYMENT, [[] 0 ~k here ff you Ire requeltlng I ..Iund 01 your overplyment,1 21. II Une 18 is greater than LIne 19. enter the difference on Line 21. This is the TAX DUE. A. Enter tho interest c..n the balance due on llr'9 21 A. B. Enler :helotal 01 Line 21 and 21A an Line 21B This is tho BALANCE DUE, Make Check PlYlble to: Register 01 Wills, Agent ~ ~ BE SURE TO ANSWER ALL QUESTIONS ON PAGE 2 AND TO RECHECK MATH ~ ~ Uf\der pen,ltln of perjury,l decfare that I have .~arnIOfld this Il!IlUIn.lrlCludlnq accompanying llchedulll!l.nd "Ialements. alld 10 the best of my knowledge and blsiUef, It Is true, correctl!'ld complete. t d.clare that.ll/elll elllale hall been rflpOfl.d at truo mar>:ol v.tlue. DeclMllIon 01 pre parer other than the personal represllnlllllvels bued on.lllntClrmallon of which preparef has llny kr,o.....IedgfJ CAB ~n C R C K~~ AMOUNT RECEIVED (See INSTRUCTIONS) 0,00 Remainder Return (10' dale. 01 dealh prior 10 12,13-821 Federal Esl~te TalC Return Required Tolal Number of Safe Deposit Boxes D E C E D E N T DEr:F.lJENf'!1 COMPl.FTE AODm;'<J~1 721 Avon Drlvo Carlisl.",PA J7013 DECEDENT'S NAME (LAST, FIRST, ANt> MIDDLE INHlALl MorisoLi. Geo], 0 SOCIAL SECURITY NUMae:R DAlE OF DEATH DATE OF BIRTH 002.14-8376 02/13/1997 02/72/192^ COlml Cumbor land (IF APPLlCABLE)SUAVIVING SPOUSE'S NAME (lAST ,FIRST AND MIDDLE INITIAL) SOCIAL. SECURITY NUMBER M.rlsotis Graco B, ____, 209-28.9711 X 1, Original Return --cJ2.SuPPlemental Return 4. Limited Estate D 4.. Future Interest Compromise (fo, dates 01 d.ath atte' 12.12-82) []J 6. Decedent Died Testate 07. Decedent Maintained a Living Trust (Attach copy 01 Will) (Attach a copy of Trust) ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: 05. n 8, COMPLETE MAILING ADDRESS IRWIN, McKNIGHT &. HUGHES 60 West Pomfret Street Carlisle PA 17013 R E C A P I T U L A T I o N 1 (2) (3) (4) E) (5) (6) (7) one None 30,475,00 None None --- None 34 ,94B .41 (8) (9) 1,525.00 (10) 3,914.84 (11) (12) (13) . (14) (15) 36,684.63 X 0%' (16) 23 ,298. 94 X ,06 ' T ~ (17) 0,00 X ,15' C o M P V A T I o N (18) (19) (20) (21) (21A) (21B)_ SIQNATUREOF f'ERSON RESPONSIOLE FOR FlUNG ReTURN Grace B. Mer i sot i s . .4 ~.h7 /;XJ,-,'t- ~ 221AvonDrlvo.......... .... . ......... ~-- '/-C: ~ _0 ~arljs]o, PA 17013 ___ "ONATURE OF PREPARER OTHER THAN RErRE"N1ATIV' I RW iN, McKN [CHT &. HUGHES "7~! /-; ci~, 00 IIOSI,.po.mrrot.s.treot...,...,., ......,.......,.. ~_ .. Carlls]e, PA 17013 Copyrlghlrcl \99-4 at !IollwMllonlycP~jY!llflm!;-i.~.Z----_._----_._-_._-'----- NUMBER - 65,423,41 5,439.8/, 59,983,57 None 59,983,57 0,00 1,397,94 0,00 1,397,94 1,052,63 0,00 3',5,30 0,00 345,30 DAE : i{L I :~ ~:'~:91' ....NI~ COMMONWF.Allti OF PENNSYlV/\I'IIA INHERITANCE TAX RetURN AE:!oIDWT DECEDENT I SCHEDULE C.2 PARTNERSHIP INTEREST REPORT .. l".,...!tP,,, .,'. FILE NUMBER 21-97-0435 UY,lS06U. lV12l ESTATE Of , , The fallowing informution must be submille~, willi this schedul'1: GEORGE KERISOTlS A, Detailed doscriptlan .howing tho method of <ampulation utilized in the valuation of the docedent'. Intero,', B, Complete caple. of flnandal.lalemen" or complet. capie. of the Federal T ox Return. (Form 1065) for tho yoar of death and 4 preceding yoors, Indudlng a balance .hoot far the year of dealh, C, If the Company owned Real E.tat., furnl.h a Ii.t .howlng the complete addre../e. and e"lmated Fair Markel Value/., If Real E.tate Appraisal. have been .ecured, plea.e attach caples, 0, Any other Information relative to the valuation of the decedent'. Intere.t, Addre.. ...121 WEST_HIGH STREET Federal I. 0, Number .23-1.5.Ji5ZL.,..., (A. per Form 1065) Date Bu.ine.. Commenced 1111.19J!.2.......".".__ 1, Name of Partnership ..GEo.B.Glt'..8...1lllRMARTIIE...8AIillWICIL.SIIOP____ __.CARLISLE. PENNSYLVANIA 17013 Bu.lne.. ActivitySandwich &...l'..t?lza 8h91'-_ 2, Decedent wa. a DGenerall!lLlmited partner, If decedent was 0 limited partner, pravldelnltlallnve.tme.' SJ1.J25,J!!l, 3, PARTNER'S NAMES 'f. OF INCOME % OF OWNERSHIP SALARY BALANCE OF CAPITAL ACCOUNT A, Grace Merisotis B, Pllter Merisotis C, Ernest Merisotis 0, GeQrv.e Mer1sot18 4, E.tlmated Value of decedent'. Intere.t: 5...J.O.....475.00 25% 25% 25% 25% 5, Wa. the partnership Indebted to the decedent' DYes If ye., provide amount of Indebted.e.. 5 6, Wa. therel1fe In.urance payable to the partnership upon the death of the decedenl! DYe. If ye" Ca.h Surrender Value: S__, Net proceed. payable: S Owner of Policy: [jJNo [JNo --" 7, Wa. there a written partnership agreement In eflect at the tlmo of the decedent'. death! [illYe. DNa If ye., attach copy of ogre.ment, 8, Old the partnership have an Intere.t In any other partnership. or corporation.' DYes [jNa If ye., report the nece..ary Information an a .eparate .heel, Including Schedule "C.1" or "C.2" far each Interest, 9, Old the decedent'. Intere.tln the partnership change In the year before death If the date "f death wa. an or after 12/13/82 or If death occurred prior to 12/13/82 In the la,t two years' DYes IXINo If ye., explain: .. 10, Wa. the decedent related to any of the ather partners' DYe. DNa If ye., explain: Spouse. parent ..~__ 11, Woo the partnership dl..olved or liquidated after decedent's death' DYe. IiJNo If ye" report all the related Information, Including copies of Ihe Sale. Agreement and/or Selllemenl Sheet. 12, Wa. the decedenl'. partnership Inlere.t .ald' [JYe. IilNo If yes, provide a copy of the agreemnl of sale, etc, COMW.9J11~{~~~J1IY~NI^ ESTATE OF SCHEDULE H FUNERAL EXPENSES, ADMINISTRATIVE COSTS AND MISCELLANEOUS EXPENSES ~Io..o Print or T a FILE NUMBER 21.97-0435 REV * llJ1UX . 0-88) Geor e Merlsotts 3311002-1I,-6H6 ITEM .J!~~ A. Funoral Expon.o" 02.LllL! 997 DEseRIPTloN AMOUNT B. Admlnl.tr.tlvo eOlt.. 1. Plrson,1 Rlpr...ntlllvl Commls.lon. 0.00 Social Socurlty Number of PeNon,1 Repro.ontatlve, 209-28-9211 V.ar <;omml..lon. paid WAIVED 2, Atlornay F.o. Irwin, MoKnight Ii< Hugh!>s 1,500.00 3, Faml~ Exemption 0.00 Claimant NONE Rnlatlon.hlp Addross of Claimant at decodo"t'. deoth Street Address City Statl Zip Codo 4. Probate Fees 0.00 C. MII.allanoouo Expono..' 1 Register of Wills, filing 25.00 fee TOTAL (Also onter on Iino 9, Rocaphulatlon) (II moro apacola noeded, Inaort addUlonal aho.t, of IOma al...) Copyright (c) 199~ form softwlre only CPSysl.ml,lno. $ 1 525.00 Form 1500 Schedule H (Rev, 7.88) I, OEonOE MERISOTIS, of the Dorou~h of Carlisle, Cumberland County, Pennsylvania, deolare this il10trument to be my last will ond tebtamont; hereby Bxpressly revoking all willa Bnd oodioils heroto- fore mflClo b~' me: 1. I authorize and empower my flxeou1:l'1x to noll any realty owned by me at lilY uoath, at either public or pl'ivate sale, and to give good and sufficient deeds therefor, 1n fee oimple, an I could do if living. ~Iy executrix in authoI'ized and empowered to contlnue to engage in any business in \~hich I may be engaged at my denth, for n period of one year after my death. 2. I devise and bequeath all of my estate of every nature Bnd wherever situate to my wife, Arlene O. Meriootio, providing ohe sl~l survive me by sixty days. 3. Should the gift in Paragraph No.2 not take effect, I devise and bequeath all of my estate of every nnture and wherever situate to the children born 01' my marriage to Arlene D. Merisotis, share and share alike, the child or children of any deceaoed child takinp: the share their parent would have taken if living. 4. Should any sueh ohild be under the sITe of twenty-one years at my death, then all of my propert~. ei ven in Paragraph No. 3 shall be held in trust b~ the Farmers Trust Company, of the Dorough of Car- lisle, Pennsylvania. The trustee as well as my executrix are hereby authorized to retain unconverted, any property, real or peroonal, that I may own at my death, and shall be under no duty to convert the same into legal investments. 1'he trustee shall have the power and authority to hold, manuBe, invest and reinvest, and to pay over the net income of the trust pI'aperty to or for the uae and benefit of Buch of my children born of my present marriaRe as may be undel' the age of twenty-one y(!ars, or to accumulate the same 1.n the sole dis- eretion of the trustee. The trustee shall be under no duty to dis- tribute or Use the 1ncome equally for eaoh of such children under twenty-one years, but may distribute or use it unequally in its diB- oretion. The trustee is also Iluthorlzed and empo~lered to pay over to, or for the uae and benefit of, any of suoh children whether un- der or over twenty-one years, such portion of or all of the pri.ncipnl /f(v)S" f c,r tho .dcRte r~ in ita sole discrotion Be~~s proper, for the maintenance, educnt1.ol1 or sott:tng up of n child born 01' my present marriage in busineoo or in n profession or for aimilor purposCD. 1~e trustee shall be tmdel' l1octut;y to distribute or use tho princ1pnl oCJu., ally for each of my children, but may distribute or uao prIncIpal un.. ollually :In its dirJcretioll. ['Iy prinH:\l'Y ob;lect :Is tho oupport, malnten~ Elnce, and eduoation of such ctdldron ns mllj' be unde.r tl<lenty~on€! yeEll'1l of age. When the youngest of illY chi] elren born of my pl'csont marl'lnp;e reaches the age of tVlenty~one years, thon whatever' rempino of lncomp- or principal of the truot estate shull be distributed equally to ouch children. share and share nlike, the child 01' children of any deceHsec! child taking the share their pEtrent would hnve taken if 11 vinp:. 5. I nominate nnd a.ppoint Arlene n. ['1e1'isotis, to be the execu-, trix of this my last will and teatamnnt, she is to serve ElS such with- out bond. Should she dIe bp-fore my death, renounce or refuse to nerve for ahy reason, or dIe leaving any of' my estate unadministel'ed, my eldest ~hild born of my pre~ent marrIage being under the age of twenty- one years, I nominate Rnd appoint Ernest C. Reisinger, as substitute exeoutor with the same powers as are given herein to my executrix, and also without the filing of any bond. If, however, at my death, any child born of my present marriage is twenty-one yoars or older, such ohild or children ahall be the substitute exeoutor or executors of this my last will and testament, also to serve as such without bond, wi th the same powers as are given herein to my executrix. 6. I hereby direct my executrix to retain the servioes of Irwin, IrWin & Irwin, as attorneys in the settlement of my estate. IN WITNESS WHEREOF, I have hereunto set my hand and seal this /6 (1 day of June, 1965. .- ,~C'>(~{ /1/U';,,,:k,.' acor~~Merisotis Signed, sealed, published and declared by George Merisotis, the , 0,/ .(SEAL) testator above named, ao and for his last will and testament, in the presence of us, who at his request, in his presence ahd in the pre~ senoe of each other have subsoribed our names as witnesses hereto. (':/ _ ')Wc5'-~ /!" c,(---..:. I'>'.~f;-\ ~i-'~'i( /),~lt# n;, 'H ~ .',: ):: " APPLICATION OF EXCESS EARNINGS METHOD Cono.ptual B.sl. Tha Q.pl~II~8flon olaxo.sa .arnlngs (or IRS Formula Approaoh) I. a hybrid valuation m.thod Wh".!n the bu.ln...'. n.t tang!ble a...ta (I... adju.ted book valua) and Intanglbl. ....t. are valuedlnd.p.ndenfly. ,The ta'nglble .nd Int.nglble a..et. are th.n sUmmod to oaloulate the buolne.s's fair morkst valuo eo of the date of the valuaflon, VALUE OF TANGIBLE ASSETS Tho wnglble n..ta analysl. WaS perlormed .. outllM/ld below. The estimated lair market v.lu. of ths buolneso'. tangible ....ta as of February 13, 1997 was caloulated to be $ 38,296, Aver.g. net worth.book value of bu.lne.. AdJu.tment of equlpm.nt to lair m.rk.t value $ 6,046 32,260 Valu. of t.nglble ....t. $ 38,296 - CAlCLlLATING EXCESS EARNINGS In order to elllmlt. tho buylnes.'.!alr market v.lue u.lng th. capitalization 01 oxooo. oarnlng. mothod, It I. neoes..ry to determlno G.orge'. Submarino S.ndwich Shop's oxco.s o.rnln~o baso.s ofth. Fabrusry 13, 1997 date of vlluotlon. Given tho short psrlod of operations In 1997 bofore tho v.lu.tlon d.to, It was dot.rmln.d to b. more repreeentQtive to use operating results from the five previous complete calendar/fiscal years. The excess earnings base Is calculated by determining the business's sustainable earnings base and deducting a fair return on Ita n.t oporatlng tanglblo a.sets. CAPITALIZATION OF EXCESS EARNINGS CONCLUSIONS Rounded entity value $ 38,545 13,708 - $ 24,837 20.0% 124,185 38,296 162,481 19 162,500 ' 4Q,?% (Sued IJn Rabent Morrie AiSClD, StatlStical Welght.d average 01 pro.t.. e.rnings Less: normal return on avarage operatIng assets ~)(Cl!\88 eernlngs Dlvldad by o.plt.llzatlon rata Intenglbla value Plus, AdJustod book v.luo of tanglbla anet. Total entity valuo Rounding /5-'/ if).- s' COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAl. TAXES INHERITANCE TAX OIVISION DEPl, l80601 HARRISBURG, PA 17128-0601 NOTICE OF INHERITANCE TAK APPRAISEMENT. ALLOWANCE OR DISAI.LOWANCE OF DEDUCTIONS ANO ASSESSMENT OF TAK 04-27-98 MERISOTIS 02-13-97 21 97-0435 CUMBERLANO 101 t= AlIOunt R..l H.d --, j MAKE CHECK PAYABLE AND REMIT PAYMENT TOI REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE. PA 17013 CUT ALONG THIS LINE .... UTAIN LOWER PORTION FOR YOUR RECORDS ... REV: is;,-, - E'if -A FP - i' 0 ij: 9'7"1 - HoYi c r -OF - YNHEiiif AN"CE - TA' x- 1iPPRiii sEifENT ~- -A L DiwANC E - ifR-- - - -""" --" - - - - -- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX GEORGE FILE NO. 21 97-0435 ACN 101 DATE ESTATE OF DATI OF DEATH FILE NUMBER COUNTY ACN ROGER B IRWIN ESQ IRWIN ETAL 60 W POMFRET ST CARLISLE PA 17013 ESTATE OF MERISOTIS TAX RETURN WAS, I X) ACCEPTED AS FILED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ONI ORIGINAL RETURN 1, R.al E.t.t. (Sch.dul. Al 2. Stocks and Bonda (Sohedule B) 3. Closely Held stock/Partnllrsh1p tnhrut (Schedule C) 4. Hortg.gal/Not.. Rao.iv.hl. (SQh.dul~ OJ S, Cash/Bank Dupod ts/l1hc, Parsonal Property (Schadule E) &. Jointly Ownad Prap.rt~ (Schodula F) 7. Tran,fars (Schadul. G) 8. Tob1 Asset. I C;IANOED (1) (2)- (3) (4) IS) (6) (7) .00 .00 30,475.00 .00 ,00 .00. 34,948, 41 (8) APPROVED DEDUCTIONS AND EXEMPTIONSl 9. Fun.r~l Exp.n.../Ad~. Co.t$/Hiso, Expen... (Schedul. H) 10. Debts/Mortgage Liebilitie./Lien. (Schedule I) 11. To'tal Ded~lcUons 12, N.t Valua 01 T~x Return 13. Cheribb1e/Governllenhl Baquuh; Hon-elected 9113 Trults (Schedule J) 14. Net Value 01 Est.t. Subject to 'rax If an a..e.sment was i..U.d pr.viou.ly, liM.. 14. 15 and/or 16, 17 and 18 will r.flect figures that includ. the total of' ill r.turn. a......d to dat.. ASSESSMENT OF TAXI 15. Allount of I..ine 14 16. Allou"t 01 Lint 14 17. Anou"t 01 Line 14 18, Principal Tax Due NOTE I at Spousal rate taxable at Line.l/Cl... A rat. taxable at Co1l.tera1/Cl... 8 rat~ TAX CREDITS I PAVMENT DATE 05'-12- 97 11-13-97 RECEIPT NUMBER AA211263 AA242456 DISCOUNT (. I INTEkEST/PEN PAID (-) 52,63 .00 19) 110 I 115) 116) 1171 1,525.00 3,914.84 Ill) 112 ) 113) 1141 36.664,63 23.298.94 .00 X .00_ K .06_ X ,15___ l1al AMOUNT PAID 1,600,00' 345.30 TOTAL TAX CREDIT BALANCE OF TAX DUE -,-~ INTEREST AND PEN. --. TOTAL DUE . IF PAID AFTER DATE INDICATED. SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. ,/ L. - .lw.lh' U I" IQt'''f GEORGE DATE 04-27-98 HOTEl To inJur. proper credit to your acoou"t~ .ubllit the ~Dper portion of thh 10rll with you,' hx pay.ent. 65.423.41 ~ .43Q ll!t.. 59.98~,57 ,00 59,983.57 ,00 1.397.94 .00 1,397,94 1.397'9~ ,01 ---- .00 .01 ----~- IF TOTAL DUE IS loESS THAN II. NO ~AVMENT IS REQUIRED. IF TOTAL DUE IS REFl.ECTED AS A "CREDIT" ICR), YOU MAV BE DUE A REFUND. SH REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS. I 'p"'1no'lo 'Iq ,in. '''JI,Ul "uoll'PPv 'l'noN 14' UO ~. 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