HomeMy WebLinkAbout06-23-14 INHERITANCE TAX . :.: pennsylvania
RECORD ADJUSTMENT DEPARTMENT OF REVENUE
BUREAU OF ZNDIYIDUAL TAXES -
REY-1543 EX AFP (12.13)
ZNH£RITANC£ TAX DIVISION
PO BOX 280601
HARRISBURG PA 17128-0601
DATE 06-16-2014
ESTATE OF KERR MARLIN R
DATE OF DEATH 07-21-2012
FILE NUMBER 21 12-0902
COUNTY CUMBERLAND
ACN 101
OSZUSTOWICZ JOHN C -- Amount Remitted
104 S HANOVER ST
CARLISLE PA 17013-3420 MAKE CHECK PAYABLE AND REMIT PAYMENT TO:
REGISTER OF WILLS
1 COURTHOUSE SQUARE
CARLISLE PA 17013
NOTE: To ensure proper credit to your account, submit the upper portion of this form with your tax payment.
CUT ALONG THIS LINE --► RETAIN LOWER PORTION FOR YOUR RECORDS t-r
___________________________________________________,.._________________...___°...____-----__-_-_--_--_--_--___
REV-1593 EX AFP (12-13) ** INHERITANCE TAX RECORD ADJUSTMENT **
ESTATE OF: KERR MARLIN R FILE NO. :21 12.0902 ACN: 101 DATE: 06-16-2014
ADJUSTMENT BASED ON: ADMINISTRATIVE CORRECTION
VALUE OF ESTATE:
1. Real Estate (Schedule A) (1) 144,500.00
2. Stocks and Bonds (Schedule B) (2) .00
S. Closely Held Stock/Partnershlp Interest (Schedule C) (3) UD
4. Mortgages/Notes Receivable (Schedule D) (4) .00
5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) (5) 185.348.39
6. Jointly Owned Property (Schedule F) (6) 1,621.82
7. Transfers (Schedule G) (7) .00
8. Total Assets (8) 331,470.21
DEDUCTIONS AND EXEMPTIONS:
4. Funeral Expenses/Administrative Costs/
Miscellaneous Expenses (Schedule H) (9) 49,871.62
10. Debts/Mortgage Liabilities/Liens (Schedule I) (10) 3,096.31
11. Total Deductions (11) 52,967.93
12. Net Value of Tax Return (12) 278,502.28
13. Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) (13) 46,155.97
14. Net Value of Estate Subject to Tax (14) 232,346.31
TAX:
15. Amount of Line 14 at Spousal rate (15) .00X.00 = . 00
16. Amount of Line 14 taxable at Lineal/Class A rate (16) .00X.045= ry .00
17. Amount of Line 14 at Sibling rate (17) .00 12 ( ,p_ =
18. Amount of Line 14 taxable at Collateral/Class B rate X t'7
t 3S) 232,346.31 . 15= i, 34151
19. Principal Tax Due X —' '—
TAX CREDITS: t19�n
PAYMENT RECEIPT DISCOUNT +) ! J r� �f rJ
DATE NUMBER INTEREST/PEN PAID (-} AMOUNT PAID 1 �- :71 fU (T7 (T3
Y CJ M
10-18-2012 CDO16660 1,742.60 37,000.00::.)
11-20-2913 REFUND .00 2,161 .44] C -Ory :� -
—f m
+> - Cn O
Cll 'r)
TOTAL TAX PAYMENT 36,581 .16
BALANCE OF TAX DUE -1,729.21CF
INTEREST AND PEN. .00
TOTAL DUE 1,729.21CF
IF PAID AFTER DATE INDICATED. SEE REVERSE IF TOTAL DUE IS REFLECTED AS A ^CREDIT^ CCR), YOU MAY BE DUE
FOR CALCULATION OF ADDITIONAL INTEREST. A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.)
AE"J-0410 EM(OL10}
171-28.6740
i L7 Pennsylvania INHERITANCE TAX
i DEPARTMENT OF REVENUE EXPLANATION 7/21/2012
BUREAU OF INDIVIDUAL TAXES OF CHANGES
PO Box 260601
KARRISQURQ EA 17128-910j_
DECEDENT'S NAME FILE NUMBER
Marlin R. Kerr 21 12.0902
REVIEWED BY ACN
Steven James 202
ITEM
SCHEDULE NO. EXPLANATION OF CHANGES - -
A 1 Section 2121(a) of the Inheritance and Estate Tax Act of 1991, 72 P.S. §9191(a), states the
valuation date shall be the date of the transferor's death. The Department regards an
arms-length sale within fifteen (15) months of the decedent's death to be a good indicator
of fair market value. A complete, detailed, professional appraisal valuing real property at
date of death is also considered as evidence. Absent either a sale or an appraisal, the
Department has utilized the "computed value" approach based on the yearly findings of
the State Tax Equalization Board. As the sale of the real estate took place more than
fifteen (15) months after the decedent's death, it is too long after death for the sales price
to be a good indication of fair market value at the time of death. However, since the real
estate needed to be sold to effect distribution of the estate, the closing costs associated
with the sale of the home have been allowed and applied as a deduction against the value
of the estate.
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