Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 20
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46Form 706 (Rev. 11-01)
Instructions for Schedule F—Other
You must account for goodwill in the valuation. In
general, furnish the same information and follow the
Miscellaneous Property
methods used to value close corporations. See the
You must complete Schedule F and file it with the
instructions for Schedule B.
return.
All partnership interests should be reported on
On Schedule F list all items that must be included in
Schedule F unless the partnership interest, itself, is
the gross estate that are not reported on any other
jointly owned. Jointly owned partnership interests
schedule, including:
should be reported on Schedule E.
● Debts due the decedent (other than notes and
If real estate is owned by the sole proprietorship, it
mortgages included on Schedule C)
should be reported on Schedule F and not on
● Interests in business
Schedule A. Describe the real estate with the same
detail required for Schedule A.
● Insurance on the life of another (obtain and attach
Line 1. If the decedent owned at the date of death
Form 712, Life Insurance Statement, for each
articles with artistic or intrinsic value (e.g., jewelry, furs,
policy)
silverware, books, statuary, vases, oriental rugs, coin or
Note for single premium or paid-up policies: In
stamp collections), check the “Yes” box on line 1 and
certain situations, for example where the surrender
provide full details. If any one article is valued at more
value of the policy exceeds its replacement cost, the
than $3,000, or any collection of similar articles is
true economic value of the policy will be greater
valued at more than $10,000, attach an appraisal by
than the amount shown on line 59 of For m 712. In
an expert under oath and the required statement
these situations, you should report the full economic
regarding the appraiser’s qualifications (see
value of the policy on Schedule F. See
Regulations section 20.2031-6(b)).
Rev. Rul. 78-137, 1978-1 C.B. 280 for details.
● Section 2044 property (see Decedent Who Was a
Decedent Who Was a Surviving Spouse
Surviving Spouse below)
If the decedent was a surviving spouse, he or she may
● Claims (including the value of the decedent’s
have received qualified terminable interest property
(QTIP) from the predeceased spouse for which the
interest in a claim for refund of income taxes or
marital deduction was elected either on the
the amount of the refund actually received)
predeceased spouse’s estate tax return or on a gift tax
● Rights
return, Form 709. The election was available for gifts
● Royalties
made and decedents dying after December 31, 1981.
● Leaseholds
List such property on Schedule F.
● Judgments
If this election was made and the surviving spouse
● Reversionary or remainder interests
retained his or her interest in the QTIP property at
death, the full value of the QTIP property is includible
● Shares in trust funds (attach a copy of the trust
in his or her estate, even though the qualifying income
instrument)
interest terminated at death. It is valued as of the date
● Household goods and personal effects, including
of the surviving spouse’s death, or alternate valuation
wearing apparel
date, if applicable. Do not reduce the value by any
● Farm products and growing crops
annual exclusion that may have applied to the transfer
creating the interest.
● Livestock
The value of such property included in the surviving
● Farm machinery
spouse’s gross estate is treated as passing from the
● Automobiles
surviving spouse. It therefore qualifies for the charitable
If the decedent owned any interest in a partnership
and marital deductions on the surviving spouse’s
or unincorporated business, attach a statement of
estate tax return if it meets the other requirements for
assets and liabilities for the valuation date and for the
those deductions.
5 years before the valuation date. Also attach
For additional details, see Regulations section
statements of the net earnings for the same 5 years.
20.2044-1.
Schedule F—Page 20
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