HomeMy WebLinkAbout10-23-09 (2)r`
REV-1d70 EX (8-88)
~ INHERITANCE TAX
EXPLANATION
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE OF CHANGES
BUREAU OF INDIVIDUAL TAXES
PO Box 280601
HARRISBURG PA 17128-0601
DECEDENTS NAME FILE NUMBER
Julio Murphy 21/700399249
REVIEWED BY
Michael Kodosky 09144585
SCHEDULE
EXPLANATION OF CHANGES
Please be advised that the execution of a joint tenancy contract (signature
card) which provides that all monies are payable to either surviving party is sufficient to
establish Commonwealth's right to the tax. The Supreme Court in Olson Estate 447 PA
483 (1972) held that under Section 241 (9108 of the Pennsylvania Inheritance and Estate
Tax Act of 1995), such accounts are taxable in proportion to the number of joint tenants.
The court rejected the convenience account argument by noting that under Section 241
(9108), it is improper to apply principles of ownership to determine the taxable portion of
a joint bank account. Joint property is taxable even though the decedent's name was
added as a matter of convenience.
An adjustment has been made to reflect this change.
Row Page 1