Schedule Z - Oregon Exclusion For Natural Resource Or Commercial Fishing Property

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Schedule Z — Oregon Exclusion for Natural Resource or Commercial Fishing Property
Estate of:
Date of death
Decedent’s Social Security number
Part 1
. Exclusion for the following property, not to exceed $7.5 million:
c Farm use defined in ORS 308A.056
c Farm use defined in ORS 308A.250
c Forestland defined in ORS 321.201
c Forestland defined in ORS 308A.250
c Property used in commercial fishing operations and any property used in processing or marketing of the product of those
commercial fishing operations
The exclusion is not valid unless Part 3 of this schedule:
a. is signed by each qualified heir with an interest in the exclusion property, and
b. the completed Schedule Z is attached to Form IT-1, Oregon Inheritance Tax Return, when it is filed.
Part 2
. Description of property. All exclusion property entered on the lines below, must also be entered on Schedules A, E, F, G, or H, as applicable.
A. Schedule and item
B. Description of the excluded property
C. Fair market value
D. Value for
number from Form 706
exclusion from
total gross estate (if
different from column C)
Totals
C.
D.
•
Attach a legal description of all property described in column B.
•
Attach copies of valid fee appraisals for all property listed in column C.
•
Enter the total from column C or D, whichever is less, on Part 5, line 12, not to exceed $7.5 million. This is your natural resource exclusion amount.
Identify each qualified heir receiving an interest in property which has be excluded from the gross value of this estate.
Full name
Street address, City, State, ZIP code
A
B
C
D
E
F
G
Identifying number (e.g. SSN, FEIN)
Relationship to decendent
FMV or heirs’ portion of exclusion property
A
B
C
D
E
F
G
Attach a computation, for each heir, of the Oregon inheritance tax savings attributable to the transfer of natural resource property from decedent to heir.
150-103-003 (12-07) draft 10/02/07-B
Schedule Z, page 1 of 2

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