Section 2000.110  Schedule of Assets

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.

(Source:  Amended at 48 Ill. Reg. 12718, effective August 8, 2024)