Current through Register Vol. 48, No. 38, September 20, 2024
a) Any
itemized schedule of all assets must contain:
1) A schedule showing real estate owned
individually by the decedent, with identification of any real estate valued
under Section 2032A of the Internal Revenue Code
(26 U.S.C.
2032A);
2) A schedule showing stocks and bonds owned
individually by the decedent with description, face amount of bonds, or number
of shares;
3) A schedule showing
mortgages, notes and cash owned individually;
4) A schedule showing insurance on the
decedent's life;
5) A schedule
showing all jointly owned property of the decedent separated by interests held
with a spouse as the only joint tenant and all other joint interests;
6) A schedule showing all other miscellaneous
property not reportable under any other schedule of the decedent;
7) A schedule showing all transfers within
three years before the decedent's death;
8) A schedule showing powers of appointment
held by the decedent;
9) A schedule
showing all annuities owned by the decedent;
10) A schedule showing funeral expenses and
expenses incurred in administering property subject to claims of the decedent's
estate;
11) A schedule showing
debts of the decedent, and mortgages and liens;
12) A schedule showing net losses during
administration and expenses incurred in administering property not subject to
claims;
13) A schedule showing
bequests and transfers to a surviving spouse;
14) A schedule showing charitable, public,
and similar gifts and bequests;
15)
A recapitulation of all schedules;
16) A schedule of all adjusted taxable gifts
as determined under the Gift and Estate Taxes provisions of the Internal
Revenue Code (26 U.S.C.
2001 and
2503);
17) A schedule showing the calculation of the
tentative taxable estate by subtracting allowable deductions from the gross
estate total of all schedules without adjusted taxable gifts;
18) An explanation and documentation of the
distribution of the estate, including, but not limited to, wills, trusts, and
beneficiary designations, including the social security numbers of such
transferees;
19) A schedule of
assets as to which an Illinois QTIP election is claimed. The schedule need not
list the individual assets included in the corpus of a trust made subject to
election; and
20) A schedule of
assets of the decedent's predeceased spouse for which an Illinois QTIP election
was claimed, valued as of the date of death of the current decedent. The
schedule should include the total value of the corpus of any trust made subject
to the election.
b) All
schedules provided as part of the itemized schedule of assets shall include
documentation of values and amounts. Real estate listings, including any such
listings obtained from websites, are not sufficient to establish the fair
market value of real property for purposes of the Illinois Estate Tax unless
the listings provide the underlying factual basis for the value assigned to the
property and explain how the value assigned was determined. "Underlying factual
basis" may consist of comparable sales, recent appraised value, or other
indicators of fair market value. The adequacy of any documentation submitted to
establish the fair market value of real property will be determined on a
case-by-case basis.
c) The
requirements of this Section may be satisfied by the filing of the most recent
United States Estate (and Generation-Skipping Transfer) Tax Return published by
the Internal Revenue Service or by the filing of any other form that contains
the same information. Any return or other form must state the value of each
individual asset and deduction. If a return has been filed with the Internal
Revenue Service that omits the value of any individual asset or deduction
pursuant to 26 CFR
20.2010-2(a)(7)(ii), a copy
of the return shall be filed with the Attorney General along with a second
return or form which lists the value of each individual asset or
deduction.
