The Pennsylvania REV-1505 -- Schedule C-1 — Closely-Held Corporate Stock Information Report is an informational report for corporations that are owned by a few individuals. This report provides tax information regarding the ownership of the shares of a closely-held corporation, which is defined as a corporation in which more than 50% of the voting shares are held by five or fewer individuals. The report is divided into two parts: Part 1 covers the company's stockholders and Part 2 covers the type of stock held by the company's stockholders. Part 1 requires the corporation to provide a list of the stockholders, their address, and the total number of shares of stock held by each stockholder. Part 2 requires the corporation to provide a list of the stockholders, the type of stock held by each stockholder, the number of shares of each type of stock held, and the total number of shares of stock held by each stockholder. There are two types of Pennsylvania REV-1505 -- Schedule C-1 — Closely-Held Corporate Stock Information Reports: the Standard version and the Short Form version. The Standard version requires more detail than the Short-Form version.
Pennsylvania REV-1505 -- Schedule C-1 - Closely-Held Corporate Stock Information Report
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How to fill out Pennsylvania REV-1505 -- Schedule C-1 - Closely-Held Corporate Stock Information Report?
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In Pennsylvania, all property owned by a resident decedent is subject to inheritance tax unless it is exempt, and only life insurance policy proceeds and real estate located outside of Pennsylvania are exempt from inheritance tax.
The tax is paid on any assets the decedent controlled, such as real estate, bank accounts, car titles, and revocable trusts. Generally, a decedent (while alive) does not control an irrevocable trust ? so there's no inheritance tax on an irrevocable trust.
Property owned jointly between husband and wife is exempt from inheritance tax, while property inherited from a spouse, or from a child aged 21 or younger by a parent, is taxed a rate of 0%. Inheritance tax returns are due nine calendar months after a person's death.
Property owned jointly between spouses is exempt from inheritance tax.
An inheritance tax return must be filed for every decedent (or person who died) with property that may be subject to PA inheritance tax. The tax is due within nine months of the decedent's death. After nine months, the tax due accrues interest and penalties.
How To Avoid Inheritance Tax. One way to avoid inheritance tax in PA is to make an asset joint. For example, if you have $30,000 in your name alone, and through your will, you give it to a friend of yours, it would be taxed at 15% or they would owe $4,500 in taxes.
Assets Owned In a Revocable Trust: Generally, if someone dies owning assets in a revocable trust over which he or she had access and control those assets, those assets will be 100% taxable for Pennsylvania inheritance tax purposes.
Overview. Use PA Schedule C to report income or loss from a business you operate, or a profession you practice, as a sole proprietor. Your activity qualifies as a business if your primary purpose for engaging in the activity is income or profit, and you conduct your activity with continuity and regularity.