Instructions For Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 22
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55return, (a) a notice of election
Does the notice of election
Does the notice of election
(Schedule A-1, Part 2), and (b) a fully
include the adjusted value of the
include a legal description of
executed agreement (Schedule A-1,
gross estate? (See section
each item of specially valued
Part 3). You must include certain
2032A(b)(3)(A).)
property?
information in the notice of election. To
ensure that the notice of election
Does the notice of election
(In the case of an election made for
includes all of the information required
include the method used to
qualified woodlands, the information
for a valid election, use the following
determine the special-use value?
checklist. The checklist is for your use
included in the notice of election
only. Do not file it with the return.
must include the reason for
Does the notice of election
entitlement to the woodlands
include copies of written
election.)
Does the notice of election
appraisals of the FMV of the real
include the decedent's name and
property?
SSN as they appear on the
Any election made under section
estate tax return?
2032A will not be valid unless a properly
Does the notice of election
executed agreement (Schedule A-1,
include a statement that the
Part 3) is filed with the estate tax return.
Does the notice of election
decedent and/or a member of his
To ensure that the agreement satisfies
include the relevant qualified use
or her family has owned all of the
the requirements for a valid election,
of the property to be specially
specially valued property for at
use the following checklist. The
valued?
least 5 years of the 8 years
checklist is for your use only. Do not file
immediately preceding the date
it with the return
Does the notice of election
of the decedent's death?
describe the items of real
Has the agreement been signed
property shown on the estate tax
Does the notice of election
by each qualified heir having an
return that are to be specially
include a statement as to
interest in the property being
valued and identify the property
whether there were any periods
specially valued?
by the Form 706 schedule and
during the 8-year period
item number?
preceding the decedent's date of
Has every qualified heir
death during which the decedent
expressed consent to personal
Does the notice of election
or a member of his or her family
liability under section 2032A(c)
include the FMV of the real
did not (a) own the property to be
in the event of an early
property to be specially valued
specially valued, (b) use it in a
disposition or early cessation of
and also include its value based
qualified use, or (c) materially
qualified use?
on the qualified use (determined
participate in the operation of the
without the adjustments provided
farm or other business? (See
Is the agreement that is actually
in section 2032A(b)(3)(B))?
section 2032A(e)(6).)
signed by the qualified heirs in a
form that is binding on all of the
Does the notice of election
Does the notice of election
qualified heirs having an interest
include the adjusted value (as
include, for each item of specially
in the specially valued property?
defined in section 2032A(b)(3)
valued property, the name of
(B)) of (a) all real property that
every person who has an interest
Does the agreement designate
both passes from the decedent
in that item of specially valued
an agent to act for the parties to
and is used in a qualified use,
property and the following
the agreement in all dealings
without regard to whether it is to
information about each such
with the IRS on matters arising
be specially valued, and (b) all
person: (a) the person's address,
under section 2032A?
real property to be specially
(b) the person's taxpayer
valued?
identification number, (c) the
Has the agreement been signed
person's relationship to the
by the designated agent and
Does the notice of election
decedent, and (d) the value of
does it give the address of the
include (a) the items of personal
the property interest passing to
agent?
property shown on the estate tax
that person based on both FMV
return that pass from the
and qualified use?
decedent to a qualified heir and
Schedule B—Stocks and
that are used in qualified use and
Does the notice of election
(b) the total value of such
Bonds
include affidavits describing the
personal property adjusted under
activities constituting material
If any assets to which the
section 2032A(b)(3)(B)?
participation and the identity of
special rule of Regulations
!
the material participants?
section 20.2010-2(a)(7)(ii)
CAUTION
applies are reported on this schedule,
do not enter any value in the last three
-22-
Part Instructions
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