JOB TITLE: TRUST VALUATION SPECIALIST

JOB CODE: 03753

DEFINITION: This is specialized professional tax examination work in the Department of Revenue in the review, examination, and analysis of estates for inheritance tax.

An employee in this job is responsible for determining the tax liability of estates under the statutory provisions for the future interest uncertainties. Work involves reviewing and analyzing wills, real estate deeds, annuity contracts, trust instruments and agreements, charitable remainder unitrusts, charitable pooled income funds, and single and multiple life estate calculations; interpreting inheritance tax statutes, regulations, procedures, and court decisions to explain the tax liability of the estate to banks, trust officers, attorneys, accountants, and estate representatives; approving or denying proposed tax compromises; establishing the department's position relative to the tax rate at which uncertain future interest will pass to a beneficiary by utilizing federal life estate tables, survival probability calculations, Federal Census statistical information, and income and expense information of the beneficiary; analyzing and commenting on proposed statutory changes for inheritance tax and recommending legislative action; and recommending the formulation of policies and procedures concerning the inheritance tax program. Work is assigned in the form of specific cases and is performed with considerable independence, but supervisory guidance is available to resolve problems involving new or unique situations of a precedent setting nature. Work is reviewed for conformance with program goals and objectives.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.):

• Analyzes and reviews charitable remainder unitrusts, charitable pooled income funds, and single and multiple life estate calculations to determine the tax liability for inheritance tax.

• Approves or disapproves exemptions for agriculture and family owned business interests.

• Reviews wrongful death/survival action petitions and confirms to the court of jurisdiction the department’s acceptance or rejection of the proposed allocation between the two claims.

• Evaluates tax compromise offers and makes value judgments in the acceptance of an offer on behalf of the commonwealth.

• Interprets inheritance tax statutes, regulations, procedures, and court decisions.

• Prepares written requests for legal opinions on complex tax cases.

• Answers technical questions as a departmental specialist in the interpretation of the inheritance tax law.

• Contacts attorneys, bank trust officers, accountants, and estate representatives by telephone or letter to resolve any questions raised during the review process of inheritance tax returns.

• Prepares tax assessments based on the acceptance/rejection of the department's proposal for taxation of future interests.

• Identifies estates requiring appeal/correction to avoid monetary loss to the commonwealth or minimize taxpayer liability.

• Determines values of estate assets, allowability of tax deductions, and credits claimed by researching state and federal tax laws, tax manuals, prior case laws, and other source material.

• Analyzes and develops new program policies and operating procedures including recommending computer changes to processing systems.

• Reviews and comments on proposed statutory changes for inheritance tax and recommends legislative action.

• Recommends the formulation of policies and procedures concerning the inheritance tax program.

• Conducts training sessions for tax examiners on new procedures, problems, and/or statutory changes.

• Employees in this job may participate in the performance of subordinates’ work consistent with operation or organization requirements.

• Performs the full range of supervisory duties.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of the methods and techniques used to report financial data.

• Knowledge of accounting concepts, principles, and practices.

• Ability to read and interpret written materials.

• Ability to establish and maintain effective work relationships.

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

FULL PERFORMANCE KNOWLEDGES, SKILLS, AND ABILITIES: (NOTE: These are expected of an employee performing the work of this job at the full performance level. These may not be evaluated by the State Civil Service Commission or used for Civil Service examination purposes and are not position-specific performance standards.):

• Knowledge of the methods and techniques used to apply accounting principles and practices to the examination and evaluation of inheritance tax returns.

• Knowledge of inheritance tax statutes, regulations, procedures, and court cases.

• Knowledge of the methods and techniques used to apply life estate tables, charitable remainder unitrust tables, charitable pooled income fund tables, and other factors to determine taxability of future interests.

• Knowledge of the methods and techniques used to analyze wrongful death/survival action petitions and effectively determine acceptance or rejection of the proposed allocation between the two claims.

• Knowledge of the methods and techniques used to analyze documents and interpret exemption claims regarding agriculture and family owned business interests.

• Knowledge of the methods and techniques used to prepare training materials and conduct training.

• Knowledge of trust documents to determine qualification of election deferral or proper taxation.

• Knowledge of the methods and techniques used to analyze inheritance tax returns and related documents including wills, deeds of trust, real estate deeds, court decisions, financial statements, business valuations and renunciations of interest, in order to determine taxability and the appropriate tax rate.

• Knowledge of the accounting principles and methods used to valuate business appraisals and proposed tax compromises.

• Knowledge of key concepts of litigation used in determining the percentage of allocation between wrongful death and survival action claims.

• Knowledge of the methods and techniques used to conduct training on procedures and statutory changes affecting inheritance tax.

• Knowledge of the methods and techniques used to analyze, comment on, and recommend changes to proposed statutory changes and legislative action.

• Ability to formulate and recommend policies and procedures.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities):

• One year of experience working with trust documents and a bachelor's degree in business administration, accounting, finance, or a closely related field;

or

• Five years of experience in accounting and financial analysis;

or

• Five years of experience in the review and evaluation of trust instruments and wills;

or

• Five years of experience in the review and evaluation of Pennsylvania inheritance tax returns;

or

• An equivalent combination of experience and training.