Form 706 - United States Estate (And Generation-Skipping Transfer) Tax Return Page 7
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46Form 706 (Rev. 11-01)
Checklist for Section 2032A Election. If you are
least 5 years of the 8 years immediately preceding the
going to make the special use valuation election on
date of the decedent’s death?
Schedule A-1, please use this checklist to ensure that
11. Does the notice of election include a statement
you are providing everything necessary to make a valid
as to whether there were any periods during the 8-year
election.
period preceding the decedent’s date of death during
To have a valid special use valuation election under
which the decedent or a member of his or her family
section 2032A, you must file, in addition to the Federal
did not (a) own the property to be specially valued,
estate tax return, (a) a notice of election (Schedule
(b) use it in a qualified use, or (c) materially participate
A-1, Part 2), and (b) a fully executed agreement
in the operation of the farm or other business? (See
(Schedule A-1, Part 3). You must include certain
section 2032A(e)(6).)
information in the notice of election. To ensure that the
12. Does the notice of election include, for each item
notice of election includes all of the information
of specially valued property, the name of every person
required for a valid election, use the following
taking an interest in that item of specially valued
checklist. The checklist is for your use only. Do not file
property and the following information about each
it with the return.
such person: (a) the person’s address, (b) the person’s
1. Does the notice of election include the decedent’s
taxpayer identification number, (c) the person’s
name and social security number as they appear on
relationship to the decedent, and (d) the value of the
the estate tax return?
property interest passing to that person based on both
fair market value and qualified use?
2. Does the notice of election include the relevant
qualified use of the property to be specially valued?
13. Does the notice of election include affidavits
describing the activities constituting material
3. Does the notice of election describe the items of
participation and the identity of the material
real property shown on the estate tax return that are to
participants?
be specially valued and identify the property by the
Form 706 schedule and item number?
14. Does the notice of election include a legal
description of each item of specially valued property?
4. Does the notice of election include the fair market
value of the real property to be specially valued and
(In the case of an election made for qualified
also include its value based on the qualified use
woodlands, the information included in the notice of
(determined without the adjustments provided in
election must include the reason for entitlement to the
section 2032A(b)(3)(B))?
woodlands election.)
5. Does the notice of election include the adjusted
Any election made under section 2032A will not be
value (as defined in section 2032A(b)(3)(B)) of (a) all
valid unless a properly executed agreement (Schedule
real property that both passes from the decedent and
A-1, Part 3) is filed with the estate tax return. To
is used in a qualified use, without regard to whether it
ensure that the agreement satisfies the requirements
is to be specially valued, and (b) all real property to be
for a valid election, use the following checklist.
specially valued?
1. Has the agreement been signed by each and
6. Does the notice of election include (a) the items
every qualified heir having an interest in the property
of personal property shown on the estate tax return
being specially valued?
that pass from the decedent to a qualified heir and
2. Has every qualified heir expressed consent to
that are used in qualified use and (b) the total value of
personal liability under section 2032A(c) in the event of
such personal property adjusted under section
an early disposition or early cessation of qualified use?
2032A(b)(3)(B)?
3. Is the agreement that is actually signed by the
7. Does the notice of election include the adjusted
qualified heirs in a form that is binding on all of the
value of the gross estate? (See section 2032A(b)(3)(A).)
qualified heirs having an interest in the specially valued
8. Does the notice of election include the method
property?
used to determine the special use value?
4. Does the agreement designate an agent to act for
9. Does the notice of election include copies of
the parties to the agreement in all dealings with the
written appraisals of the fair market value of the real
IRS on matters arising under section 2032A?
property?
5. Has the agreement been signed by the designated
10. Does the notice of election include a statement
agent and does it give the address of the agent?
that the decedent and/or a member of his or her family
has owned all of the specially valued property for at
Page 7
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