Form M706q - Election To Claim The Qualified Small 2012 M706q Business And Farm Property Deduction - 2012 Page 4

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2012 M706Q P4

Election to Claim the Qualified Small Business and Farm Property Deduction for Qualified Small Busi-

ness Property 2012 (continued)

Decedent’s first name, middle initial, last name

Decedent’s Social Security number

Executor’s first name, middle initial, last name

Executor’s Social Security number

Part 5 — Deduction Calculation for Qualified Small Business Property

1 Value of assets. For each asset elected to be deducted from the decedent’s Minnesota adjusted taxable estate as qualified

small business property, provide a description, indicate the Schedule and item number from the Federal Form 706 where the

asset is reported, and report the asset’s fair market value at the valuation date.

Federal Schedule and Item

Fair Market Value

Description of Asset

Number Where Reported

At Valuation Date

Subtotal from additional sheets attached to this schedule, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total value of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Noneligible property. List property included on your Federal Form 706 and on line 1 above that is not eligible for the qualified

small business deduction (see instructions).

Value Included in

Amount Not Allowed

Noneligible Property

Federal Gross Estate

in Deduction

Subtotal from additional sheets attached to this schedule, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total amount not allowed in deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Federal allowable deductions. Report allowable deductions that are related to the assets included on line 1 above and indicate

the Schedule and item number from the Federal Form 706 where the allowable deduction is reported.

Federal Schedule and Item

Amount Claimed as

Description of Deduction

Number Where Reported

a Deduction

Subtotal from additional sheets attached to this schedule, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total allowable deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Add line 2 and line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

5 Tentative Deduction. Subtract line 4 from line 1. If you are also claiming a deduction for qualified farm

property, continue to Part 6. If not, continue to Part 7... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5