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HomeMy WebLinkAbout05-21-14 1505610105 REV-1500 EX lea 11)lF"Val OFFICIAL USE ONLY Department of Revenue Pennsylvania Bu County Bureau of Individual N Code Year File Number Taxes PD BOX urg,PA> INHERITANCE TAX RETURN f — :105:— 7 Harrishuro.PA 17128-0601 RESIDENT DECEDENT (� � � _II ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth_ MMDDYYYY " 10/01/2013 12114/1944 �� Decedent's Last Name - Suffix Decedent's First Name MI Bishop Terry ❑ (If Applicable)Enter Surviving Spouse's Information Below Spouse's Last Name j(Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW OD 1. Original Return O 2.Supplemental Return O 3. Remainder Return(Date of Death Prior to 12-13-82) . O 4.Limited Estate m 4a.Future Interest Compromise(date of O 5. Federal Estate Tax Return Required death after 12-12-82) 011 6. Decedent Died Testate O 7. Decedent Maintained a Living Trust 0 8, Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust.) O 9.Litigation Proceeds Received O 10.Spousal Poverty Credit(Date of Death O 11. Election to Tax under Sec.9113(A) Between 12-31-91 and 1-1-95) (Attach Schedule O) CORRESPONDENT- THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number James A. Smiley (717)240A505 REGISTOf-Y/ILLS US�NLY m O :23 6D_ O C Cfl First Line of Address rn = n °-7 C7 1 W. High Street . '— r3 I—' o Second Line of Address t3 C-� Cf7 'ten D 4 FILED O f M City or Post Office State ZIP Code fV Carlisle PA 17013 yµ 1 03. �. Correspondent's e-mail address:]Smiley @Wilmingtontrust.COm Under penalties of perjury,I declare that I have examined this return,including accompanying schedules and statements,and to the best of my knowledge and belief, it is true,correct and complete.Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. SIC24TURE OF �PEY—RE S FILING RETURN /Z—DATE rSSESS Lp&RT Bank, Executor, 1 W. High ., Carlisle, PA 17013 SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE - ADDRESS PLEASE USE ORIGINAL FORM ONLY Side 1 1505610105 1505610105 J 1505610205 ` REV-1500 EX(FI) Decedent's Social Security_Number Decedent's Name: Terry L. Bishop RECAPITULATION 1. Real Estate(Schedule A). . . .. . .... ........ .. ..... . ..... . . . .. .... . . .. . 1. 251,000.00 f 2. Stocks and Bonds(Schedule B) . ....... . . .... .. . .... . . ....... .. ..... . . 2. 1,054,602.21 3. Closely Held Corporation, Partnership or Sole-Proprietorship(Schedule C) .... . 3. 4. Mortgages and Notes Receivable(Schedule D). . .. ..... . . . ...... . .. ..... . 4. 5. Cash, Bank Deposits and Miscellaneous Personal Property(Schedule E)... . ... 5. 28,759.83 6. Jointly Owned Property(Schedule F) O Separate Billing Requested . .... . . 6. 7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property (Schedule G) O Separate Billing Requested.... . . .. 7. 8. Total Gross Assets(total Lines 1 through 7). .... ... ..... .. . ..... .. . .... . 8. 1,334,362.04 9. Funeral Expenses and Administrative Costs(Schedule H). . . ..... .. . .. .... . . 9. 69,990.96 10. Debts of Decedent, Mortgage Liabilities and Liens(Schedule 1). .. . ........ . .. 10. 4,986.25 11. Total Deductions(total Lines 9 and 10). ..... .. ...... . . . .... ... .. ... ... . 11. 74,977.21 12. Net Value of Estate(Line 8 minus Line 11) . . ... .... . ....... . . .'..... . . .. 12. 1,259,384.83 ' 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made(Schedule J) .... . . . ..... . .. ..:. . ... . 13. 5,000.00 14. Net Value Subject to Tax(Line 12 minus Line 13) ....... . . . .:.... .. . ..... 14. 1,254,384.83 TAX CALCULATION•SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate,or transfers under Sec.9116 (a)(1.2)X.0_ 15. 16. Amount of Line 14 taxable at lineal rate x.0 45 162,570.36 16, 7,315.67 17. Amount of Line 14 taxable at sibling rate X.12 278,962.74 17. . 33,475.52 18. Amount of Line 14 taxable 812,851.82 121,927.77 at collateral rate X.15 18. 19. TAX DUE . . . .. ......... .... .. . .. . . ..... .. ... .. . .. 19. 162,718.96 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT p Side 2 L 1505610205 1505610205 REV-1500 EX(Fn Page 3 File Number Decedent's Complete Address: DECEDENT'S NAME Terry L. Bishop STREETADDRESS 799 Creek Rd. CITY STATE ZIP Carlisle PA 17015 Tax Payments and Credits: 1. Tax Due(Page 2,Line 19) (1) 162,718.96 2. Credits/Payments A.Prior Payments 0.00 B.Discount 0.00 Total Credits(A+B) (2) 0.00 3. Interest (3) 0.00 4. If Line 2 is greater than Line 1 +Line 3,enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2,Line 20 to request a refund. (4) 5. If Line 1 +Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 162,718.96 Make check payable to: REGISTER OF WILLS, AGENT. PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred.......................................................................................... ❑ b. retain the right to designate who shall use the property transferred or its income ............................................ ❑ c. retain a reversionary interest .............................................................................................................................. ❑ d. receive the promise for life of either payments,benefits or pre?...................................................................... ❑ 2. If death occurred after Dec.12,1982,did decedent transfer property within one year 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?.............. ❑ 4. Did decedent own an individual retirement account,annuity or other non-probate property,which containsa beneficiary designation? ........................................................................................................................ ❑ 0 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994,and before Jan.1, 1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent[72 P.S.§9116(a)(1.1)(i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S.§9116(a)(1.1)(ii)].The statute does not exempt a transfer to a surviving spouse from tax,and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1,2000: • The tax 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 of the child is 0 percent(72 P.S.§9116(a)(1.2)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent,except as noted in[72 P.S.§9116(a)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent[72 P.S.§9116(a)(1.3)].A sibling is defined, under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption. Last Will and Testament of Terry L. Bishop I, TERRY L. BISHOP, of West Pennsboro Township, Cumberland County, Pennsylvania, being of sound and disposing mind, memory and understanding, do make, publish and declare this to be my Last Will and Testament, hereby revoking and making void all former Wills by me, at any time, heretofore made. 1. I direct the payment of all my just debts and funeral expenses as soon as may be convenient after my decease. 2. I specifically bequeath to the New Hope Church of God, Carlisle, Pennsylvania, the sum of Five Thousand ($5,000) Dollars. 3. I specifically bequeath to David S. Bishop the sum of Ten Thousand ($10,000) Dollars. 4. All the rest, residue and remainder of my estate, real, personal and mixed, whatsoever and wheresoever situated, I give, devise and bequeath to my Trustee, Manufacturers and Traders Trust Company, IN TRUST, as follows: (A) The net income therefrom shall be paid to my sister, Shirley Smith, for and during her natural life. (B) Upon the death of Shirley Smith, my Trustee shall distribute all the remaining corpus and any accumulated interest thereon in six (6) equal shares as follows: One (1) share each thereof, to each of Shirley Smith's five children per stirpes, as follows: Michael N. Smith, Vicki Starner, Scott Smith, Jeffrey Smith and Cheryl Killinger. Douglas Law Office 1 One (1) share to my son, Terry Lee Bishop, per stirpes. If any of the aforesaid children are minors at the time of my death, I direct my Trustee to continue to hold any funds in trust for the benefit of the minor child/children until they attain 21 years of age. During the pendency of the trust, my Trustee may invest as he sees fit, and expend principal for medical and educational purposes on behalf of the aforesaid children as needed. When each of the aforesaid children reaches age 21, his or her share shall be paid to him or her. 5. The trustee may use principal of the Trust under Item 3. hereof for the benefit of my sister, Shirley Smith: (A) To meet the expense of any accident, illness or other emergency befalling her; (B) For maintenance and support. Notwithstanding the foregoing, the power to consume, invade or appropriate property for the benefit of my sister shall be limited by ascertainable standards relating to health, education, support or maintenance within the meaning of subparagraph (a) of§2014(b)(1) of the Internal Revenue Code of 1954 or any similar provision which may be in effect at the time of my death so that such power will not constitute a general power of appointment. 6. All taxes, interest and penalties thereon payable by reason of my death with respect to property comprising my gross estate, whether or not passing under this Will, shall be paid from the principal of my residuary estate, provided, however, that funds of my Trust created herein may be used to pay taxes, interest and penalties attributed to such trust assets. 7. No interest of any beneficiary under this Will or any Codicil hereto shall be subject to anticipation or voluntary or involuntary alienation, and the personal receipt of such beneficiary shall be the sufficient and only discharge of my Executor and Trustee unless otherwise provided herein. 8. In addition to powers given them by law, my Executor and Trustee and their successors and any guardian acting hereunder shall have the following Douglas Law Office 2 discretionary powers applicable to all real and personal property held by them, effective without court order and until actual distribution: (A) To retain all property received by them including the stock of my corporate fiduciary acting hereunder, provided such property remains productive; (B) To invest in all forms of property without restriction to investments authorized to fiduciaries, so long as such investments are productive; (C) To join in any incorporation, partnership, recapitalization, merger, reorganization or voting trust plan; to delegate authority with respect thereto; to deposit investments authorized to fiduciaries, so long as such investments are productive; (D) To compromise controversies; (E) To exchange or sell for cash, property or credit, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration of the trusts hereunder, without liability on the purchasers or lessees to see to application of the consideration, and to give options for these purposes without obligation to repudiate them in favor of a higher offer; (F) With respect to my residuary trust under Paragraph 3 hereof, to allocate items of receipt or disbursement between income and principal as they deem equitable regardless of the character given such items by law; (G) To apply income or principal to which any beneficiary is entitled directly for his or her maintenance and support should they deem such beneficiary incapable of receiving the same by reason of age, illness or any infirmity or incapacity, or to pay the same to such person as they select to disburse it, whose receipt shall be a complete acquittance therefor, without the intervention of any guardian; (H) To borrow money, including the right to borrow from any corporate fiduciary action hereunder, and mortgage or pledge as security; (I) To hold investments in the name of a nominee; (J) To distribute in cash or kind or partly in each at valuations fixed by them; Douglas Law Office 3 N To assume continuance of the status of any beneficiary with reference to marriage, divorce, illness, incapacity or other change in the absence of information deemed reliable without liability for disbursements made on such assumption; (L) To elect to value my gross estate for Federal Estate tax purposes as of the date of my death or as of the alternate valuation date as allowed for such purposes, and to claim as income tax deductions expenses that would otherwise qualify as estate tax deductions and other elections allowable under law; (M) It shall not be necessary to segregate investments as belonging to a particular trust or share therein and all interests may be held in undivided form in a single fund from which proportionate distributions are made based on current reappraisals; (N) To undertake any and all acts deemed necessary and proper by it for the proper and advantageous management of any trust and the settlement of my estate. 9. Any person, who shall have died within thirty (30) days of my death, shall be deemed to have predeceased me. Any person (other than myself) who shall have died at the same time as any then recipient of income or in a common disaster with such beneficiary, or under such circumstances that it is difficult or impossible to determine who died first, shall be deemed to have predeceased such beneficiary. 10. I nominate, constitute and appoint Manufacturers and Traders Trust Company to be the Executor of this my Last Will and Testament. I further direct that they shall not be required to file bond or other security in the Office of the Register of Wills for the purpose of administering my estate. 11. I nominate, constitute and appoint Manufacturers and Traders Trust Company as Trustee under this Will. IN WITNESS WHEREOF, I have hereunto set my hand and seal this the 27th day of February, 2008. Te ry L. Bishop I Douglas Law Office 4 N Signed, sealed, published and declared by the above named testator, as and for his last will and testament, who at his request, in his presence, in our presence, and in the presence of each other have hereunto subscribed our names as attesting witness Douglas Law Office 5 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND We and the witnesses whose names e signed to the attached or oregoing instrument, being duly qualified according to law, do depose and say that we were present and saw the testator sign and execute the instrument as his last will, and that he signed willingly and executed it as his last will , and that it was done freely and voluntarily for the purposes therein contained, that each of us in the hearing and sight of the testator signed the will as witnesses; and that to the best of our knowledge, the testator was at that time 18 or more years of age, of sound mind and under no constraint or undue influence. Sworn to and subscribed before me this 27th day of((FeAAbruary, 2008. �� Vx'- `�' Notary AnM�Gs;NM11y►ubNe Douglas Law Office 6 COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND I, Terry L. Bishop, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my last will, that I signed it willingly, and that, I signed it as my free and voluntary act for the purposes therein expressed. '1 ' W Terr} L.Bishop Sworn to and subscribed before me this 27th day of February, 2008. kk Notary Notarial Seal Anne'M.Cox,Notary Public Carlise Borough,Cumberland County My Commission Expires June 3,2009 Douglas Law Office REV-1502 EX+ (12-12) �pennsylvania SCHEDULE A DEPARTMENT OF REVENUE INHERITANCE TAX RETURN REAL ESTATE RESIDENT DECEDENT ESTATE OF: FILE NUMBER: Terry L. Bishop 2121301107 All real property owned solely or as a tenant in common must be reported at fair market value.Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller,neither being compelled to buy or sell,both having reasonable knowledge of the relevant facts. Real property that is jointly-owned with right of survivorship must be disclosed on Schedule F. Attach a copy of the settlement sheet if the property has been sold. ITEM Include a copy of the deed showing decedent's Interest if owned as tenant in common. VALUE AT DATE NUMBER OF DEATH DESCRIPTION 1 799 Creek Rd.,Carlisle, PA 17015,as described below: 251,000.00 All That certain land situate in West Pennsboro Twp,Cumberland County,PA,bounded and described in accordance with Subdivision for Robert Boyer prepared by Larry Neidlinger, Professional Engineer,a draft of same dated May 22, 1974 being recorded in the hereinafter named Recorder's Office in Plan Book 26,Page 20(See Attached Deed) TOTAL(Also enter on Line 1, Recapitulation.) $ 251,000.00 If more space is needed,use additional sheets of paper of the same size. SUMMARY APPRAISAL REPORT 799 CREEK ROAD CARLISLE, PENNSYLVANIA PREPARED FOR THE ESTATE OF TERRY L. BISHOP BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 Diversified Appraisal Services Real Estate Appraisers and Consultants 35 East High Street Carlisle,PA 17013-3052 (717)249-2758 FAX(717)258-4701 January 24, 2014 TO: The estate of Terry L. Bishop FM: Larry E. Foote RE: Summary Appraisal Report Residential Property 799 Creek Road Carlisle, Pennsylvania At your request, I have appraised the captioned property. The appraisal report,which follows this letter, is submitted in support of my opinion of Market Value of the Fee Simple Interest in the property, as of October 1, 2013. 1 hereby certify that,to the best of my knowledge and belief, the data, facts, and opinions set forth therein, are accurate, subject to the Statement of Assumptions and Limiting Conditions that is also made a part of the report, and that the indicated Market Value of the subject property, as of October 1, 2013 is: TWO HUNDRED FIFTY-ONE THOUSAND DOLLARS $251,000 This appraisal has been made in conformity with the standards of professional practice of the National Association of Realtors Appraisal Section. I appreciate your having considered me for this assignment and trust that you find the report entirely satisfactory. Respectfully submitted, Larry E. Foote Pa. Certified General Appraiser GA-000014-L 2 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 799 Creek Road, Carlisle, Pennsylvania TAX PARCEL NUMBER: 46-07-0473-005D IMPROVEMENTS: One-story detached single-family dwelling. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is deeded to Farmers Trust Company. The property last transferred on January 4, 1979 for a reported consideration of $10,000 and ownership conveyed on deed reference 28-F-854. SCOPE OF THE ASSIGNMENT: 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. CLIENT: The estate of Terry L. Bishop. INTENDED USER: The estate of Terry L. Bishop and others. OBJECTIVE: To estimate the market value of the subject property as unencumbered. USE OF THE APPRAISAL: Use by the client in an estate settlement. EFFECTIVE DATE: October 1, 2013. INSPECTION DATE: January 22, 2014. HIGHEST AND BEST USE: Continued use as a single-family residence. COST APPROACH: N.A. SALES APPROACH: $251,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $251,000 3 THE VALUATION PROCESS The valuation process is defined in The Appraisal of Real Estate as published by the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value." It consists of a series of steps that are appropriate to a specific and particular appraisal assignment that begins with a client engaging a real estate appraiser to develop an opinion of value for a specific property as of a given effective date and ends when the appraiser communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process includes the presentation of the following: 1. Identification of the client, the intended use, and the intended users of the appraisal report. 2. The purpose of the appraisal, including a definition of the value being reported. 3. Determination of the effective date of the appraisal report. 4. Extraordinary assumptions that are applicable to the appraisal assignment. 5. Hypothetical conditions that are applicable to the appraisal assignment. Scope of Work: Scope of work is defined in the Uniform Standards of Professional Practice as being "the type and extent of research and analyses in an assignment." This includes the degree and extent of research and the data that is deemed as necessary to develop a credible opinion of value for the property being appraised. Data Collection and Analysis: The appraiser must gather and analyze market area data, subject property data, and comparable property data that is relative and relevant to the appraisal assignment. Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing a credible opinion of value for the subject property. These three traditional approaches to value include the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed,the appraiser must determine the amount of emphasis and consideration to be given to each of those approaches to value, since one or more may have greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final value estimate. Reconciliation is required because different value indications result from the use of multiple approaches to value and within the application of a single approach. The final value estimate is not derived simply by applying technical and quantitative 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF TERRY L. BISHOP the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in West Pennsboro Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a spike at the intersection of the center line of Township Road T-484 and the center line of Township Road T-427; thence from said spike at the place of beginning along the center line of said Township Road T-427, South 67 degrees 35 minutes West, 192 feet to a nail; thence along Lot No. 3 North 28 degrees 45 minutes West 452.96 feet to a point on the bank of Conodoguinet Creek; thence down said creek,North 31 degrees 50 minutes 56 seconds East,208.38 feet to a point on the bank of the said creek at comer of land now or formerly of Charles Conner; thence along said line of land now or formerly of Charles Conner, South 28 degrees 34 minutes East, a distance of 180.30 feet to an iron pin; thence still along line of land now or formerly of Charles Conner,North 22 degrees 41 minutes East, a distance of 12.60 feet to a spike;thence still along said line of land now or formerly of Charles Conner and extending into Township Road T-484 and continuing along the center line thereof, South 28 degrees 45 minutes East, a distance of 404 feet to a spike at the place of beginning. Containing 2.23 acres. 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 Market Value as of October 1, 2013 is: TWO HUNDRED FIFTY-ONE THOUSAND DOLLARS $251,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. Larry E.Foote Pa. Certified General Appraiser GA-000014-L 6 INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of October 1, 2013 for use in an estate settlement. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f). 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 the present use of the subject is its Highest and Best Use. OWNERSHIP HISTORY The subject property is deeded to Farmers Trust Company. The property last transferred on January 4, 1979 for a reported consideration of$10,000 and ownership conveyed on deed reference 28-F-854. ESTIMATED MARKETING TIME The reasonable marketing time is an estimate of the amount of time that it would take to sell a property at the estimated market value during the period of time immediately after the effective date of the appraisal assignment. It is estimated that if the subject property were offered for sale at the indicated Market Value, a reasonable marketing time would be six to twelve months. This estimate is based upon quarterly sales figures published by Central Penn Multi List, Inc. ECONOMIC TRENDS Historically, property values for similar properties have steadily increased, with vacancy rates remaining stable. However, the recent lag in the economy has resulted in a leveling of appreciation rates and longer marketing times. Financing is readily available to qualified purchasers at reasonable rates and terms. EXPOSURE TIME The length of time the property being appraised would have been offered on the market prior to the hypothetical consummation of a sale at the market value on the effective date of the appraisal. Exposure time is presumed to precede the effective date of the appraisal. The reasonable exposure period is a function of price, time and use. It is not an isolated opinion of time alone. Exposure time is different for various types of property and under various market conditions. It is a retrospective opinion based on an analysis of past events, assuming a competitive and open market. It assumes not only adequate, sufficient and reasonable time but adequate, sufficient and a reasonable marketing effort. Exposure time and conclusion of value are therefore interrelated. Based upon the information presented in this report, a reasonable exposure time for the subject property is estimated to be six to twelve months. 8 SITE DATA ADDRESS: 799 Creek Road MUNICIPALITY: West Pennsboro Township COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: 2.23 acres SEWERS: On-site septic system. WATER: On-site well. ELECTRICITY: PP&L LANDSCAPING: Typical for the area,with a sodded lawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION: One-story detached single-family dwelling containing approxi- mately 2,160 square feet of gross living area above grade, with an attached two-car garage. CONDITION: Exterior: Good Interior: Good ROOMS: First Floor: Living room, kitchen, dining room,family room,three bedrooms, two full bathrooms, and one-half bathroom with laundry facilities. Basement: Full, with concrete floor. EXTERIOR: Foundation: Concrete block. Walls: Brick Sash: Vinyl-clad, doublt-glazed. Gutters: Aluminum, painted. Roof: Hip, with shingles. 9 INTERIOR, PRINCIPAL, ROOMS: Flooring: Carpet Walls: Drywall Ceilings: Drywall Trim: Wood,painted. KITCHEN: Cabinets: Wood, stained and varnished. Counters: Laminate Walls: Drywall, painted. Flooring: Simulated hardwood. Sink: Double-bowl, stainless steel. BATHROOMS: Flooring: Ceramic the blocks, carpet or vinyl. Walls: Drywall, painted. Bathtub: Shower stalls. Lavatory: Vanity or wall-mounted. Water closet: Two-piece. Medicine cabinet: Wall-mounted. CONSTRUCTION: Joists: Wood Plumbing: Copper and PVC. HEATING: Heat pump with baseboard electric back up in the family room. COOLING: Central air conditioning. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-ampere. A propane gas fuled Generac automatic emergency generator is attached to the electrical system. OTHER: A one-story detached wooden storage building is located in the rear yard. There is a concrete patio with concrete ramp attached to the side of the dwelling, a concrete porch attached to the front of the dwelling, and a concrete patio attached to the rear of the dwelling. This dwelling is handicapped accessible. GENERAL CONDITION: All improvements are considered to be in good condition on the interior and on the exterior, with mechanical systems appearing to be adequate and functioning properly. 10 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. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 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. 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 homes similar to the subject are not typically utilized as income-producing investment properties,the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. it 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: 146 McAllister Church Road, Carlisle. Date of Sale: June 18, 2013 Sale Price: $248,000 Size: 1,763 square feet. Unit Price: $140.67 per square foot. SALE NO. 2: Location: 10 Royal Drive, Carlisle. Date of Sale: November 20, 2012 Sale Price: $272,500 Size: 2,368 square feet. Unit Price: $115.08 per square foot. SALE NO. 3: Location: 331 Wagners Lane,Newville. Date of Sale: February 23, 2013 Sale Price: $257,500 Size: 1,830 square feet. Unit Price: $140.71 per square foot. 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 indicated value of the subject property by the Sales Comparison Approach is $251,000. 12 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE #1 COMPARABLE #2 COMPARABLE #3 799 Creek Road 146 McAllister Church Road 10 Royal Drive 331 Wagners Lane Address Carlisle Carlisle Carlisle Ne%willc Proximity to Subject 1.6 miles 1.8 miles 6.7 miles Sale Price N.A. 11111111JI11I$248,000 $272,500 $257,500 Price l Sq.Ft GLA N.A. $140.67 $ll5.08 $14071 Data Source Inspection Courthouse and Central Penn MLS Courthouse and Central Perm MLS Courthouse and Central Penn MLS ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $Adjust. DESCRIPTION $Adjust. Sales or Financing Seller paid$7,725 of Concessions None None buyer's closing costs -7,700 DateofSale/Time Asof10-1-13 6-18-13 11.20-12 2-23-13 Location Average Similar Similar Similar Site/View 2.23 acres 4.97 acres -8,200 2.25 acres 2.13 acres Design and Appeal One-story detached One-story detached One-story detached One-story detached Construction Brick Vinyl siding +5,000 Brick w/vinyl siding +1,000 Vinyl w/brick accent +4,000 Age 34 years 10 years -5,000 9 years -5,000 12 years -5,000 Condition Good Similar Similar Similar Above Grade Tot, Bed. Bath Tot, Bed. Bath Tot. Bed. Bath Tot, Bed. Bath Room Count 7 3 1 2Vz 5 3 1 2Ya +4,000 7 3 2 +t,000 6 3 2 +3,000 Gross Living Area 2,160 square feet 1,763 square feet +19,900 2,368 square feet -10,400 1,830 square feet +16,500 Basement&Finished Full basement with Rooms Below Grade Full basement large family room -3,000 Full basement Full basement Functional Utility Average Similar Similar Similar Heating/Cooling Heat pump Heat pump Oil hot wtr.w/con air Heat pump Gara e/Car ort Two-car garage Three-car araoe -5,000 Two-car ara e Two-car ara e Porches,Patios Porch,two patios, Porch,wood deck, Porch,,30'x50' Pools,ete. staa e bniidtn . storage buiidin +500 stora e buStdin -10 000 Porch,wood deck +I,Q00 Special Energy Typical for the Efficient Items region. Similar Similar Similar Fire ilaces None None Woad-burning stove -1,000 None Other(e_&kitchen equip.,remodeling) Emergency generator None +3,000 None +3,000 None +3,000 Net Ad'. total +10,900 -21,400 +14 800 Indicated Value of Subject 258,400 251,100 272 300 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $251,000 13 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 $251,000 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 Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. 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. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property,as of October 1, 2013, is: TWO HUNDRED FIFTY-ONE THOUSAND DOLLARS $251,000,000 14 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. 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. 1 have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. 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. 5. 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. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. 7. 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. 8. This appraisal was prepared under the extraordinary assumption that any easements or rights of way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment. 9. 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. 15 CERTIFICATE OF APPRAISAL I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analysis, 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 or 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. 6. 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. 7. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of professional Appraisal Practice. 8. I have made a personal inspection of the property that is the subject of this report. 9. No one provided significant real property appraisal assistance to the person sign- ing this certification. l Larry E. Foote Pa. Certified General Appraiser GA-000014-L 16 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, 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 for 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. 17 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,apartment 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 I11. Certificate, Realtors National Marketing Institute, CI 101, Cl 102, Cl 103,Cl 104, Cl 105. Standards of Professional Practice,American Institute of Real Estate Appraisers. Real Estate Appraisal Principles,American Instihrte 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 EARNED: 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- ing Instihrte 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. Greater Harrisburg Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 18 PAST CLIENTS: Borough of Carlisle American Home Bank Keystone Financial Mortgage Trans Union Cornerstone Federal Credit Union M&T Mortgage Corporation Pennsylvania State Bank Cody Financial Mortgage Services Commerce Bank Waypoint Bank Cumberland-Perry Association for Retarded Citizens Northwest Savings Bank Carlisle Suburban Authority Blue Ball National Bank Members I"Federal Credit Union Adams County National Bank Pennsylvania National Bank Countrywide Home Loans Evans Financial Corporation Aarrow Mortgage Greenawalt&Company, CPA Various law firms and individuals Smith's Transfer Corporation Carlisle Department 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 Drovers Bank 19 YY hq j 1 i a �n .e.1 '.r:r Rah.. '•' a �'-�= PHOTOGRAPHS SUBJECT IMPROVEMENTS A t'.. Aw fit t rr t� �, e J ✓ N` Ii 1 r� e i s r.,7: . :. COMPARABLE SALE NO. 1 S COMPARABLE SALE NO. 2 lr COMPARABLE SALE NO. 3 22 0 2 E[ ,PUG p4 v q i, f. T6lli ge _o Favms,�1 a 40, U �N S I � O Q �I �, 7 Ntr_r't — StarCucks = Rennsyl, ra uPnpike(T II road) I� I SUBJECT PROPERTY LOCATION MAP 23 REV-1503 EX+(B-II) �pennsylvania SCHEDULE B 6fi DEPARTMENT OF REVENUE INHERITANCE TAX RETURN STOCKS & BONDS RESIDENT DECEDENT ESTATE OF FILE NUMBER Terry L. Bishop 2121301107 All property jointly owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. 754.2890 shs ARTISAN MID CAP VALUE FUND CL-INV 20,064.09 2 2,861.8910 shs BRIDGEWAY ULTRA-SMALL COMP MARKET FD 49,024.19 3 23,670.29 shs FEDERATED STRATEGIC VALUE DIV CL 1 132,080.23 4 2,118.744 shs FIDELITY SPARTAN INTL INDEX CL INV 84,071.76 5 525.096 shs GUINNESS ATKINSON CHINA HONG KONG FD 15,847.40 6 1,308.04 shs MAINSTAY EPOCH GLBL EQTY YD FD CL-I 24,264.22 7 2,267.85 shs VANGUARD INSTITUTIONAL INDEX CL 1 352,060.72 8 1,231.10 shs VANGUARD SM-CAP VALUE INDEX CL INV 26,924.16 9 1,362.21 shs VANGUARD VALUE INDEX CL SGNL 38,836.52 10 15,396.07 shs BLACKROCK PA MUNI BOND INST 163,814.20 11 2,925.89 shs USAA TAX EXEMPT INTERMEDIATE-TERM FD 38,533.91 12 6,886.42 shs VANGUARD SHORT-TERM TAX EXMPT CL INV 109,080.81 TOTAL(Also enter on Line 2, Recapitulation) $ 1,054,602.21 If more space is needed, insert additional sheets of the same size REV-i5o8 EX+(o8-i2) UV pennsylvania SCHEDULE E DEPARTMMTOFREVENUE CASH, BANK DEPOSITS & MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF: FILE NUMBER: Terry L. Bishop 2121301107 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Personal Property-Furniture 5,000.00 2. Wilmington Tax Exempt Money Market Fund 23,759.83 TOTAL(Also enter on Line 5, Recapitulation) $ 28,759.83 If more space is needed,use additional sheets of paper of the same size. 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O CmD O 0 O (7 m m N m M on N tD I y=y ° e e C N m ox,I ? cm0 OOi T N O N � U m m 02 N N N (V m N N 10 N N O m O O n o m N J( N m ti Ws m>N_> a Na Na Go oiN IN t 001D (/) co J {yy N U N (L Z_ _ J X— N 0 Z N o E UOr m C Q F mo OWL I- o y Ya m 2QK a O E aZ m ° OZa ¢ D w ¢ Ewa ur m ww N w rn m O " O M ¢F- ON m o ut J o FJN so Z 7w m .R ym m Fa�LLO N OHX rn .9 Q mw (°,� WH INI y ZJZY HO) CI GZY NO QwwK O NO CJ a'W NN O 0 UJM Nw >aOm N� O N m ¢QC7.dm X � UiD fq ~W Nib QS >� wm 6 m<ov.W Q�45D a a »w�¢o ca 'u.Im�rQ�I�'u5a PP >Un P?�de H OInU�d� m°Q#¢� in REV-1511 EX+ (08-13) pennsylvania SCHEDULE H �� DEPARTMENT OF REVENUE FUNERAL EXPENSES AND INHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER Terry L. Bishop 2121301107 Decedent's debts must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Hoffman-Roth Funeral Home, Inc. 995.60 2. Reimbursement to Terry Lee Bishop for Headstone Base paid to Baughman Memorial 201.20 B. ADMINISTRATIVE COSTS: 1. Personal Representative Commissions: 41,187.24 Name(s)of Personal Representative(s) Manufacturers and Traders Trust Co. Street Address 1 W. High St. City Carlisle State PA ZIP 17013 Year(s)Commission Paid: 2014 2. Attorney Fees: 20,593.62 3. Family Exemption: (If decedent's address is not the same as claimant's,attach explanation.) 0.00 Claimant Street Address City State ZIP Relationship of Claimant to Decedent 4. Probate Fees: 713.50 5. Accountant Fees: 6. Tax Return Preparer Fees: 430.00 7 Attomey Fees for Court Hearing-Douglas Law Firm 5,130.00 8 Diversified Appraisals-Real Estate Appraisal 375.00 9 The Sentinel,Legal Advertising 222.40 10 Cumberland Law Journal, Legal Advertising 75.00 11 Douglas Law Firm-Reimbursement for Recording of Deed 68.00 TOTAL(Also enter on Line 9, Recapitulation) $ 69,990.96 If more space is needed, use additional sheets of paper of the same size. REV-1512 EX+ (12-12) -YWL- pennsylvania SCHEDULE I DEPARTMENT OF REVENUE DEBTS OF DECEDENT, INHERITANCE TM RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER Terry L. Bishop 2121301107 Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. SES INSURANCE BROKERAGE SERV INC-INSURANCE ON REAL ESTATE 681.09 2 K.M DAUGHERTY-REPLACEMENT OF ATTIC FAN 261.37 3 PPL ELECTRIC UTILITIES 147.31 4 PPL ELECTRIC UTILITIES 163.44 5 PECK'S SEPTIC SERVICE 140.00 6 PECK'S SEPTIC SERVICE 153.00 7 TUCKEY MECHANICAL SERVICES INC-FURNACE CLEANING 116.06 8 K.M DAUGHERTY-VARIOUS REPAIRS TO HOUSE 2,075.00 9 SOUTHAMPTON TOWNSHIP -TRASH REMOVAL 46.74 10 REGISTER OF WILLS,COURT COSTS-FILING FEE-FINAL GUARDIANSHIP ACCOUNT 230.00 11 PPL ELECTRIC UTILITIES 299.70 12 PECK'S SEPTIC SERVICE 162.00 13 PA DEPARTMENT OF REVENUE-PA INCOME TAX 320.00 14 EICHELBERGERS INC -WATER MAINTENANCE 190.54 TOTAL(Also enter on Line 10, Recapitulation) $ 4,986.25 If more space is needed,insert additional sheets of the same size. REV-1647 EX+(02-10) l pennsylvania SCHEDULE M �rii77 DEPARTMENT OF REVENUE FUTURE INTEREST COMPROMISE INHERITANCE TAX RETURN RESIDENT DECEDENT (Check Box 4a on REV-15oo) ESTATE OF FILE NUMBER Terry L. Bishop 2121301107 This schedule is appropriate only for estates of decedents who died after Dec. 12, 1982. This schedule is to be used for all future interests where the rate of tax that will be applicable when the future interest vests in possession and enjoyment cannot be established with certainty. Indicate below the type of instrument that created the future interest and attach a copy to the tax return. ❑ will ® Trust ❑ Other I. Beneficiaries NAME OF BENEFICIARY RELATIONSHIP DATE OF BIRTH AGE TO NEAREST BIRTHDAY 1 Shirley E.Smith Sister 03/06/1939 75 2. 3. 4. S. II. For decedents who died on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within nine months of the decedent's death, check the appropriate box below and attach a copy of the document in which the surviving spouse exercises such withdrawal right. ❑ Unlimited right of withdrawal ❑ Limited right of withdrawal III. Explanation of Compromise Offer: Terry L.Bishop Estate D/0/D: 10/01/2013 Tax Tax FMV 1,254,384.83 FMV 1,254,384.83 See 7520 Rate 2.40% Remainder Factor 0.77761 Life Estate Factor 0.22239 975,42119 Nieces&Nephews Portion 5/6 812,851.82 Life Beneficiary Tax Rate 15% Shirley Smith,Sister(age 75) @ 12%: Tax on 5/6 of Remainder @ 15% 121,927.77 Life Estate Factor 0.22239 Son's Portion 1/6 162,570.36 Amount of Life Interest 278,962.64 Tax Rate 4.50% Tax Rate 12% Tax on 1/6 of Remainder @ 4.5% 7,315.67 Tax on Life Interest @ 12% 33,475.52 Total Tax 162,718.96 IV. Summary of Compromise Offer: 1. Amount of future interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . $ 1,259,384.83 2. Value of Line 1 exempt from tax as amount passing to charities, etc. 5,000.00 (Also include as part of total shown on Line 13 of REV-1500.) . . . . . . . . $ 3. Value of Line 1 passing to spouse at appropriate tax rate Check one. ❑ 6%, ❑ 3%, ❑ 0% . . . . . . . . . . . . . . . . . . . . $ (Also include as part of total shown on Line 15 of REV-1500.) 4. Value of Line 1 taxable at lineal rate Check one. ❑ 6%, ® 4.5% . . . . . . . . . . . . . . . . . . I . . . . . . . $ 162,570.36 (Also include as part of total shown on Line 16 of REV-1500.) 5. Value of Line 1 taxable at sibling rate(12%) 278,962.64 (Also include as part of total shown on Line 17 of REV-1500.) . . . . . . . . $ 6. Value of Line 1 taxable at collateral rate(15%) (Also include as part of total shown on Line 18 of REV-1500.) $ 812,851.82 7. Total value of future interest sum of Lines 2 thru 6 must equal Line 1 1,259,384.83 If more space is needed, use additional sheets of paper of the same size.