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Form W-3PR online PA: What You Should Know
A decedent's property must have been held as a gift for a period of not less than two years immediately before the decedent's death. A decedent's property must have been distributed (or otherwise provided) in payment of a debt immediately before the decedent's death, at a time when there is no requirement by law that the payment be made out of the gross estate. The gross estate is calculated as follows: Value of Real Property, Personal Property, Property Held in Flow, and Other Property Tax due in the year of death, or next year if necessary to meet estate tax Gift tax exclusion: if subject to federal estate tax at time of death, includes the value of the decedent's gift of life insurance, a defined benefit pension plan, a qualified tuition program, an eligible tuition loan, or any other property that provides income. Estate tax: If applicable, the taxable property is the fair market value of a decedent's real property, personal property, and any other property located in or flowing from the decedent's estate that is subject to federal estate tax (generally defined as the fair market value of the same property when acquired after death through the exercise or recognition of a testamentary or other interest in a property) or any amount includible in the gross estate (generally defined as equal to the value of the same property when acquired on or before death through the exercise of bona fide right to possession). If property is treated as an interest owned directly by a decedent as of the date of death, such property is included in the decedent's gross estate. Property treated as a personal right to possess such as land, a tenancy or ownership interest in a building or structure, or a mortgage, any interest arising or exercisable on, before, or after the date of death, or on property held by the decedent after the death, as such in its entirety, is treated as if it were a direct skips payment and not includible in the gross estate. The value of real property held as of any date depends upon: 1. Who has possession and control of that property at that date, including any prior rights relating to the property; 2.
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