REV-516 - Request for Waiver or Notice of Transfer
INSTRUCTIONS FOR FILING THE REQUEST FOR WAIVER
NOTICE OF TRANSFER
PURPOSE OF INSTRUCTIONS
Section 6411 of the Probate, Estates and Fiduciaries Code (Title 20, Chapter 64, Pennsylvania Consolidated Statutes) sets forth the
requirement of reporting to the Department of Revenue the transfer of securities. This section states:
(a) Payment of inheritance tax. — No corporation, financial institution, broker or similar entity shall transfer on its books or issue
a new certificate for any share of its capital stock, its registered bonds, a security or a security account, belonging to or standing in
the name of a resident decedent, belonging to or standing in the joint names of a resident decedent and one or more persons, held
in trust by or for a resident decedent or in a beneficiary form indicating that a resident decedent was the present owner or became
the owner upon the death of another, unless the inheritance tax upon the transfer has actually been paid, or the written consent of
the Secretary of Revenue, or its designee, is first secured, or there is presented to it an affidavit of the personal representative or
heir of the decedent, or his or their attorney, that the decedent was a nonresident at the time of his death, or that the person in
whose name said security, security account, shares of registered bond stands jointly with the decedent by right of survivorship was
the spouse of the decedent at the time of death and that the ownership in or designation of such spouse was not created within one
year before the decedent's death, or written notification of the transfer is given to the Secretary of Revenue within ten days of the
transfer as provided in subsection (d).
WHO MUST FILE
Corporations, financial institutions, brokers, or similar entities are required to report. The beneficiary, trustee or representative
of the estate may also request a waiver if all the necessary information is available to them.
WHAT TO REPORT
Capital stock, registered bonds, a security or a security account which are held as follows:
Held as sole owner by the decedent with a sole beneficiary clause which controls distribution at the death of the decedent
Held as a sole owner by the decedent with a primary and secondary (contingent) beneficiaries clause which controls dis-
tribution at the death of the decedent.
HOW TO REPORT
Use a separate form for reporting each account submitted. If there is a main account with sub-accounts creating that main account,
please only report the main account number and total value.
Each form must contain the following information to be processed:
the appropriate decedent information
corporation, financial institution or registering entity information
Multiple beneficiaries of the same asset should be reported on a single form. If there are more than three beneficia-
ries please continue numbering on another sheet of paper of the same size, indicating all of the required information.
The actual security information will be reviewed to determine taxability. This makes it extremely important that the form be com-
pleted accurately and completely. All assets must be reported at their value as of the decedent’s date of death, including any
accrued interest not yet credited or any dividend earned but not issued as of the date of death. Please also be sure to indicate
under the Account Information if the account will be reported on the REV-1500 or if separate billings for each beneficiary listed
should be prepared.
Mail completed form to: PENNSYLVANIA DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
INHERITANCE TAX DIVISION – WAIVER REQUEST
PO BOX 280601
HARRISBURG PA 17128-0601
REV-516 - Request for Waiver or Notice of Transfer PDF
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