HomeMy WebLinkAbout08-16-11r~~„„„ (~ I OF INHERITANCE TAX
BUREAU OF INDIVIDUAL TAXES ~ri ~:Ap~RALS~~I~"' ALLOWANCE OR DISALLOWANCE
INHERITANCE TAX DIVISION ~;r~;_!` ~ ~kF ,~DEIi,~d~IONS AND ASSESSMENT OF TAX
PO BOX 260601 `
HARRISBURG PA 17128-0601
Pennsylvania ~
DEPARTMENT OF REVENUE
REV-1547 EX AFP (12-10)
'~~.~~ ~~ ~;~~~~: `~~~ DATE 08-15-2011
ESTATE OF TAYLOR CHARLES J
Ci~~~K ~~ DATE OF DEATH 05-31-2010
Q~~~~~~ C~~~T FILE NUMBER 21 10-0722
~~~,~(~~'~~ ~,)~ (~! ~ P~ COUNTY CUMBERLAND
HOWELL C METTE ACN 101
PO BOX 5950 APPEAL DATE: 10-14-2011
HARRISBURG PA 17110 (See reverse side under Objections)
Anount Reaitted~
MAKE CHECK PAYABLE AND REMIT PAYMENT T0:
REGISTER OF WILLS
1 COURTHOUSE SQUARE
CARLISLE PA 17013
CUT ALON_6 THIS LINE _ ~ R_ETA_IN LOWER POR_TION_ FOR YOUR RECORDS ~ _ _______________
REV-1547 EX AFP (12-10) NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR
DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX
ESTATE OF: TAYLOR CHARLES JFILE N0.:21 10-0722 ACN: 101 DATE: 08-15-2011
TAX RETURN WAS: C ) ACCEPTED AS FILED C )() CHANGED SEE ATTACHED NOTICE
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Real Estate (Schedule A) [1) •00 NOTE: To ensure proper
2. Stocks and Bonds (Schedule B) (2) .00 credit to your account,
3,21b,805.00 submit the upper portion
3. Closely Held Stock/Partnership Interest (Schedule C) C3) of this form with your
4. Mortgages/Notes Receivable (Schedule D) C4) •00 tax payment.
5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) C5) .00
6. Jointly Owned Property (Schedule F) C6) .00
7. Transfers (Schedule G) (7) 1,542,076.00
8. Total Assets c8) 4,758,881.00
APPROVED DEDUCTIONS AND EXEMPTIONS:
9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) C9) 73.626.0 0
10. Debts/Mortgage Liabilities/Liens (Schedule I) (10) .00
11. Total Deductions C11) 73,626.00
12. Net Value of Tax Return C12) 4,685,255.00
13. Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) C13) .00
14 Net Value of Estate Subject to Tax C14) 4,685,255.00
.
NOTE: If an assesswent was issued previously, lines 14, 15 and/or 16, 17, 18 and 19 will
reflect figures that include the total of ALL returns assessed to date.
ASSESSMENT OF TAX:
15. Amount of Line 14 at Spousal rate C15) 3,128,665.50 X 00 = .00
16. Amount of Line 14 taxable at Lineal/Class A rate C16) 1 . SF:6 . X89 _ ~0 X 045 = 70, 046.52
17. Amount of Line 14 at Sibling rate C17) -~~ X 12 = .00
18. Amount of Line 14 taxable at Collateral/Class B rate (18) .0 0 X 15 = .00
19. Principal Tax Due C14)= 70,046.52
TAX CREDITS:
PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID
DATE NUMBER INTEREST/PEN PAID C-)
08-19-2010 CD013237 3,000.00 57,000.00
02-24-2011 CD014057 .00 725.79
INTEREST IS CHARGED THROUGH 08-30-2011
AT THE RATES APPLICABLE AS OUTLINED ON THE
REVERSE SIDE OF THIS FORM
TOTAL TAX PAYMENT 60,725.79
BALANCE OF TAX DUE 9,320.73
INTEREST AND PEN. 139.87
TOTAL DUE 9,460.60
* IF PAID AFTER DATE INDICATED, SEE REVERSE IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE
FOR CALCULATION OF ADDITIONAL INTEREST. A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.
- V-1d70 EX (01-10)
~ :` pennsylvan~a
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
PO Box 280601
DECEDENT'S NAME
Charles J. Taylor
:EVIEVVED BY gbelskey
ITEM
SCHEDULE Np.
C
C
H
101
1
3
9
INHERITANCE TAX
EXPLANATION
OF CHANGES
FILE NUMBER
2110-0722
EXPLANATION OF CHANGES
Assessed at $1,100,000.00.
Be advised our valuation considered the nature of the company's business, net asset
value, earning history, overall financial condition, general economic outlook and other
relevant factors.
After reviewing the above factors, it was determined the company's adjusted Net Asset
Value as the means to establish the value for the referenced estate's linterest in the above
mentioned company.
Henlor associate's only assets are a small checking account ($15,13$ as of 1213112009)
and a vacant farm land. The land's appraised value was $2,440,000.dO, which includes the
marketability of the asset; therefore, we applied a 10% discount for minority interest and
lack of marketability to the Decedent's 50% interest leading us to the value of $1,100,000.
Assessed at $17,205.00.
Be advised our valuation considered the nature of the company's business, net asset
value, earning history, overall financial condition, general economic outlook and other
relevant factors.
After reviewing the above factors, it was agreed the company's Boolc Value as the means
to establish the value for the referenced estate's interest in the above mentioned
company; however, the book value of CJSPT, LLC as of 1213112009 is $17,205.00 as listed
on the balance sheet provided.
The deduction claimed for estimated expenses to terminate estate has been disallowed.
No evidence of a written contract of indebtedness was submitted. Estimated expenses
are not allowable deductions.
ORIGINAL Pape 1