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Home My WebLink About06-06-13 � REV-1500Ex�°, ,°' 1505610143 �ei. PA Department of Revenue �� OFFICIAL USE ONLY p¢nn5ylv0nia CounryCOtle vear FileNUmber Bureau of Individual Taxes ��EP^R*MF�*�FAE�E��E Po BOx2soso� INHERITANCE TAX RETURN 2 1 12 O 10 5 4 Harrisburg,PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INfORMATION BELOW 09 06 2012 02 19 1969 DecadenYs Last Name Suffix DecedenYS First Name M� CANERO JOSEPH M (If Applicable)Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI SWITZER SARAH C Spouse's Social Securiry Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF 'WILLS FILL IN APPROPRIATE OVALS BELOW � 1. Onginal Retum ❑ 2. Supplemental ReWrn � 3.Remainder ReNm(tlate of death priorto 72-13-82) � 4. Limited Estate � qa, wmre imeresi Compromise � 5. Fetleral Estate Tax ReNrn Requiretl (dete of tleath afler 12-02A27 � g Decatlent Dlea Testate � � Oecedent Maintalnetl a Living Tmst � e. Total Number of Safe De SIf BOXES �Anec�Copy of Wilp (Atlec�Copy of Trus�) —�— � ❑ 9. Litigation Proceeds Received � �0 Spousai Poveity Creaii(aa�e of aeam ��,Election to tax under Sec.9113 A ' between 12�ib1 antl 1-1-95) ❑ ( ) (Attach Sch.O) CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number RICHARD E CONNELL ESQ 7].7 232 8731 REGISTER OF WILLS USE ONLY First line of address 2303 MARKET STREET � -- c �;; � Second line W address � � c_. � c �z c> z cri .. Ci or Post Office � �1' State ZIP Code CAMP HILL PA 17011 ' �� T J �: c., •-• r -T. +._ ..: ...... " ,..., ._. .. __:: - ��: �._J CorrespondenPse-mailaddress: COIIOCII�bI11C-18W.110� " "' �--� � ' Under penalhes of peryury,I tleclare that I have examinetl this reNrn,including accompanying schetlules and statements,antl t �he best of my kp[�letlg tl lief, it is tme,corted and complete.Declaretion ot preparer ot�er ihan the personal represenW6ve is based on all information of which preparer has anqitnowledge. SIG URE OF PERSON RE NSI E FOR FILING RETURN DATE � Sarah C. Swifzer ��s�j� ADDRESS / J 3105 Chestnut St., Camp Hill, PA 17011 SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE Richard E Connell Esq AODRE55 2303 Market Street, Camp Hill, PA 17011 Side 1 � 1505610143 1505610143 � I ; / � 15056042148 REV-1500 EX RECAPITULATION 1. Real Estate(Schedule A).......................................................................................... 1. ► , �149 . 6d 2. Slocks and Bonds(Schedule B)............................................................................... 2. 3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C).......... 3. 4. Mortgages&Notes Receivable(Schedule D)........................................................... 4. 5. Gash, Bank Deposits&Miscellaneous Personal Property(Schedule E)................ 5. 6. Jointly Owned Properiy(Schedule F) ❑ Separete BiUfng Requested............. 6. 7. Inter-Vivos Transfers&Miscellaneous Non-Probate Pmperty (t�Z . �Z (SChedule G) �( Separate Billing Requested............. 7. �� T � 8. ToWI Gross Assets(total Lines 1-7)....................................................................... 8. I Q � ��4 . ��J 9. Funeral Expenses&Administrati�e Cosis(Schedufe H)......................................... 9. 3 q y� ,g� 10. Debis of Decedent,Modgage Liabilities,&Liens(SchedWe I).............................._ �0. ZZ.3. �7 11. 7otal Deductions(totai Li�es 9&10)...................................................................... 11. -7' � ` �. �� 12. Net Value of Estate(Line 8 minus Line 11)............................................................. 12. j i7� �f��• a� 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made(Schedule J)................................................. 73. 14. Net Value Subject[o Tax(Line 12 minus Line 13).................................................. 14 � �� 02• `�� TAX COMPUTATION-SEE WSTRUCTIONS FOR APPLiCABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate,of transfers under Sec.9116 L1 (a)(12)X.0 D � . �4.�., G 15. --f�' 16. Amount of Line 74 taxable at Iineai rate X 16� 17. Amount of Line 14 taxable atsiblingrateX.t2 ! a � 35 ? ,� 9 17. Z � Z, �Z , � '� 18. Amount of Line 14 taxable at collateral rale X.15 �8� 19. Tax Due............................................................................................................_....... 19. � � ZQ Z. l3 20. FILL IN THE OVAL iF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. �Q{ IL1 /��ea52 See a�f-Euctie�l ex/�luna�io,n . Side 2 � 15056042148 15056042148 J REV-1500 EX— Side 2 DecedenYs Name: CANERO, JOSEPH M. Decedent's Social Security Number: 234 06 5762 By way of explanation, the net value of the estate shown on line 12 of the Recapitulation reflects the fact that the assets on line 7 are non-probate. Therefore, it is, in our view, inappropriate to charge the amounts from Schedule H and Schedule I against non-probate assets. In effect then, some of the deductions on Line 11 of the Recapitulation are "unused". The remaining net estate - $18,402.83 —is comprised of$44.24 which was transfened to the surviving spouse, Sarah, and $18357.79 constituting assets transferred to the decedent's brother, Samuel Canero. Samuel Canero paid estimated tax on assets transferred to him with the payment being in the amount of$8,21 l 19 (payment receipt enclosed.) The estate itself did not make a prepayment as it would have no tax liability. Mr. Samuel Canerds payment was based upon erroneous advice from estate counsel that all assets on Schedule G for which Mr. Samuel Canero was the beneficiary would be taxable. ln fact, only items 1, 4, and 6 are subject to inheritance tar. Iterris 3 and 5 were�both YradiYional IRAs. Since the decedent had not reached 59 ;2 years of age (he was 43 at deatb) nor was he disabled, he had no present right interest to those assets without a�penalty. Accordingly, the tax liability assessed against Mr. Samuel Canero is $2,202.93 ($18,357.79 x .12). His prepayment was $8,2] 1.19. Therefore, Samnel J. Canero, 215 North Aberdeen Street, Apt. 301A, Chicago, IL, 60607, is entitled to the refund �of$6,008.26, and it is requested that the refund be made directiv to him as the estate had not made any tax payments to the Department. By way of further note, on Schedule G there are separate entries for two accounts transferred to Thomas J. Canero, brother of the decedent. Separate billing is requested as to those items. Thomas J. Canerds address is 4125 Sylvia Lane South, Shoreview, MN, 55126. � REV-1500 EX Page 3 File Number 21 - 12 - 0 7 054 DecedenYs Complete Address: E DE T' AM Canero, Joseph M. ----_—_--- — ------------ --- STREET ADDRESS � 205 South 31st Street — — ---- --- — --------- CITY �------ - tiTATE �—�--�ZIP —. Camp Hill PA 17011 Tax Payments and C�edits: t TazDue(Page2,Line19) (�) 2,202.93 2. Credits/Payments - A. PriorPaymenis 8,211.19 B. Oiscaunt Total Cre:dits(A +g� (2) 8,211.19 3 Interest (3a 0.00 4. If Line 2 is greater than Line 1 +Line 3,enter the tliHerence. This is the OVERPAYMENT. (4) 6,00$.26 Check box on Page 2 Line 20 to request a refund ------— 5. I(Line 1 +l.ine 3 is greater than Line 2,enter the difference. This is ihe TAX DUE (5) Make Check Payable to: REGISTER OF WILLS, AGENT. . ;¢ � ...�� • �s� "� ' �� PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retaintheuseorincomeofthepropedytransferred:..................._..........._.................._............_........,..._ �� x0 b. retain the right to designate who shall use ihe property trensferred or its income;........_._.............._....._ � � c. retain a reversionary interestl or.._. . ............ .................. ... .......... .............. ..........._..... ❑ ❑X d. receive the promise for life of either paymenis,benefits or care?............................................._............._ � � 2. If death oCCUrred after December 12, 1982, did decedent transfer propedy within one�iear of death without receiving adequate consideration?........._ ........_.... ........__. ................_ ............... ........___ � � 3. Did decedent own an"in trust for" or payable upon death bank account or security at his�or her death?......._ �x � 4. Did decedent ow�an Individual Retirement Account,annuity,or other non-probate propehy which contains a beneficiary designation?..._.... . . .. _......... ...........__ . .............._ .. ......... .._...._..... ❑x ❑ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUSS COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. . . . . . . . .. .... .. m . . . . . . . zt For dates of death on or after July 1, 1994 and before Jan. 1�, 1995,the tax rete imposed on the net value o'�f transfers to or for the use of lhe surviving spouse is 3 percent[72 P.S.§9116(a)(7.1)(i)]. For dates of death on or after January 1, 1995,the tax rate imposed on the net value of transfers to or for ihe use of the surviving spouse is 0 percent [72 P.S.§9116(a)(1.1)(ii)]. The stafute does not exempt a transfer to a surviving spouse from tax,and the statutory requirements for disclosure of assets antl filing a taz retum are still applicable even if the surviving spouse is the only benefidary. For dates of death on or after July 1,2000: •The�ax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent,an adoptive parent,or a stepparent o(the child is 0 percent[72 P.S.§9116(a)(12)]. •The tax rete imposed on ihe net value of hansfers to or for the use of ihe decedenPS lineal beneficiaries is 4.5 percent,except as noted in 72 P.S.§9116 12)[72 P.S.§9116(a)(1)1. •The tax rale imposed on the net value of trans/ers to or for the use of the decedenfs siblings is 12 percent[72 P.S.§9176(a)(1 3) . A sibling is defined untler Section 9102,as an Individual who has at least one parent in common with the decedent,wfiether by bloo�or adoption. . . _ .. . . . . . . . SCHEDULE B COMMONWEALTHOPPENNSYWHNIP STOCKS 8� BONDS INHERITFNCE iH%RETURN RESIDENT OECE�ENT �FILE NUMBER ! � ESTATE OF Canerq Joseph M. � 2i - 12 -01054 --_---�--- -- ---�----- --- All property jointly-owned with right of survivorship must be disclosed on Schedule F�. ITEM DESCRIPTION r UNIT VALUE� VAW E AT DATE OF NUMBER DEATH —_._ —�—�---- 1 E'Trade Financial Account#574-76512 � � 1,499.60 —�---- I I' I I I I � i I I I, I I � � i � I; I � i II I I I � � i I i � I -- —I - -- -------------------- tI --- — ---- TOTAL(Also enter on line 2, Recapitulation) I 1,499.60 COMMONWEALTHOFPENNSVLVANIA SCHEDULE G �NHER�TAN�ETAxR�,�RN INTER-VIVOS TRANSFERS 8� RES'°E"T°E°E°E"T MISC. NON-PROBATE PROPERTY ESTATE OF Canero, Joseph M. FILE NUMBER 21 - 12-01054 This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes. ITEM �ESCRIPTION OF PROPERTV DNTE OF DEFTH �'� EXCLUSION NUMBER �ndutlethenameotthetransferee,theirrelationshiprodecetlent VALUEOFASSET DECC+S �FAPPLICABLE) TP'�BLEVALUE antl the tlata of trenster_ Attach a copy ot[ha dee0 for�eal estate_ INTERF=ST � 1 Joseph Canero Roth IRA �8�� 100% 787.40 AmerRrade Account#779377435 P.O.D. -Samuel Canero, brother of decedent (TAX PREPAID) 2 Morgan Stanley Smith Barney aa2a 100'% 44.24 Account#358-103874 Beneficiary-Sarah Canero, spouse of decedent 3 VanguardTraditionallRA#0059-09889935834 so,osa.ss 100`% 50,068.36 0.00 Beneficiary-Samuel Canero, brother of decedent Excludible as decedent had not reached 59 1/2 years of age nor was he disabled. 4 Vanguard Roth IRA#0023-09889935834 iz,az�.te 100°io �2,4Z7.�g Beneficiary-Samuel Canero, brother of decedent (TAX PREPAID) 5 Fidelity Investment- Rollover IRA#109-770027 o.sz 100°'0 0.62 0.00 Beneficiary-Sarah Canero,spouse of dececent Excludible as decedent had not reached 59 1/2 years of age nor was he disabled. 6 Vanguard Roth IRA#0079-0988993584 s,�qs.z� 100°ro 5,14321 Beneficiary-Samuel Canero, brother of decedent (TAX PREPAID) TOTAL(Also enter on line 7, Rec:apitulation) 78,402.03 _ SEPARATE BILLING REQUESTED COMMONWEALTHOFPENNSYWANIA SCHEDULE G iNHERiTnNCernxREruRN INTER-VIVOS TRANSFERS 8 RES'oE"T°E°E°E"T MISC. NON-PROBATE PROPERTY ESTATE OF Canero, Joseph M. FILE NUMBER 21 - 12-01054 This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes. ITEM DESCRIPTION OF PROPERTV DATI`_OF DEATH �'�� E%CLUSION NUMBER �ncludethenameofthetransteree,theirrelationshiptoEecetlent vALVEOFASSET DECDS (IFAPPLICABLE) TA�BLEVALUE and the tla[e of hansfer. qttach a copy ot Ihe deed tor real esfsta_ INTEREST 1 Delta Community Credit Union zis.ss �00'% 216.93 P.O.D. -Thomas J. Canero, brother of decedent Savings Account(Separate Billing) 2 Delta Community Credit Union �,zsass 100`% 1,294.53 P.O.D. -Thomas J. Canero, brother of decedent Checking Account(Separate Bilfing) TOTAL(Also enter on line 7, Recapitulation) 1,511.46 ^r�SC-H,EDULE H COMMONWE4LTH OF PENNSYLVHNIA " -�'� ' -�� `�O� INHERITNNGETAXRETURN � A�y�yCTflA�/�y��C RESI�ENT DECEDENT ��n��a�rvi �,.��.��a ESTATE OF Canero, Joseph M. FILE NUMBER — ----- - —_ __ _- 21 - 12 -01054 _ Debts of decedent must be reported on Schedule I. - ITEM —�---� —�---T-- --.. NUMBER FUNERAL EXPENSES: _ DESCRIPTION — AMOUNT A. 1 Paid by decedenYs family, not the estate. � 0.00 B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative(s) Street Address Ciry State Zip Year(s)Commission paid i z. qnorneys Fees Ball, Murren & Connell 3,500.00 3. Family Exemption: Qf tlecedenfs address is not the same as claimanPs,attach explanation) Claimant I StreetAddress ��Y State .Zip ` Relationship of Claimant to Decedent a. Pronate Fees Cumberland County Register of Wills 103.75 5. Accountanfs Fees I 6. I Taz Retum Preparer's Fees � 7. I Other Administretive Costs !� i 1 Cumberland Law Journal -advertising 75.00 TOTAL(Also enter on line 9, Recapitulation) 3,947.96 ScF�edule H Funeral E�enses& COMMONWEALTH OF PENNSVLVANIA INHERITANCETAXRETURN �yn�� RESIDENT�EGEDENT - - _ . . _. '--.. -_--_ —. - _._ __ __- _ _""- -.. -. - ._ . . "- —_ — ___.'_- ESTATE OF Canero, Joseph M. FILE NUMBER 21 - 12 -01054 -- - _.. . -- - — - -- -- -- —_. _ _- 2 � The Sentinel -advertising 168.30 3 Ball, Murren & Connell -costs advanced 100.91 i i I � Page 2 of Schedule H SCHEDULEI DEBTS OF DECEDENT, MORTGAGE CVMMONWEALTMOFPENNSYWANIN LIABILITIES, 8� LIENS INHERITqNCE TAX qETURN RESI�ENTDECEDENT -'-..-- � -.__.. .._ --..-_. __ _ _ ..-_ __, . ESTATE OF Canero, JOS@Ph M. FILE NUMBER _ __ _ 121 - 12 -01054 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. --- --._—_.._ ITEM NUMBER DESCRIPTION AMOUNT � �---- — -... --- 1 American Express Bank FSB -Account 7-53002 223 8� (per DCM Services, LLC - reterence#8559354) TOTAL(Also enter on Line 10, Recapitulation� Zyg,g� REV-1513 EX+(11118� SCHEDULEJ °°MM°"wE"`T"oF PE""SYw""i" BEN EFICIARIES INHERITqNCE TAX RETl1RN RESIDENT DECEDENT ESTATE 6F Canero, Joseph M. FILE NUMBER 21 - 12-01054 REIATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE NUMBER NAME AND ADDRESS OF PERSON(S) DECEDENT (Words) ($$$) RECEIVING PROPERTY ooNaustTmstee(s� I TAXABLEDISTRIBUTIONS[includeoutrightspousal distributions,and transfers under Sea 9116(a)(12)] 1 ThomasCanero Brother 1,511.46 4125 Sylvia Lane South Shoreview, MN 55126 2 Samuel J. Canero Brother 18,357.79 215 North Aberdeen St.,Apt. 301A Chicago, IL 60607 3 Sarah C. Canero Wife Residue 3105 Chestnut St. Camp Hill, PA 17011 Enter dollar amounts for distributions shown above on lines 15 through 18 on Rev 1500 cover sheet,as appropriate. II. NON-TAXABLE DISTRIBUTIONS: A.SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B.CHARITABLE AND GOVERNMENTAL OISTRIBUTIONS TOTAL OF PART II-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LWE 13 OF REV-15C�0 COVER SHEET 0.00