Form M706q - Election To Claim The Qualified Small 2012 M706q Business And Farm Property Deduction - 2012 Page 6

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2012 M706Q P6

Election to Claim the Qualified Small Business and Farm Property Deduction 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 7 — Deduction Calculation for Qualified Small Business Property and Qualified Farm Property

1 Enter the amount from Part 5, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Enter the amount from Part 6, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3 Add line 1 and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

5 Deduction. Enter the lesser of line 3 or $4,000,000. Also, enter the amount on step 6 and step 20

of the “Worksheet to Determine Line 1,” on page 4 of the M706 instructions.. . . . . . . . . . . . . . . . . . . . . . . 5

You must attach the following to the Form M706Q:

•

A complete copy of the decedent’s federal income tax return, schedules, and attachments for the three taxable years ending

prior to the decedent’s death.

•

Documentation demonstrating decedent’s continuous ownership of the qualified property for the three-year period prior to dece-

dent’s death (deeds, titles, Federal Schedules K-1, etc.).

•

If the deducted property is qualified farm property, a copy of the decedent’s property tax statements for the three years before

death.