M706Q P4
2016 Election to Claim the Qualified Small Business and Farm Property Deduction for Qualified Small
Business Property (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