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HomeMy WebLinkAbout09-16-14 (2) 1505610105 REV-1500 EM02,1t)(FrT OFFICIAL USE ONLY PA Department of Revenue Pennsylvania Bureau of Individual vt d ua axes IT County Code Year File Number INHERITANCE TAX RETURN PO BOX 280601 Harrisburg,PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY --i r------ 1 101/19/2014 10/1711923 1 Decedent's Last Name Suffix Decedent's First Name MI ------------I------------ ,LOVETT JAMES 111 ................ .. . .......... _j (if Applicable)Enter Surviving Spouse's Information Below Spouse's Last Name 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 CED 1.Original Return C=) 2,Supplemental Return C=3 3, Remainder Return(Date of Death Prior to 12-13-82) C=) 4-Limited Estate C=3 4a,Future Interest Compromise(date of C=) 5. Federal Estate Tax Return Required death after 12-12-82) (AD 6.Decedent Died Testate CaD 7.Decedent Maintained a Living Trust 0 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust-) <= 9,Litigation Proceeds Received C=D 10.Spousal Poverty Credit(Date of Death C=) 11. Election to Tax under Sec-9113(A) Between 12-31-91 and 1.1-95) (Attach Schedule 0) CORRESPONDENT- THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTE'D TO: Name Daytime Telel�niu Number ° ----_------- M ,EDGAR R. LIJHN III, ESQ, 1(717)448-�02P ----­-----­­­-- ............ REGIS TF# $USE ONLY--j � First Line of Address C:) _n 1480 DOUBLING GAP ROAD r- M Second Line of Address ---------_-­------------­- ......................................... DATE FILED City or Post Office .......-state- ZIP Code ...... . ..............--------- NEWVILLE PA 1 117241 ----------------------­--­---- Correspondent's e-mail address: 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 twe,correct and complete.Declaration of preparer other than the personal representative is based an all information of which preparer has any knowledge. SIGN�P NaESPQU=LEs0R FILINiG RETUPN DATE !7 r-�_ , <5-.x 9/shz/ TDDRESS I / / 1142 SOUTH FORGE WAD, PALMYRA, PA 17078 _SIGNATOF PRE ER�gTN ,MENTATIVE ADDRESS 480 ,�rOIULL T G GAO RD. , NEWILLE, PA 17241 PLEASE USE ORIGINAL FORM ONLY Side I 1505610105 1505610105 J 1505610205 REV-1500 EX(Fl) Decedent's Social Security Number Decedent's Name: (_..._....__....__.___._............____ ----RECAPITULATION I. Real Estate(Schedule A). 2. Stocks and Bonds(Schedule B) 0.00 2. 1 0.00 I I 3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C) , ... . 3, j _ 0.00 4. Mortgages and Notes Receivable(Schedule D) 4i 5. Cash,Bank Deposits and Miscellaneous Personal Property 0.00 P rty(Schedule E).. . ... . 5. 1 1,308,468.00 6. Jointly Owned Property(Schedule F) O Separate Billing Requested ... . ... 7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property 6. 46,251.00 (Schedule G) O Separate Billing Requested... . ... . 7, 111,267.00 B. Total Gross Assets(total Lines 1 through 7). ..... ..... . . .. . ..... 6. 9. Funeral Expenses and Administrative Costs(Schedule H) j 9. 1 1,466,986.00 31,171.00 10. Debts of Decedent, Mortgage Liabilities and Liens(Schedule 1). .. . .. ....... .. 10, 11, Total Deductions(total Lines 9 and 10)... . .. .. ...__. . ....... ... .. ... . 3,166.00 11. 34,337.00 12, Net Value of Estate(Line 8 minus Line 11) ...,., ' 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which 12 1.431,649.00 an election to tax has not been made(Schedule J) .... ........ . .. ..... .. .. 13. j 0.00 14. Net Value Subject to Tax(Line 12 minus Line 13) .. . . .... TAX CALCULATION- 14. 1,431,649.00 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_ ----------.._....___-------'--- 16. Amount of Line 14 taxable i 15. at lineal rate X.0_ 17. Amount of Line 14 taxable 1,431,649.00 1,431,649.00 at sibling rate X.12 i I 18. Amount of Line 14 taxable l 17. at collateral rate X.15 --- 18. 19. TAX DUE . ... .. ....... . ....... .. ... .. ..... . .. ... .. ... . . ... ... . .. .. 19. 64,425.00 j 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT O L_ Side 2 1505610205 1505610205 J REV-1500 EX(FO Page 3 His Number Decedent's Complete Address: DECEDENT'S NAME JAMES H LOVETT --S - ESS- --- — - ---- ------.___ TREET T ADDRESS 210 BIG SPRING ROAD CITV__ _--..----._— STATE DP NEWVILLE PA 17241 Tax Payments and Credits: 1. Tax Due(Page 2,Line 19) (1) 64,425.00 2. Credits/Payments A. Prior Payments 49,245.00 S.Discount _u _11-1 Total Credits(A+8} (2) 52,426.00 1 Interest 4. If Line 2 is greater than tine f+tine 3,enter the difference. This is the OVERPAYMENT. (3)— 0.00 Fill in oval on Page 2,Line 20 to request a refund. (4) 0.00 5. If Line 1+Line 3 is greater than tine 2,enter the difference.This is the TAX DUE. (5) 11,998.00 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...._...___................_..-....,.. ❑ E c. retain a reversionary interest ......___..................................................__...................................._.................. ❑ ■ d. receive the promise for life of either payments,benefits or care?......................__................__.................... .. ❑ 2. if death occurred after Dec.12,1902,did decedent transfer property within one year of death without receiving adequate consideration?..,...............__......................___........__....____......._................... ❑ N 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 individuai retirement account,annuity or other non-probate property,which contains a beneficiary designation? .................__............................................................-................................... ❑ 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 172 P.S. • 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. REV-i5o%EX+(06-32) "10 pennsytvania SCHEDULE E DEPARTMENT OF REVENUE CASH, BANK DEPOSITS &MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF: FILE NUMBER: JAMES H_ LOVETT 21-14-0223 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.s REFUND OF RESIDENCY INVEST FEE 157,150.00 2 ! USAA 160410 TOD GREGORY LOVETT(SEE ATTACHED SPREADSHEET) 117,238 00� } VANGUARD 88043659647 TOD GREGORY LOVETT(SEE ATTACHED SPREADSHEET) 31$,043 00 4.i T ROWE PRICE 473187650 TOD BRUCE LOVETT(SEE ATTACHED SPREADSHEET) 295 706 00 _. i 5. FIDELITY 26N 811962 TOD BRUCE LOVETT(SEE ATTACHED SPREADSHEET) 202 202 00 6.1 MEMBERS 1 ST ESTATE ACOUNT 549254 OPENED 3/14/14(SEE ATTACHED) 186,38 9 00 j 7 ',MEMBERS 1ST CHECKING 549254(SEE ATTACHED) 31,740.00 1 , I .� ( _,..,.,.. .... ._.._..n,.,._.,. .v..,...� .._u.,..... ,.,_...M_ .�...-�.,.<.v x_,.m..e.,,.� ... ,..�.� ,_..: srnu '0.�..t3'r:?. "'sv, Phm II 1 l' t i : l TOTAL(Also enter on Line 5, Recapitulation) $ 1,308,468.00 If more space is needed,use additional sheets of paper of the same size. REV-1509 EX+(01-io) pennsylvania SCHEDULE F DEPARTMENT REVENUE ]OINTLY-OWNED PROPERTY INHERITANCE TAX AX RETURN RESIDENT DECEDENT ESTATE OF: FILE NUMBER: JAMES H. LOVETT 21-14-0223 If an asset became jointly owned within one year of the decedent's date of death,it must be reported on Schedule G. SURVIVING JOINT TENANT(S)NAME(S) ADDRESS RELATIONSHIP TO DECEDENT A•BRUCE J. LOVETT 1142 S. FORGE ROAD SON PALMYRA, PA 17078 8, C. JOINTLY OWNED PROPERTY: LETTER DATE DESCRIPTION OF PROPERTY % DATE OF DEATH ITEM FOR IOINT MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECEDENT'S VALUE OF NUMBER TENANT XNNT - IDENTIFYING NUMBER.ATTACH DEED FOR JOINTLY HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENTS INTEREST I. A. 07128/10 MEMBERS IST SAVINGS ACN 14106612(SEE ATTACHED) 264,079.00 .16 44,014,00 2. A. 07/28/10 MEMBERS 1ST CHECKING ACN 14106610(SEE ATTACHED) 13.4200 .16 2,237.00 TOTAL(Also enter on Line 6, Recapitulation) $ 46,251.00 If more space is needed,use additional sheets of paper of the same size. REV-1.510 EX X08-09) Tpennsytvania SCHEDULE G DEPARTMENT OF REVENUE INTER-VIVOS TRANSFERS AND INHERITANCE TAX RETURN MISC. NON-PROBATE PROPERTY RESIDENT DECEDENT ESTATE OF FILE NUMBER JAMES H. LOVETT 21-14-0223 This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes. DESCRIPTION OF PROPERTY ITEM iNCwDE THE rune or THE TRANSFEREs,THEIR RRATOUSH;v TO DECEDENT MD DATE OF DEATH % DECD'S EXCLUSION TAXABLE NUMBER THE DATE OF TRANSFER. ATIACH A COW of THE DEED FOR REAL ESTATE, VALUE OF ASSET INTEREST of APPLICAIILE) VALUE 1. VANGUARD IRA TOD TO GREGORY LOVETT 68,144.00 100 68,144.00 (SEE ATTACHED) 2 FIDELITY IRA 2BN-811963 TOD BRUCE LOVETT 43,123.00 100 43,123.00 (SEE ATTACHED) TOTAL(Also enter on Line 7, Recapitulation) $ F 111,267.00 If more space is needed, use additional sheets of paper of the same size. RLV-1511 EX+,08-13) pennsylvania SCHEDULE H DEPARTMENT OF REVENUE FUNERAL EXPENSES AND INHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER JAMES H. LOVETT 21-14-0223 Decedent's debts must be reported on Schedule I. ITEM NUMBER - DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1' HOFFMAN ROTH FUNERAL HOME 9,924.00 TRAVEL EXPENSES FROM ILLINOIS-GREG 1,708.00 INTERNMENT DINNER 419.00 B. ADMINISTRATIVE COSTS: 1. Personal Representative Commissions: 13,000.00 Name(s) of Personal Representatives) BRUCE J. LOVETT Street Address 1142 S. FORGE ROAD - City_PALMYRA State- PA ZIP 17078_ Year(s)Commission Paid: 2014 Z. Attorney Fees: 5,000.00 3. Family Exemption: (If decedent's address is not the same as claimant's,attach explanation.) Claimant Street Address City. ... .......... _ -- ----- State_._.__ZIP --..._---__--.-.-. Relationship of Claimant to Decedent 4. Probate Fees: 734.00 5. Accountant Fees: 6. Tax Return Preparer Fees 7 POSTAGE 31.00 CUMBERLAND COUNTY LAW JOURNAL ESTATE NOTICE 75.00 CARLISLE SENTINEL ESTATE NOTICE 212.00 POSTAGE LAW OFFICE 53.00 REGISTER OF WILLS FILING FEE FOR RETURN 15.00 TOTAL(Also enter on Line 9, Recapitulation) $ 31,171.00 If more space is needed,use additional sheets of paper of the same size. - REV-1512 EX+(12-12) pennsylvania SCHEDULE I DEPARTMENT OF REVENUE DEBTS OF DECEDENT, INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER JAMES H. LOVETT 21-14-0223 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' Millennium Pharmacy 26.00 . 2l, IPA State Estimated 2013 Tax and Filing Extension n 911.00 3 Santandar Bank Fee Charge TOD Balance on Acct 20.00 a jGrahman Medical Center 89.00 su2WSra5ev% mCHU%em 5.1 :Newwlle Comm Ambulance 200.00 6 !West Shore Ambulance 290.00 7 Santandar Bank US Treasury Reclaimhon VA Overpayment 448.001 8 . ;Cumberland Goodwill Fire and Ambulance 1,O60 00 f 9 !Carlisle Regional Medical Center 122.00 _..._ _ ' r I I s.. net F I} .. .. _ i I_ _ _. . _ i ; I TOTAL(Also enter on Line 10, Recapitulation) # 3,166.00 ., If more space is needed,insert additional sheets of the same size. REV-1513 EX+(01-10) =__, pennsylvania SCHEDULE ]DEPARTMENT OF REVENUE INHERITANCE TAX RETURN BENEFICIARIES RESIDENT DECEDENT ESTATE OF: FILE NUMBER: JAMES H. LOVETT 21-14-0223 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S)RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS(include outright spousal distributions and transfers under Sec.9116(a)(1.2).) . I. BRUCE J. LOVETT, 1142 SOUTH FORGE ROAD,PALMYRA,PA 17078 SON ONE-HALF 2. GREGORY A.LOVETT,6001 TIMBER LANE,GODFREY IL,62035 SON ONE-HALF ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET,AS APPROPRIATE. iI NON-TAXABLE DISTRIBUTIONS A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX 15 NOT TAKEN: 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: 1. TOTAL OF PART 11 - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. ¢, If more space is needed,use additional sheets of paper of the same size.