Estate Tax Form 2 - Ohio Estate Tax Return For All Resident Filings For Dates Of Death Page 10
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12Explanation of Elections
Alternate Valuation Date (Section 5731.01(A) and (D) O.R.C.)
The gross estate may be valued on the decedent’s date of
within one year and nine months from the date of decedent’s
death or on an alternate valuation date. The alternate valuation
death or within one year from any extensions granted by the
date is six months from date of death unless the property item
tax commissioner. Once made, this election is irrevocable.
is sold, disposed of or distributed within that six months.
If alternate valuation is elected, please list both date of death
The executor must make an election by checking “yes” in the
values and alternate values, and the alternate valuation date
Elections Section of the return. This election is mutually ex-
on the applicable schedules.
clusive of the federal election. However, it must be elected
Qualified Farm Property Valuation (O.R.C. Section 5731.011)
The estate may elect Qualified Farm Property Valuation for
3. Current Agricultural Use Valuation (CAUV) cards (from
determining the value of farm property as an alternative to its
county auditor);
fair market value. To have qualified farm property valued at this
4. Fair market value appraisal (broken down into one acre
special valuation, certain conditions must be met.* This elec-
homesite, improvements and bare land only).
tion must be made on a timely filed return determined
with regard to any approved extensions of time to file.
If the qualified farm property valuation is elected, use the quali-
fied farm property value column in Schedule A or identify the
To help expedite the audit, please attach the following:
qualified property under Schedule E or G.
1. A complete ET Form 34;
*Please refer to Estate Tax Bulletin 5.
2. Most recent county auditor real estate propertyrecord;
Qualified Terminable Interest Property (QTIP)
(O.R.C. Section 5731.15)
The Qualified Terminable Interest Property (QTIP) election al-
the Elections Section of the return. Once the election is
lows certain life estates held for the surviving spouse to qualify
made, it is irrevocable. This election must be made on a
for the marital deduction.
timely filed return determined with regard to any approved
extensions of time to file.
The requirements for QTIP are the following:
The executor may make a partial QTIP election only if it is in
1. Surviving spouse must receive all the income for life pay-
the form of a fraction or percentage of available QTIP property.
able annually or at more frequent intervals; and
The specific interest should be clearly identified as QTIP.
2. No one can have a power to appoint the property to any
The surviving spouse’s estate must include all QTIP property
person other than the surviving spouse during surviving
claimed in the first spouse’s estate, to the extent not con-
spouse’s life; and
sumed or given away, at the value on the date of death of the
surviving spouse.
3. The executor must make an election by checking “yes” in
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