HomeMy WebLinkAbout03-0652COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 17128-0601
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO.
REV-1162 EX(11-96)
CD 002884
SHUGHART DALE F JR ESQUIRE
35 EAST HIGH STREET
CARLISLE, PA 17013
........ fold
I ESTATE INFORMATION: SSN: 579-01-4904
FILE NUMBER: 2103- 0652
DECEDENT NAME: BRUCE MILDRED T
DATE OF PAYMENT: 08/08/2003
POSTMARK DATE: 00/00/0000
COUNTY: CUMBERLAND
DATE OF DEATH: 05/11/2003
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 $17,063.72
TOTAL AMOUNT PAID:
7,063.72
REMARKS: M & T INVESTMENT GROUP
C/O DALE F SHUGHART JR ESQUIRE
SEAL
CHECK# 757801
INITIALS: SK
RECEIVED BY:
DONNA M. OTTO
DEPUTY REGISTER OF WILLS
REGISTER OF WILLS
[~ M&T Investment Group
One West High Street, Carlisle, PA 17013
DALE SHUGHART, ESQ.
POD-811
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APPRAISAL REPORT
THREE TRACTS OF LAND
KUTZ ROAD AND HOSFELT ROAD
PENN TOWNSHIP
CUMBERLAND COUNTY, PENNSYLVANIA
Diversified Appraisal Services
Heal Estate/~ppratsers at~d Cor~sulta~tt~
APPRAISAL REPORT
OF
ONE-HALF TENANT IN coMMON INTEREST
TItREE TRACTS OF LAND
LOCATED AT
KUTZ ROAD AND HOSFELT ROAD
PENN TOWNSHIP
CUMBERLAND COUNTY, PENNSYLVANIA
pREPARED FOR
THE MILDRED T. BRUCE REVOCABLE TRUST
AS OF
MAY 11, 2003
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BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
SUMMARY OF IMPORTANT
FACTS AND
CONCLUSIONS
LOCATION:
TAX PARCEL NUMBERS:
DESCRIPTION:
Kutz Road and Hosfelt Road
Penn Township
Cumberland County, Pennsylvania
31-10-0624-046, 048 and 049
A 6.75-acre, 53.86-acre and 21.27-acre tract of vacant
land.
PROPERTY RIGHTS:
OWNERSHIP HISTORY:
SCOPE OF THE ASSIGNMENT:
OBJECTIVE:
Fee simple interest.
The subject property is owned by the Mildred T. Bruce
Revocable Trust. The property was purchased on
November 10, 1997 for a reported consideration of $1.00
and ownership transferred on Deed Book 167, Page 656.
The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
To estimate the market value of the one-half tenant in
common interest in the subject property as unencumbered.
EFFECTIVE DATE:
HIGHEST AND BEST USE:
As of May 11, 2003.
Development into two farmettes.
COST APPROACH:
N.A.
SALES APPROACH:
$159,500
INCOME APPROACH: N.A.
FINAL VALUE CONCLUSION: $159,500
NOTE: The indicated value of the one-half tenant in common interest has not been discounted
for the property being owned as tenantS in common.
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APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE MILDRED T. BRUCE REVOCABLE TRUST
the undersigned personally inspected the following described property:
All those certain three tracts of land situate in Penn Township, Cumberland County,
Pennsylvania, bounded and described as follows:
TRACT NO. 1: Beginning at an iron pin at comer of Lot No. 1 on the hereinafter
mentioned Plan of Lots in line of land now or formerly of Ralph A. Bream; thence by said Lot
No. 1 North 24 degrees 42 minutes 54 seconds West 439.65 feet to an iron pin; thence by the
same South 70 degrees 24 minutes 39 seconds West 584.98 feet to an iron pin in line of Lot
No. 3 on the hereinafter mentioned Plan of Lots; thence by said Lot No. 3 North 14 degrees 40
minutes 14 seconds West 207.26 feet to an iron pin in line of land now or formerly of Ralph A.
Bream; thence by said land now or formerly of Ralph A. Bream North 16 degrees 45 minutes
00 seconds West 199.65 feet to an iron pin; thence by the same North 65 degrees 30 minutes 00
seconds East 685.31 feet to an iron pin, the place of beginning. Containing 6.75 acres, more or
less and being Lot No. 2 on the Subdivision Plan for Charles F. and Mildred T. Brace, dated
November 1, 1989, and recorded in the Office of the Recorder of Deeds in and for Cumberland
county in Plan Book 59, Page 94.
TRACT NO. 2: Beginning at a railroad spike in the right-of-way of Kutz Road, on the
northern edge of the right-of-way for Interstate Route 81; thence by the northern right-of-way
line of I-81 by a curve to the left with a radius of 5,859.65 feet, an arc length of 514.09 feet to
an iron pin; thence by the same South 47 degrees 07 minutes 20 seconds West 998.81 feet to an
iron pin; thence by a curve to the left with a radius of 3,689.83 feet, an arc length of 159.32 feet
to a point; thence by the same North 40 degrees 24 minutes 14 seconds West 10.00 feet to a
point; thence by the same by a curve to the left with a radius of 3,679.83 feet, an arc length of
192.67 feet to an iron pin; thence by the same North 37 degrees 24 minutes 14 seconds West
20.00 feet to a point; thence by the same by a curve to the left with a radius of 3,659.83 feet, an
arc length of 239.53 feet to a point; thence by the same South 33 degrees 39 minutes 15
seconds East 30.00 feet to an iron pin; thence by the same by a curve to the left with a radius of
3,689.83 feet an arc length of 186.66 feet to a point; thence by the same South 59 degrees 14
minutes 40 seconds West 268.62 feet to an iron pin at comer of land now or formerly of
Richard Mains Corporation; thence by said land now or formerly of Richard Mains Corporation
North 24 degrees 25 minutes 43 seconds West 1,717.40 feet to an iron pin at comer of land
now or formerly of Ralph A. Bream; thence by said land now or formerly of Ralph A. Bream
North 68 degrees 15 minutes 00 seconds East 750.48 feet to an iron pin in line of Lot No. 2 on
the hereinafter mentioned Plan of Lots; thence by said Lot No. 2 South 14 degrees 40 minutes
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14 seconds East 207.26 feet to an iron pin at comer common to Lot Nos. 1 and 2 on the
hereinafter mentioned Plan of Lots; thence by said Lot No. 1 South 11 degrees 03 minutes 43
seconds West 69.75 feet to an iron pin; thence by the same South 38 degrees 55 minutes 53
seconds East 44.78 feet to an iron pin; thence by the same South 65 degrees 33 minutes 18
seconds East 61.84 feet to an iron pin; thence by the same South 74 degrees 49 minutes 05
seconds East 49.96 feet to an iron pin; thence by the same South 84 degrees 01 minutes 02
seconds East 69.45 feet to an iron pin; thence by the same South 87 degrees 13 minutes 59
seconds East 159.81 feet to an iron pin; thence by the same South 78 degrees 34 minutes 19
seconds East 60.37 feet to an iron pin; thence by the same North 69 degrees 32 minutes 42
seconds East 451.12 feet to an iron pin; thence by the same South 24 degrees 42 minutes 54
seconds East 189.30 feet to an iron pin; thence by the same North 68 degrees 19 minutes 13
seconds East 176.70 feet to an iron pin; thence by the same North 67 degrees 32 minutes 08
seconds East 207.37 feet to an iron pin; thence by the same North 43 degrees 49 minutes 47
seconds East 95.01 feet to an iron pin; thence by the same North 41 degrees 34 minutes 41
seconds East 370.19 feet to a railroad spike on the eastern edge of Kutz Road; thence along
land now or formerly of Ralph A. Bream and within the right-of-way for said Kutz Road South
47 degrees 30 minutes 54 seconds East 491.08 feet to a railroad spike in the right-of-way of
Kutz Road, the place of beginning. Containing 53.86 acres, more or less, and being Lot No. 3
on the Subdivision Plan for Charles F. and Mildred T. Bruce, dated November 1, 1989, and
recorded in the Office of the Recorder of Deeds in and for Cumberland county in Plan Book 59,
Page 94.
TRACT NO. 3: Beginning at a railroad spike in the right-of-way of Kutz Road,
Township Road T-432 at comer of land now or formerly of Douglas R. Kutz; thence by slaid
land now or formerly of Douglas R. Kutz South 68 degrees 21 minutes 52 seconds West
2,457.25 feet to an iron pin on the southern right-of-way line of Interstate Route 81; thence by
the southern right-of-way line of said I-81 by a curve to the left with a radius of 3,999.83 feet,
an arc length of 691.43 feet to an iron pin; thence by the same North 47 degrees 07 minutes 20
seconds East 285.07 feet to an iron pin; thence by the same North 42 degrees 52 minutes 40
seconds West 50.00 feet to a point; thence by the same North 47 degrees 07 minutes 20 seconds
East 713.11 feet to a point; thence by the same to a curve to the left with a radius of 5,599.65
feet, an arc length of 535.59 feet to a railroad spike in the right-of-way of Kutz Road; thence
within the right-of-way of Kutz Road and along land now or formerly of Ralph A. Bream South
47 degrees 30 minutes 54~seconds East 857.89 feet to a railroad spike in the right-of-way of
Kutz Road, the place of beginning. Containing 21.27 acres, more or less
To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the one-half tenant in common
interest Market Value as of May 11, 2003 is:
ONE HUNDRED FIFTY-NINE THOUSAND FIVE HLrNDRED DOLLARS
$159,500
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The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
Larry E. Foote
Certified General Appraiser
GA-000014-L
NOTE: The indicated value of the one-half tenant in common interest has not been discounted
for the property being owned as tenants in common.
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the one-half tenant in common interest
Market Value of the subject property as of May 1 l, 2003.
Market Value, as defined by the courts, is the most probable price estimated in terms of
money which a property will bring if exposed for sale in the open market, allowing a
reasonable time finding a purchaser who buys with knowledge of all the uses to which it is
adapted and for which it is capable of being used.
Frequently, it is referred to as the price at which a willing seller would sell and a willing
buyer would buy, neither being under abnormal pressure.
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that use of the subject as two farmettes is its Highest and Best Use.
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SITE DATA
ADDRESS:
TOWNSHIP:
COUNTY:
STATE:
LOT SIZE:
SEWERS:
WATER:
ELECTRICITY:
LANDSCAPING:
ZONING:
Tax parcels 31-10-0624-046,048 and 049 on Kutz Road.
Penn
Cumberland
Pennsylvania
21.27 acres, 53.86 acres and a 6.75-acre lot addition.
None on site.
None on site.
Public utility.
All tracts are presently being utilized for crop farming.
None presently in this municipality.
None.
DETRIMENTAL INFLUENCES
Pride of ownership is evident throughout the neighborhood.
DESCRIPTION OF THE SITE
The subject site consists of three vacant parcels of land containing 21.27 acres, 53.86
acres and 6.75 acres. However, the 6.75 acre tract may only be used as a lot addition to the
53.86-acre tract, according to a note on the Subdivision Plan for Charles F. and Mildred T.
Bruce dated November 1, 1989, prepared by Stephen G. Fisher, professional land surveyor.
The 53.86-acre tract, along with the 6.75-acre tract, is irregular in shape and contains
approximately 491.08 linear feet of macadam road frontage along Kutz Road and the southern
boundary line adjoins Interstate 81. The 21.27-acre tract is triangular in shape and contains
approximately 857.89 linear feet of macadam road frontage along Kutz road and the northern
boundary line adjoins Interstate 81.
The topography of the tracts is best described as rolling. Some areas of the road
frontage are slightly above road grade. There does not appear to be any drainage problems, and
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according to the Federal Emergency Management Agency map number 421584-0005-B, the
site is not located in an area which is prone to flooding.
In the absence of core boring, it has been assumed that there are no mineral deposits of
a commercial nature underlying the subject sites. For the same reason, it is assumed that there
are no unusual sub-soil conditions that would adversely affect the subject sites.
Access to the sites is via Kutz Road, and visibility of the sites from this roadway is
considered to be good.
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THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
a new facility.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot of building area or price per acre.
The income approach concerns itself with present worth of the future potential benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similar type and class.
Since the subject property consists of vacant tracts of land that are usually farmed by
the owner, in accordance with the departure provision of the Uniform Standards of Professional
Appraisal Practice, only the sales comparison approach to value has been applied to the subject
property and is subsequently presented.
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE
NO. 1:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
Newville Road, West Pennsboro Township.
46-07-0475-054
September 20, 2002.
Deed Book 253, Page 3329.
$110,000
20.24 acres.
$5,435 per acre.
American Physiological Society.
Bethany Evangelical Church.
SALE NO. 2:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
Pine Road, Penn Township.
31-12-0332-010
October 30, 2002.
Deed Book 254, Page 1417.
$228,750
61.09 acres.
$3,744 per acre.
Anthony J. and Sharon E. Leo.
Edwin N. and Alma H. Reiff.
SALE NO. 3:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
Ritner Highway, Dickinson Township.
08-09-0523-088
November 24, 1999.
Book 211, Page 1137.
$290,000
49.91 acres.
$5,810 per acre.
Fox & Fox.
Lewis R. and Thelma R. Fink.
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The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the one-half tenant in common interest value of the subject property by the Sales
Comparison Approach is $159,500.
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SALES COMPARISON ADJUSTMENTS
21.27-ACRE SITE
The appraiser has analyzed comparable sales and has developed dollar
adjustments, reflecting market reaction to those items of significant variation between
the subject and comparable properties. If a significant item in the comparable property
is superior to, or more favorable than the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the
comparable is inferior to, or less favorable than the subject property, a plus (+)
adjustment is made, thus increasing the indicated value of the subject.
SALE # 1 SALE #2 SALE #3
Sale Price $110,000 $228,750 $290,000
Price Per Acre 5,435 3,744 5,810
Time +523
Location -544 -1,162
Road Frontage -544 -581
Land Size +749 +581
Net Adjustment -1,088 +749 -639
Indicated Value: 4,347 4,493 5,171
21.27 acres x $4,347 = $92,461
Rounded to: $92,000
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SALES 'COMPARISON ADJUSTMENTS
60.61-ACRE SITE
The appraiser has analyzed comparable sales and has developed dollar
adjustments, reflecting market reaction to those items of significant variation between
the subject and comparable properties. If a significant item in the comparable property
is superior to, or more favorable than the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the
comparable is inferior to, or less favorable than the subject property, a plus (+)
adjustment is made, thus increasing the indicated value of the subject.
SALE #1 SALE #2 SALE #3
Sale Price $110,000 $228,750 $290,000
Price Per Acre 5,435 3,744 5,810
+523
Time -544 -1,162
Location -544 -58 l
Road Frontage -581
Land Size -1,087
Net Adjustment - - 1,631 - 1.801
Indicated Value: - 3,804 3,744 4,009
60.61 acres x $3,744 = $226,924
Rounded to: $227,000
FINAL ONE-HALF TENANT IN COMMON VALUE CALCULATION:
$ 92,000 - Value of 21.27-acre tract
$22T000 - Value of 60.61-acre tract
$319,000 - Value of the entire property + 2 = $159,500
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CORRELATION
Correlation may be defined as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach N.A.
Value Indicated by Sales Comparison Approach $159,500
Value Indicated by Income Approach N.A.
These approaches are representative of the market value of the subject property. I have
carefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confirmed the original conclusions.
The Sales Comparison Approach was based on several recent sales of properties similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the market.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the one-half tenant in common interest Market Value of the subject
property, as of May 11, 2003, is:
ONE HUNDRED FIFTY-NINE THOUSAND FIVE HUNDRED DOLLARS
$159,500
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UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
I assume no responsibility for matters legal in nature, nor do I render' any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the property, and the boundaries are taken from records
believed to be reliable.
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I assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
This report is to be used in its entirety and only for the purpose for which it was
rendered.
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Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
This appraisal was prepared for the exclusive use of the client identified in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
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CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present of prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result,
or the occUrrence of a subsequent event directly related to the intended use of this
appraisal.
To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
This appraisal report has been made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
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10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
Larry 1~. Foote
Certified General Appraiser
GA-000014-L
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PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1,200 l, appraisers,
along with all providers of personal financial services are now required by federal law to
inform their clients of the policies of the firm with regard to the privacy of client nonpublic
personal information. As professionals, we understand that your privacy is very important to
you and are pleased to provide you with this information.
In the course of performing appraisals, we may collect what is known as "nonpublic
personal information" about you. This information is used to facilitate the services that we
provide to you and may include the information provided to us by you directly or received by
us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of our
engagement with our clients to nonaffiliated third parties, except as necessary or as required by
law. By way of example, a necessary disclosure would be to our independent contractors, and
in certain situations, to unrelated third party consultants who need to know that information to
assist us in providing appraisal services to you. All of our independent contractors and any
third party consultants we engage are informed that any information they see as part of an
appraisal assignment is to be maintained in strict confidence within the firm. A disclosure
required by law would be a disclosure by us that is ordered by a court of competent jurisdiction
with regard to a legal action to which you are a party.
We will retain records relating to professional services that we have provided to you fbr
a reasonable time so that we are better able to assist you with your needs. In order to protect
your nonpublic personal information from unauthorized access by third parties, we maintain
physical, electronic and procedural safeguards that comply with our professional standards to
insure the security and integrity of your information.
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LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa.
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile
home parks, medical centers, nursing homes, motels, apamnent buildings and complexes, office
buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers,
warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III.
Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers.
Residential Valuation, American Institute of Real Estate Appraisers.
Appraisal Procedures, Appraisal Institute.
Principles of Income Property Appraising, Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-000014-L, Commonwealth of Pennsylvania.
Real Estate Broker #RB-029729-A, Commonwealth of'Pennsylvania.
PROFESSIONAL DESIGNATIONS:
GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
Lng Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Carlisle Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
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PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Cormnerce Bank
Cmnberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members 1st Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Depaxhnent of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence, Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Various law fu'ms and individuals
20
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PHOTOGRAPHS OF THE SUBJECT PROPERTY
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STREET SCENES AT THE SUBJECT PROPERTY
22
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PHOTOGRAPH OF COMPARABLE SALE NUMBER 1
23
PHOTOGRAPH OF COMPARABLE SALE NUMBER 2
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PHOTOGRAPH OF COMPARABLE SALE NUMBER 3
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F:\WPSI~CLIENT\SHUGDALE\BRUCE1.TRU 11/04/97 hcd
FUNDED REVOCABLE TRUST AGREEMENT
· THIS AGREEMENT OF TRUST executed in multiple counterparts this
~ day of ~0~ Q~'- , 1997, among MILDRED T. BRUCE, of 900
Stratford Drive, Carlisle, Pennsylvania 17013 (hereinafter called
SETTLOR), and CHARLES F. BRUCE, of 900 Stratford Drive, Carlisle,
Pennsylvania 17013 and CHAD F. BRUCE, of 1135 Valentine Creek
Drive, Crownsville, Maryland 21032 (hereinafter whether singular or
plural, masculine or feminine, individual or corporate, called
TRUSTEE),
W I T N E S S E T H :
FIRST] SETTLOR establishes with TRUSTEE a TRUST the or{ginal
Principal of which shall be as shown on Schedule "A" attached
hereto and made a part hereof by incorporation herein, receipt of
which TRUSTEE acknowledges by executing this Agreement, which sum
or property, together with all other property, real or personal,
that may be added to the TRUST (such property and additions being
hereinafter called "Principal"), shall be held by TRUSTEE, IN
TRUST, upon the following terms:
SECOND: TRUSTEE shall manage all property comprising the
Principal of this TRUST and shall collect the Income therefrom
(hereinafter called "Income") and accretions thereto and shall pay
the net Income and hold and distribute the Principal of the TRUST
as follows:
A. TRUSTEE shall pay from the net Income therefrom to
SETTLOR for and during her lifetime such periodic installments,
in such amounts, as SETTLOR shall request, provided that if, in
the opinion of TRUSTEE, SETTLOR should by reason of age,
illness, or for any other cause become incapable of
appropriately receiving or disbursing Income, TRUSTEE may then
apply the net Income of this TRUST for the support of SETTLOR to
maintain her in' the station of life to which she is accustomed
at the creation of this TRUST. Any Income in excess of $500.00
not disbursed hereunder or as directed by SETTLOR under ARTICLE
NINTH shall be added periodically to Principal.
B. As much of the accumulated Income and Principal of this
TRUST as TRUSTEE in its sole discretion may from time to time
think advisable for the health, support and maintenance in
reasonable comfort of SETTLOR, to maintain her in the station of
life to which she is accustomed at the creation of this TRUST,
shall be either paid to her or else applied directly for her
benefit by TRUSTEE.
THIRD: Upon and after the death of SETTLOR, this TRUST shall
be irrevocable and if SETTLOR'S husband, CHARLES F. BRUCE, shall
survive SETTLOR, TRUSTEE shall create two separate SHARES, which
shall be funded, held, administered and distributed as is
hereinafter set forth. There shall be placed and retained in TRUST
hereunder, (the non-marital or By-pass Trust), the maximum amount
that can pass at SETTLOR'S death free of federal estate tax because'
of the unified credit and all other credits or deductions
applicable to SETTLOR'S estate other than the marital deduction,
2
(provided however that the credit for state death taxes shall be
taken into account only to the extent that doing so does not result
in state death taxes that would otherwise not be payable). The
amount of this By-pass Trust and its funding shall be governed by
the following:
A. The amount of this By-pass Trust shall be reduced by the
aggregate of (1) all items includable in SETTLOR'S estate for
Federal Estate Tax purposes which either are taxable gifts made
during SETTLOR'S lifetime or pass or are disposed of at
SETTLOR'S death outside of this TRUST but only if such items do
not qualify for the Federal Estate Tax marital deduction or the
Federal Estate Tax charitable deduction and (2) the amount of
any administration expenses claimed as income tax rather than
estate tax deductions.
B. TRUSTEE shall allocate and set aside to this By-pass
Trust any (up to all) assets (or proceeds of assets) which do
not qualify for the marital deduction for Federal Estate taxes.
But, in no event shall assets be distributed in kind to this
Trust to the extent the effect would be to permit diminution of
the marital deduction share (created in ARTICLE FOURTH below) by
more than a pro-rata share of all depreciation occurring in
SETTLOR'S estate or this TRUST between the date of SETTLOR'S
death and the date of allocation to this Trust. Any allocation
of assets between this Trust and the marital deduction share
shall, with respect to each gift, be comprised of assets having
3
an aggregate market value at the time of allocation fairly
representative of the net appreciation or depreciation in value
to the date of allocation of all assets then available for
allocation.
C. TRUSTEE shall hold this By-pass Trust, IN TRUST, for the
following uses and purposes and under the following terms and
conditions:
1. To pay the net income therefrom to SETTLOR'S husband,
CHARLES F. BRUCE, for and during his lifetime.
2. As much of the principal of this TRUST as TRUSTEE in
his sole discretion may from time to time think advisable for
the health, support and maintenance in reasonable comfort of
SETTLOR'S husband, CHARLES F. BRUCE, and for the protection
and preservation of his property, shall either be paid to him
or else applied directly for his benefit by TRUSTEE after
taking into account his other readily available assets and
sources of income.
3. TRUSTEE may apply the net income of this TRUST for the
support of SETTLOR'S husband, CHARLES F. BRUCE, should he by
reason of age, illness or any other cause in the opinion of
TRUSTEE be incapable of appropriately receiving or disbursing
it.
4. Upon the death of SETTLOR'S husband, CHARLES F. BRUCE,
· (or upon SETTLOR'S death, if SETTLOR'S
predeceased her) the then remaining
4
spouse shall have
principal and any
undistributed income shall be distributed to SETTLOR's son
CHAD F. BRUCE, if he shall then be living. However, if
SETTLOR's son, CHAD F. BRUCE, has died before the latter of
SETTLOR and SETTLOR's spouse, but leaves descendants who are
then living, such descendants shall receive, per stirpes, the
share that CHAD F. BRUCE would have received had he been then
living. In the event that no person entitled to distribution
shall then be living, the residue shall be distributed as
follows:
a. One-half (1/2) thereof to be divided among the
following individuals in the following manner:
(1) 25% to my sister, CARLENE FOSTER. If she does
not survive, then to my sister, VERNA BAKER and my
niece, PATRICIA DOWNING, or the survivor, in equal
shares.
(2) 50% to my sister, VERNA BAKER. If she does not
survive, then to my sister, CARLENE FOSTER and my
niece, PATRICIA DOWNING, or the survivor, in equal
shares.
(3) 25% to my niece, PATRICIA DOWNING. If she does
not survive, then to my sisters, CARLENE FOSTER and
VERNA BAKER, or the survivor, in equal shares.
Should both of my sisters and my niece be then deceased,.
such property shall be distributed to my intestate heirs as
then ascertained under the Intestate Laws of Pennsylvania as
5
though I had died at such time, a resident of Pennsylvania
and owning such property. Provided, however, that my niece,
PATRICIA DOWNING, shall not (except as an intestate heir)
receive any real estate or the proceeds from the sale of any
real estate as her distributive share.
b. One-half (1/2) thereof to be divided equally among my
husband's brothers, ELMER R. BRUCE and HAROLD N. BRUCE, or to
the survivor. Should both of my husband's brothers be then
deceased, such property shall be distributed to my husband's
intestate heirs as then ascertained under the Intestate Laws
of Pennsylvania as though he had died at such time, a
resident of Pennsylvania and owning such property. Provided,
however, that my husband's brothers and intestate heirs shall
not receive any real estate or the proceeds from the sale of
any real estate.
FOURTH: All the residue and remainder of the principal held by
TRUSTEE under this TRUST (or received by TRUSTEE at or after the
death of SETTLOR) which is not directed to be placed in the By-Pass
TRUST created above, shall be distributed to SETTLOR's husband,
CHARLES F. BRUCE, providing he shall survive SETTLOR. Should
CHARLES F. BRUCE predecease SETTLOR, then the residue of this trust
shall be distributed in accordance with the provisions of ARTICLE
THIRD.C.4. above.
FIFTH: The Principal and Income of this TRUST shall be free
from anticipation, assignment, pledge or obligation of SETTLOR or
6
of any beneficiary and shall not be subject to any execution or
attachment or to voluntary or involuntary alienation.
SIXTH: If any Principal of the trust shall become distributable
to a beneficiary who has not attained the age of twenty-one (21)
.years, the Trustee may in its sole absolute discretion either pay
over such Principal and any accrued or undistributed income
therefrom at any time to the guardian(s) of the property of such
beneficiary, or retain the same for such beneficiary, tN SEPARATE
TRUST, until he or she attains the age of twenty-one (21) years.
In case of such retention, the Trustee may use or apply so much of
the net income and Principal as it deems necessary or advisable
from time to time for support, health and medical care, and
education (including college education, both undergraduate and
graduate) of such beneficiary, or may make payment for these
purposes, without further obligation or responsibility to see to
the proper expenditure thereof, directly to such beneficiary or to
such beneficiary's parent or to any person taking care of such
beneficiary. Any Principal or income not so applied shall be
distributed to such beneficiary absolutely when he or she attains
the age of twenty-one (21) years. If he or she dies before
attaining age twenty-one (21), such share shall be distributed to
his or her personal representative, discharged of trust.
SEVENTH: TRUSTEE shall have the power, but not the duty, to
make such expenditures out of this TRUST as it, in its uncontrolled
discretion, may consider desirable in order to facilitate the
settlement of SETTLOR's estate. In exercising such power, TRUSTEE
may pay, in whole or in part, any or all of the following items:
the expenses of SETTLOR's last illness and burial, including cost
of gravemarker; her debts; her Income taxes; the death taxes on any
and all property included in her gross estate for tax purposes; and
all other items in connection with the settlement of her estate.
Any such items may be paid directly or transferred by TRUSTEE to
SETTLOR's executor or administrator; and neither such executor or
administrator or any beneficiary of SETTLOR's estate shall be
required to reimburse TRUSTEE for any funds so paid or transferred.
EIGHTH: TRUSTEE (whether singular or plural, masculine or
feminine, individual or corporate and sometimes referred to as
"fiduciary" or "fiduciaries") shall have the following powers in
addition to those vested in it by law and by other provisions of
this TRUST, applicable to all property, whether Principal or
Income, including property held for minors, exercisable without
court approval, and effective until actual distribution of all
property:
A. To retain any or all of the assets of this TRUST, real or
personal, including stock of a TRUSTEE, without regard to any
principle of diversification or risk.
B. To invest in all forms of property, including stock,
common TRUST funds and mortgage investment funds whether
operated by a TRUSTEE or by others, without restriction to
8
investments authorized for Pennsylvania fiduciaries, as it deems
proper, without regard to any principle of diversification or
risk.
C. To sell at public or private sale, to exchange, or to
lease for any period of time, any real or personal property and
to give options for sales, exchanges or leases, for such prices
and upon such terms or conditions as it deems proper.
D. To allocate receipts and expenses to Principal or Income
or partly to each as TRUSTEE from time to time thinks proper in
its sole discretion.
E. To compromise any claim or controversy.
F. To distribute in cash or kind or partly each.
G. To purchase assets from SETTLOR's estate and to lend
money to SETTLOR's estate.
H. To hold property in his name without designation of any
fiduciary capacity, or in the name of a nominee or unregistered.
I. To repair, alter or improve any real or personal
property; to borrow money including the rigkt to borrow money
from any fiduciary hereunder, and to pledge, mortgage, or create
a security interest in any property held by them as security
therefor, and to make loans, secured or unsecured, for such
purposes and upon such terms and conditions as the TRUSTEE may
deem advisable, including loans to SETTLOR's estate, with or
without interest, for any purpose whatsoever, and to exercise
options of any kind.
9
J. To subscribe for or to exercise options for stocks,
bonds, or other investments; to join in any plan of lease,
mortgage, merger, consolidation, reorganization, foreclosure or
voting TRUST and to deposit securities thereunder; to vote
securities in person or by proxy, in such connection to delegate
discretionary powers; and generally to exercise all the rights
of security holders or employees of any corporation.
K. To pay from the Income of the TRUST created herein,
monthly payments on any mortgage on real estate owned by SETTLOR
individually or jointly with another person if TRUSTEE deems it
advisable not to prepay andy such mortgage.
L. TRUSTEE, generally, shall have full power and authority
to exercise all rights and privileges appurtenant to any
property held by it, and to execute and deliver any and all
instruments which may be necessary or expedient in the exercise
of the powers granted herein.
M. In making distribution of SETTLOR's estate, executor and
in making distribution of any TRUST, TRUSTEE is hereby granted
the power to make non-prorata distribution of assets in kind.
N. TRUSTEE in addition to other powers granted shall have'
the authority to purchase life insurance on the lives of any or
all beneficiaries of the TRUST. In addition, specific authority
or power is granted to pay premiums on existing policies as well
as those purchased after the creation of the TRUST even though
said policies may not be owned by or payable to the TRUSTEE as
10
beneficiary. Premiums may be paid from the Income of the TRUST
estate, or, if necessary, from Principal.
O. To exercise any law-given option to pay death taxes in
installments, the payment of interest due on such installments
to be a charge against Principal.
P. To exercise any law-given option to treat administrative
expenses either as Income tax or as estate tax deductions,
without regard to whether the expenses were paid from Principal
or Income.
Q. The individual TRUSTEE shall have jointly all the powers
given to the TRUSTEEs, except that no individual TRUSTEE shall
participate in the exercise of any discretion to determine the
propriety of or amounts of payments of Income or Principal to
him or to any person to whom he is legally obligated, or possess
any of the incidents of ownership with respect to any policy of
insurance of his life. The term "TRUSTEEs" shall mean the
TRUSTEEs or TRUSTEE from time to time qualified and acting.
R. Should the Principal of any TRUST herein provided for be
or become too small in TRUSTEE's discretion so as to make
establishment or continuance of TRUST inadvisable, TRUSTEE or
SETTLOR's personal representative may make immediate
distribution of the then remaining Principal and any accumulated
or undistributed Income outright to the person or persons and in
the proportions they are then entitled to. If any such person
is then a minor, distribution may be made to that person's
11
guardian, or to a person selected by the TRUSTEE to be custodian
for such person until the age of twenty-one (21) years under the
Pennsylvania Uniform Gifts (Transfers) to Minors Act.
S. Any individual TRUSTEE may from time to time delegate his
or her powers, and duties, both administerial and discretionary,
to one or more other TRUSTEE with full power to revoke such
delegation and renew the same at pleasure.
T. To receive other property of any type acceptable to the
TRUSTEE, including, but not in way of limitation, life insurance
proceeds, which may be devised, bequeathed, assigned, granted,
conveyed or made payable to TRUSTEE by any other person, to be
added to and administered in accordance with the then applicable
provisions of the TRUST or TRUSTs hereunder; provided, however,
if more than one TRUST is then being administered hereunder,
such other person may specify, in the instrument of transfer,
among which TRUSTs, and in what proportions such property shall
be allocated.
U. To treat the entire TRUST estate as a common fund for the
purpose of investment, notwithstanding any provision herein for
division thereof into shares or separate TRUSTs.
NINTHs: Subject to the approval of TRUSTEE, anyone may add
property, real or personal, to the Principal of this TRUST by deed,
will or otherwise. SETTLOR specifically reserves the right to add
property to the Principal of this TRUST by deed, will or otherwise,
including property added by an attorney-in-fact for SETTLOR (which
12
may also be TRUSTEE) pursuant to authorization contained in the
Power of Attorney.
TENTH: SETTLOR reserves the right by an instrument in writing
intended to take effect during SETTLOR's lifetime signed by SETTLOR
and delivered to TRUSTEE to revoke or amend this Agreement in whole
or in part; and/or to withdraw sums of Income and/or Principal;
provided that the duties, powers and liabilities of TRUSTEE shall
not be substantially changed without its written consent.
ELEVENTH: Upon the death of CHARLES F. BRUCE, CHAD F. BRUCE
shall serve as sole TRUSTEE. Upon the death of SETTLOR, if
CHARLES F. BRUCE is then living, he shall cease to act as Trustee
and shall be replaced by FINANCIAL TRUST SERVICES COMPANY as
successor co-trustee with CHAD F. BRUCE. In case CHAD F. BRUCE is
unable or unwilling to continue to act as TRUSTEE, then my
daughter-in-law, LIN-DA H. BRUCE, shall be successor TRUSTEE and
shall have all the powers given the TRUSTEE under this Agreement,
but shall not be liable for any acts or omissions of the prior
TRUSTEE. The terms "TRUSTEE" or "TRUSTEES" shall mean the TRUSTEE
or TRUSTEES serving at the time in question.
TWELFTH: The situs of this TRUST for administrative and
accounting purposes shall be in the County of Cumberland, and
Commonwealth of Pennsylvania, and all questions pertaining to the
construction or validity of the provisions of this instrument shall
be governed by the laws of that Commonwealth. Despite the
foregoing, the TRUSTEE may, at any time and from time to time,
13
change the situs of any TRUST created hereunder as the TRUSTEE in
his sole discretion deems desirable for the benefit or security of
this TRUST. The TRUSTEE may elect (or decline to elect) the law of
a different jurisdiction and thereafter~ the court of such other
jurisdiction shall have the power to effectuate the purposes of
this instrument to such extent. The TRUSTEE may change the situs
of any TRUST created hereunder, and may change the situs of one
TRUST without changing the situs of other TRUSTS created hereunder.
This is a continuing power which will not be exhausted by its use.
The determination of the TRUSTEE as to the change of situs shall be
conclusive and binding on all persons interested or claiming to be
interested in any TRUST hereunder.
THIRTEENTH: SETTLOR's son, CHAD F. BRUCE, or should he be
unable or unwilling to act, SETTLOR'S daughter-in-law, LINDA H.
BRUCE, as the case may be, in his sole discretion, shall have the
right and authority to revoke the appointment of any corporate
TRUSTEE, provided however that he simultaneously appoint a
substitute corporate TRUSTEE.
FOURTEENTH: Any corporate TRUSTEE shall be entitled to
compensation based upon its regular schedule of fees for such
services in effect from time to time during the period over which
its services are performed, provided however that such compensation
must not be unreasonable and further provided that any increase
over its present schedule of fees must be approved by SETTLOR or
after SETTLOR's death by a majority of the income beneficiaries who
14
are living and sui juris and then entitled to income. If TRUSTEE
is an individual, TRUSTEE shall receive reasonable compensation for
the performance of functions from time to time hereunder.
FIFTEENTH: If any residential real estate is an asset of this
TRUST, the TRUSTEE may retain it and pay the cost to maintain it
for the use of SETTLOR and SETTLOR's spouse so long as it may be
practical for her or him to reside there. If at anytime during the
existence of this TRUST, SETTLOR and SETTLOR's spouse are no longer
able to reside in that residence, and it appears unlikely that he
or she will be able to return to the residence, then TRUSTEE, in
his sole discretion, shall have the power to sell such residential
real estate and add the proceeds the principal of this TRUST.
IN WITNESS WHEREOF, SETTLOR has hereunto set her hand the day
and year first above written and TRUSTEE has executed this
instrument and caused their hands and seals to be affixed hereto.
(~I~/~F I MilSred-T. B~, SETTLOR
Charles F. Bruce, TRUSTEE
~~~,kRUSTEE
15
COMMONWEALTH OF PENNSYLVANIA :
: SS.
COUNTY OF CUMBERLAND :
On the--~ day of ~J~b~ ,~ 1997, before me, the
subscriber, a Notary Public in and for the Commonwealth of
Pennsylvania, residing in the County of Cumberland, personally
appeared CHAD F. BRUCE, attorney-in-fact for Mildred T. Bruce and
in due form of law acknowledged the foregoing Agreement to be the
act and deed of his principal, and desired the same to be recorded
as such.
WITNESS my hand and Notarial Seal
the day and year afQresaid.
/
v Notary Public
DALE F SHUGHART, JR., Notary Public
Carlisle Boro, Cumberland Co., PA
My Commission Exp~re~ Jan. 8, 2001
16
BUREAU OF ZNDTVZDUAL TAXES
/NHERTTANCE TAX DZV/SION
DEPT. 260601
HARRTSBURG, PA 17116-0601
COHHONWEALTH OF PENNSYLVANIA
DEPARTNENT OF REVENUE
NOTZCE OF INHERITANCE TAX
APPRAZSENENT, ALLO#ANCE OR DZSALLONANCE
OF DEDUCTIONS AND ASSESSMENT OF TAX
REV-lSd7 EX &FP (01-OS)
DALE F SHUSHART '[J*~
STE 203
35 E HIGH ST ~.
CARLZSLE PA Z7p~3
DATE
ESTATE OF
DATE OF DEATH
FILE NUHBER
COUNTY
ACN
10-06-Z003
BRUCE
05-11-2003
21 03-0652
CUHBERLAND
101
Amount Reeittad
HILDRED T
HAKE CHECK PAYABLE AND REH'rT PAYHENT TO:
REGISTER OF WILLS
CUHBERLAND CO COURT HOUSE
CARLISLE, PA 17013
CUT ALONG THIS L'rNE ~ RETAZN LOWER PORTION FOR YOUR RECORDS *~
REV-1547 EX AFP (01-03) NOTICE OF ZNHERZTANCE TAX APPRAZSEHENT, ALLO#ANCE OR
DISALLOWANCE OF DEDUCTZONS AND ASSESSHENT OF TAX
ESTATE OF BRUCE HZLDRED T F]:LE NO. 21 05-0652 ACN 101 DATE 10-06-2003
TAX RETURN NAS: (X) ACCEPTED AS FILED ( ) CHANGED
RESERVATZON CONCERN]:NG FUTURE ZNI~NEST - SEE REVERSE
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
3. Closely Held Stock/Partnership Interest (Schedule C) (3)
q. Nortgagas/Notes Receivable (Schedule D) (q)
5. Cash/Bank Deposits/N/sc. PersonaZ Property (Schedule E) (E)
6. Jo/ntly Owned Property (Schedule F) (6)
7. Transfers (Schedule G) (7)
8. Total Assets
APPROVED DEDUCTIONS AND EXEHPTZONS:
9. Funeral Expanses/Ada. Costs/Nis¢. Expenses (Schedule H) (9)
10. Debts/Mortgage Liabilities/Liens (Schedule 1) (10)
11. Total Deduct/OhS
12. Nat Value of Tax Return
15.
1~.
Chariteble/Governeentel Bequests; Non-elected 9115 Trusts (Schedule J)
Nat Value of Estate Subject to Tax
· O0 NOTE: To /nsure proper
. O0 credit to your account,
· O0 subm/t the upper portion
. O0 of th/s fore with your
. O0 tax payment.
.00
q99~669.26
(B)
q99,669.26
9,365.50
.00
(11) g .3&~. 50
(1;) q90,303.76
(13) . O0
(1~.) q90,303.76
NOTE:
Zf an assessment Nas issued previously, 11nas 14, 15 and/or 16, 17, 18 and 19 w111
reflect f/gures that include the total of ALL returns assessed to date.
ZF PAID AFTER DATE ZNDZCATED~ SEE REVERSE
FOR CALCULATION OF ADDITIONAL /NTEREST.
TAX eACo~_.~i~TZ TS
08-08-2003
91,152.37 x O0 = .00
399,151.39 x Oq5= 17,961.81
· O0 x 12 = . O0
· O0 x 15 = . O0
(19)= 17,961.81
NUMBER
CD00288q
DISCOUNT
INTEREST/PEN PAZD (-)
898· 09
AMOUNT PAID
17,063.72
TOTAL TAX CREDIT [ 17,961.81
BALANCE OF TAX DUEI .00
ZNTEREST AND PEN. I .00
TOTAL DUE I .00
( ZF TOTAL DUE ZS LESS THAN $1, NO PAYMENT ZS REDUZRED.
ZF TOTAL DUE ZS REFLECTED AS A 'CREDIT' (CR), YOU MAY BE DUE
A REFUND. SEE REVERSE SIDE OF THZS FORM FOR INSTRUCTIONS.)
ASSESSHENT OF TAX:
15. Amount of Line lq at Spousal rata (15)
16. Amount of L/ne lq taxable at Lineal/Class A rata (16)
17. Aeount of L/ne lq at Sibling rata (17)
18. Amount of Line lq taxable at Collateral/Class B rata (18)
19. Pr/nc/pal Tax Due
RESERVATION:
Estates of decedents dying on or before December 12) 19BI -- if any future interest in the estate is transferred
in possession or enjoyment to Class B (collateral) beneficiaries of the decedent after the expiration of any estate for
life or for years, the Coaaoneealth hereby expressly reserves the right to appraise and assess transfer Inheritance Taxes
at the laafol Class 8 (collateral) rate on any such future interest.
PURPOSE OF
NOTICE:
PAYNENT:
REFUND (CR):
OBJECTIONS:
ADNZN-
ISTRATIVE
CORRECTIONS:
DISCOUNT:
PENALTY;
INTEREST:
To fulfill the requirements of Section Z140 of the Inheritance and Estate Tax Act, Act Z$ of ZOO0. (71 P.S.
Section 9140).
Detach the top portion of this Notice and submit #lth your payment to the Register of Mills printed on the reverse side.
--Nake check or money order payable to: REGISTER OF NXLLS, AGENT
A refund of a tax credit, ahich ams not requested on the Tax Return, may be requested by completing an "Application
for Refund of Pennsylvania Xnheritance and Estate Tax" (REV-ISIS). Applications are available at the Office
of the Register of Nills, any of the Z$ Revenue District Offices, or by calling the special Z4-hour
answering service for forms ordering: 1-800-362-2050; services for taxpayers with special hearing and / or
speaking needs: 1-800-447-3010 (TT only).
Any party in interest not satisfied with the appraisement, alloeance, or d]selloeance of deductions, or assessment
of tax (including discount or interest) as shown on this Notice must object eithin sixty (60) days of receipt of
this Notice by:
--written protest to the PA Department of Revenue) Board of Appeals, Dept. 281021, Harrisburg, PA 17118-1021, OR
--election to have the matter determined at audit of the account of the personal representative, OR
--appeal to the Orphans' Court.
Factual errors discovered on this assessment should be addressed in writing to: PA Department of Revenue,
Bureau of Individual Taxes, ATTN: Post Assessment Review Unit, Dept. 180601) Harrisburg, PA 17128-0601
Phone (717) 787-6505. See page 5 of the booklet "Instructions for Inheritance Tax Return for a Resident
Decedent" (REV-1501) for an explanation of adsinistrativsly correctable errors.
If any tax due is paid eithin three (5) calendar months after the decedant's death, a five percent (Si) discount of
the tax paid is alloaed.
The ISZ tax amnesty non-participation penalty is computed on the total of the tax and interest assessed, and not
paid before January 18) 1996) the first day after the end of the tax amnesty period. This non-participation
penalty is appealable in the same manner and in the the same time period as you would appeal the tax and interest
that has been assessed as indicated on this notice.
Interest is charged beginning eith first day of delinquency, or nine (9) months and one (1) day from the date of
death, to the date of payment. Taxes ahich became delinquent before January l, 1981 bear interest at the rate of
six (61) percent per annul calculated at a daily rate of .000164. All taxes ahich became delinquent on and after
January 1, 1981 mill bear interest at a rate which will vary from calendar year to calendar year eith that rate
announced by the PA Department of Revenue. The applicable interest rates for 1981 through 2003 are:
Interest Daily Interest Daily Interest Daily
Rate Factor Year Rate Factor
Year Rate Factor Yea._._r
1981 ZOZ .000548 1987 91 .000247 1999 7X .OOO19Z
1983 I6Z .D00438 1988-1991 llZ .000301 ZOO0 81 .000119
1984 llZ .000301 1991 91 .000147 ZOO1 91 .000147
1985 131 .000556 1993-1994 71 .000191 ZOOZ 61 .000164
1986 IOZ .000274 1995-1998 91 .000147 2005 51 .000137
--Interest is calculated as follows;
INTEREST = BALANCE OF TAX UNPAID
X NURBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR
--Any Notice issued after the tax becomes delinquent will reflect an interest calculation to fifteen (15) days
beyond the date of the assessment. If payment is made after the interest computation date shown on the
Notice, additional interest lust be calculated.