Instructions for REV-1503 Schedule B
                                                                                             Stocks and Bonds
REV-1503 EX (02-15)

                                         Nasdaq or other major exchange is theex-dividend quotation to determine the
GENERAL INFORMATIONaverage of the mean between the highfair market value of the stock as of the
                                         and low for Friday and the mean between
PURPOSE OF SCHEDULE                                                              date of the decedent’s death. Interest
                                         the high and low on the Monday afterdue, but not collected, and interest
Use Rev-1503 Schedule B to report all
                                         death. Where death occurs on a holiday,
stocks and bonds held by the decedent                                            accrued, but not due as of the date of
                                         the valuation of such stock is the average
solely or as tenant-in-common.                                                   the decedent’s death, is taxable and
                                         of the mean of the high and the low onmust be reported on this schedule.
                                         the day preceding the holiday and the
FORM INSTRUCTIONS                        mean between the high and low of the        Important.Capital stock, regis-
ESTATE OF                                succeeding market day. If there were notered bonds, a security or a secu-
Enter the complete name of the estate assales on the valuation date, but thererity account held by the decedent in a
shown on the REV-1500, Pennsylvaniawere sales on dates within a reasonable“Transfer on Death” [TOD] designation,
Inheritance Tax Return.period both before and after the valuationa “Payable on Death” [POD] designation
                                         date, the fair market value is determinedor any other beneficiary designation
FILE NUMBER                              by taking a weighted average of theformat must be reported on REV-1510,
Enter the file number of the estate      means between the highest and lowest    Schedule G.
assigned by the Register of Wills assales on the nearest date before and the
                                                                                 In order to satisfy the reporting require-
shown on the REV-1500, Pennsylvanianearest after the valuation date. The
                                                                                 ments the estate may file a return and
Inheritance Tax Return.average is to be weighted inversely
                                                                                 pay the tax prior to the transfer of the
                                         by the respective numbers of trading
                                         days between the selling dates and theasset. If that is not possible, you may also
GENERAL INSTRUCTIONS
                                         valuation date.                         receive a waiver from the Department of
DESCRIPTION                                                                      Revenue prior to the transfer, or simply
The stock description must include theIn cases of stock quotations listed asprovide written notice of the transfer to
number of shares, whether common or“Over the Counter”, use the meanthe department within ten days of the
preferred, par and market values, thebetween the bid and asked. The “alternatetransfer. The latter two options for com-
exact name of the corporation andvaluation” is not accepted for Pennsyl-pliance can be accomplished by using
CUSIP number, if available.vania Inheritance Tax purposes.form REV-516 to request a waiver or
The bond description must include the          Note.U. S. Savings Bonds, series  provide the appropriate notice within ten
type of bond, quantity, denomination,          E, EE and I must be reported at   days.
obligor, date of maturity, interest rate,the date of death redemption value.     TOTAL
and interest due dates.Series H and HH must be reported at theTotal all items in the Value at Date of
                                         face value.
VALUE AT DATE OF DEATH                                                           Death column and enter value here.
Estates are required to report all stocksMutual funds are to be reported at the netEnter this value on Line 2, Page 2 of the
and bonds at the market value as of the  asset value (NAV). Include as a separateREV 1500.
date of death.                           item dividends not collected at death
                                         but payable to the decedent or estate       Caution.Stocks, securities, jointly
      Fair market value is determinedbecause the decedent was a stock-holderheld with rights of survivorship, are
      by taking the mean of the highest
                                         of record on or before the date of dece-
and lowest quoted selling prices on the                                          to be reported on REV-1509, Schedule F.
                                         dent’s death. When stock is being traded
date of death.                                                                   Stocks and securities accounts held in a
                                         on an exchange and is selling ex-dividend
Where death occurs on a weekend, theon the date of the decedent’s death,beneficiary form should be reported on
valuation of any stock listed on theadd the amount of the dividend to theREV-1510, Schedule G.

www.revenue.pa.gov                                                                           REV-15031