HomeMy WebLinkAbout08-07-09COMMONWEALTH OF PENNSYLVANIA
DEP~1R'YMEh1~T OF REVENUE
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BUREAU OF INDIVIDUAL TAXES r ~'y '.%' ' INHERITANCE TAX
INHERITANCE TAX DIVISION ~•
PO BOX 280601 ~ ,-,~a ~ .._ ~- RECORD ADJUSTMENT
HARRISBURG PA 17128-0601
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612 COMSTOCK AVE
DOWNINGTOWN PA 19335
REV-1593 EX AFP CO1-09)
DATE 08-04-2009
ESTATE OF FINNEGAN JOHN A
DATE OF DEATH 11-29-2006
FILE NUMBER 21 06-1145
COUNTY CUMBERLAND
ACN 101
Amount Remitted
MAKE CHECK PAYABLE AND REMIT PAYMENT T0:
REGISTER OF WILLS
CUMBERLAND CO COURT HOUSE
CARLISLE, PA 17013
NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment.
CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~
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REV-1593 EX AFP CO1-09~ ** INHERITANCE TAX RECORD ADJUSTMENT **
ESTATE OF FINNEGAN JOHN A FILE N0. 21 06-1145 ACN 101 DATE 08-04-2004
ADJUSTMENT BASED oN: BOARD OF APPEALS REFUND
VALUE OF ESTATE:
1. Real Estate (Schedule A) C1) 259, 000.00
2. Stocks and Bonds (Schedule B) C2) 22, 906.95
3. Closely Held Stock/Partnership Interest (Schedule C) C3) .0 0
4. Mortgages/Notes Receivable (Schedule D) C4) .0 0
5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) C5) 9 0,217.9 6
6. Jointly Owned Property (Schedule F) C6) .0 0
7. Transfers (Schedule G) C7) .0 0
8. Total Assets C8) 372, 124 .91
DEDUCT IONS AND EXEMPTIONS:
9. Funeral Expenses/Administrative Costs/
Miscellaneous Expenses (Schedule H) C9) 8,530.00
10. Debts/Mortgage Liabilities/Liens (Schedule I) C10) 12,209.83
11. Total Deductions C11) 20,739.83
12. Net Value of Tax Return (12) 351, 385.08
13. CharitablelGovernmental Bequests; Non-elected 9113 Trus ts (S chedule J) C13) .0 0
14. Net Value of Estate Subject to Tax C14) 351,385.08
TAX:
15. Amount of Line 14 at Spousal rate C15) . 00 X 00 = .00
16. Amount of Line 14 taxable at Lineal/Class A rate C16) .00 X 045= .00
17. Amount of Line 14 at Sibling rate C17) 351, 385. 0$ X 12 = 42,166.21
18. Amount of Line 14 taxable at Collateral/Class B rate C18) .0 0 X 15 = .0 0
19. Principal Tax Due C19) 42, 166.09
TAY f Q ~'Y1TTC
DATE
NUMBER +
INTEREST/PEN PAID (-) AMOUNT PAID
11-16-2007 CD008990 .00 42,166.09
03-24-2008 CD009458 729.52- 729.52
TOTAL TAX CREDIT 42,166.09
BALANCE OF TAX DUE .00
INTEREST AND PEN. .00
TOTAL DUE .00
* IF PAID AFTER DATE INDICATED, SEE REVERSE C IF TOTAL DUE IS LESS THAN S1, NO PAYMENT IS REQUIRED.
FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" CCR), YOU MAY BE DUE
A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.)
BOARD OF APPEALS
P O Box 281021
HARRISBURG, PA 17128-1021
AMBROSE FINNEGAN
612 COMSTOCK AVE
DOWNINGTOWN, PA 19335
~nr1s Lvanla ~
DEPARTMENT OF REVENUE
BOARD OF APPEALS
IN RE ESTATE OF:
FINNEGAN JOHN A
DOCKET NO.
TAX TYPE
APPEAL TYPE
FILE NUMBER:
ACN
APPRAISEMENT:
PETITION FILED:
EXAMINER:
MAILING DATE;
DECISION AND ORDER
0910763
Inheritance
Refund
2106-1145
101
3/10/2008
5/ 12/2009
SUSAN ZAPCIC
Direct Dial: (717) 783-7904
Fax: (717) 787-7270
szapcic@state.pa.us
July 20, 2009
On March 10, 2008, the Department issued an appraisement and
assessment that accepted the original inheritance tax return as filed. That
return valued the real estate reported as item 1 on Schedule A at $259,000.
Petitioner now requests that the taxable value of that real estate be reduced to
$203,000, the property's April 28, 2009 contract sales price.
For inheritance tax purposes, the value of real property is the fair market
value of the property at the time of the decedent's death. The Board of
Appeals has historically regarded an arms-length sale within a year of the
decedent's death to be a good indicator of fair market value. A complete,
detailed, professional appraisal valuing real property at date of death is also
considered as evidence. Absent either a sale or an appraisal, the Department
has utilized the "computed value" approach based on the yearly findings of the
i , •
a
FINNEGAN JOHN A
BOARD DOCKET NO. 0910763
Page2of3
State Tax Equalization Board. Pennsylvania courts have found that "...after-
death sales of real estate are evidential as to date of death value..." Hofmann
Estate, 73 D. & C. 2d 489 (1976). They have also found that "...while the sale
value may and should be considered, it is not the only guide to be followed..."
Jackson Estate, 4 D. & C. 550 (1955). In Jackson, the Court followed its
comment with a list of evidence "tending to legitimately affect the value" such
as location, the interest of the decedent, the physical condition, uses for which
it is adapted, sale prices of other comparable property in the vicinity, etc.
In this case, the sale of the real property at issue, took place more than
two years and five months after the decedent's death. Petitioner failed to
supply documentation to show the property was being marketed for an amount
less than originally reported within one year of decedent's death. Therefore,
the Board finds that the value as originally reported is the best indication of fair
market value as of the decedent's date of death.
Accordingly, it is hereby, Ordered that the petition for refund is denied.
FOR THE BOARD OF APPEALS
LAUREN A ZACCARELLI, CHAIR
Board of Appeals ~ PO Box 281021 ~ Harrisburg, PA 17128 ~ 717.783.3664 ~ www.revenue.state.pa.us
R
e ~ ~ s
FINNEGAN .JOHN A
BOARD DOCKET NO. 0910763
Page3of3
ANY APPEAL FROM THIS DECISION MUST BE FILED ON OR BEFORE OCTOBER
19, 2009 WITH THE BOARD OF FINANCE AND REVENUE, 1101 SOUTH FRONT
STREET, SUITE 400, HARRISBURG, PA 17104, TELEPHONE (717) 787-2974.
ANY APPLICABLE NOTICE REFLECTING ANY CHANGES TO THE ACCOUNT
PURSUANT TO THE BOARD'S DECISION AND ORDER MAY BE MAILED TO YOU
BY THE APPROPRIATE BUREAU .
IF YOU REQUIRE THIS INFORMATION IN AN ALTERNATE FORMAT UNDER THE
PROVISIONS OF AMERICANS WITH DISABILITIES ACT OF 1990, PLEASE CALL
(717) 783-3664, OR FOR SERVICES FOR TAXPAYERS WITH SPECIAL HEARING
AND SPEAKING NEEDS: 1-800-447-3020 (TT ONLY).
Board of Appeals ~ PO Box 281021 ~ Harrisburg, PA 17128 ~ 717.783.3664 ~ www.revenue.state.pa.us