Subchapter A. VALUATION


GENERAL

Sec.


93.1.    Valuation of stocks if death on weekend or holiday.
93.2.    Applicability and construction.

PROHIBITION OF ENTRY


93.11.    Limitation of entry by statute or regulation.

GENERAL


§ 93.1. Valuation of stocks if death on weekend or holiday.

 In order that there may be uniformity of method by the Commonwealth and the Federal Government in the valuation of stocks listed on the New York or American Stock Exchange in those cases where death occurs on a weekend or a holiday, the following method shall be used:

   (1)  If death occurs on a weekend, the valuation of a stock listed on the New York or American Stock Exchange shall be the average of the mean between the high and low for Friday and the mean between the high and low on the Monday after death.

   (2)  If death occurs on a holiday, the valuation of the stock is the average of the mean of the high and the low on the day preceding the holiday and the mean between the high and low of the succeeding market day.

§ 93.2. Applicability and construction.

 (a)  This subchapter may not apply to corporations, municipalities, governmental and political subdivisions and agencies, churches, lodges, eleemosynary associations or corporations or fiduciaries where boxes, rented in the names of the entities, are never used for the deposit of personal assets of those having access to the boxes. No financial institution may be liable for unauthorized entry unless it has knowledge of the use of the box for personal assets of those having access to the boxes. If an agent, deputy or person in a capacity has the right of access to a safe deposit box, the provisions of §  93.22 (relating to duties of institution, agent or deputy having access to box), shall be applicable.

 (b)  This subchapter is applicable as provided in the following examples, except that this subchapter may not be construed to be limited by the examples:

   (1)  If the box is registered in a partnership, fictitious or trade name, or the like, where the decedent had the right of entry either as principal or as deputy or agent.

   (2)  If the box is registered in an assumed or maiden name, or the like, where the decedent had the right of entry otherwise than as deputy or agent.

 (c)  This subchapter may not be construed to confer upon a person the right of entering into a safe deposit box of a decedent which he does not otherwise have.

 (d)  Effective February 1, 1982, the Department is replacing existing inheritance tax report forms with new, self-assessing inheritance tax returns and schedules, Form REV-1500. After July 1, 1982, the Department will accept only Form REV-1500. The returns for decedents’ estates in which the date of death is after January 31, 1982 shall be filed on the new form REV-1500; however, the Department will permit estates which are in the process of preparing tax returns on the old form as of January 31, 1982 to file that return, if such returns are filed prior to July 1, 1982.

Source

   The provisions of this §  93.2 amended March 5, 1982, effective March 6, 1982, 12 Pa.B. 877. Immediately preceding text appears at serial page (35988).

PROHIBITION OF ENTRY


§ 93.11. Limitation of entry by statute or regulation.

 No person seeking entry otherwise prohibited by the act, having actual knowledge of the death of a decedent may enter a safe deposit box of the decedent unless the entry is made under sections 1111—1115, 1121 or 1122 of the act (72 P. S. § §  2485-1111—2485-1115, 2485-1121 or 2485-1122) (Repealed) and no person acting as deputy, agent or in a similar capacity may enter a safe deposit box except as provided in this subchapter.



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