Schedule Nrc - Oregon Natural Resource Or Commercial Fishing Business Property Credit For Form Or706

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Instructions for Schedule NRC, Oregon Natural Resource or

Commercial Fishing Business Property Credit for Form OR706

This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) and Oregon Department of Revenue

Administrative Rules (OAR). For more information, refer to the laws and rules on our website,

Please refer to ORS 118.140 and OAR 150-118.140 for additional information regarding this credit.

ORS 118.140 provides a natural resource or commercial fish-

a. Owned a vessel used in taking food fish or shellfish

ing business credit applying to deaths on or after January 1,

for commercial purposes (ORS 506.006);

2007. You may take all, part, or none of this credit for which

b. Held a boat license (ORS 508.260);

you qualify. Natural resource property is farm use and

c. Held a commercial fishing license (ORS 508.235); and

forestland (ORS 308A.056, 308A.250, 321.201). Real property

must be in Oregon [ORS 118.140(a)(L)]. Qualified property

d. Held one or more restricted fisheries permits (ORS 508)

also includes property used in a commercial fishing busi-

or an equivalent restricted vessel permit system under

ness [ORS 508.1301(b)(4)].

the laws of another state

To claim this credit, complete all parts of this schedule and

Oregon will allow a credit for property that meets the above

attach to Form OR706, Oregon Estate Transfer Tax Return,

requirements if:

150-104-001. The executor shall notify the family members

• The property is the subject of a net cash lease to or from

who inherit natural resource or commercial fishing property

the decedent or qualified beneficiary who’s a family

of the tax consequences if they fail to meet the conditions of

member.

the credit (ORS 118.140). Every family member inheriting all

• The property is held in trust for a qualified beneficiary

or part of the natural resource property or commercial fish-

who’s a family member.

ing property must be identified in part 3 and sign part 4. The

executor must provide each inheriting family member with

• The property replaces natural resource property and

a copy of Schedule NRC for their permanent tax records.

the replacement property would otherwise meet the

definition of natural resource property, except that it

This credit is only allowed if you meet the following

was acquired after the date of the decedent’s death, but

requirements:

before the estate tax return is filed. Real property must

• The total adjusted gross estate doesn’t exceed $15 million.

be replaced with real property.

• The total value of the natural resource property in the es-

• For determining the period of time in which the decedent

tate is at least 50 percent of the total adjusted gross estate.

or a family member owned real property, received in ex-

change [Internal Revenue Code (IRC) 1031], or acquired

• Adjusted gross estate is the gross estate minus Schedules

in an involuntary conversion (IRC 1033), the period dur-

J, K, and L.

ing which the decedent or a family member owned the

• The natural resource property is transferred to, or held in,

exchanged or acquired real property, may be included, if

trust for a qualified beneficiary, who is a family member.

the exchanged or acquired real property was used in the

farm business or forestry business.

• During an aggregate period of five out of eight years

ending on the date of the decedent’s death, the decedent

• Property that otherwise meets the requirements of this

or a family member operated a farm business, forestry

section and that is owned indirectly by the decedent or a

business, or fishing business and the property for which

family member qualifies for a credit under this section,

a credit is claimed is part of the business.

if the property is owned through an interest in a lim-

ited liability company, corporation, partnership, or trust

• A credit is allowed for the following real property only

[IRC 2032A(g)] . In order to qualify under this subsection,

if the real property was owned by the decedent or a fam-

at least one family member must materially participate

ily member during an aggregate period of five out of the

in the business after the transfer. For purposes of this

eight years ending on the date of the decedent’s death and

subsection, “materially participate” means to engage in

used in a business described in ORS 118.140(3)(d):

active management (IRC 2032A), of the farm business, for-

a. Real property used as forestland or as forestland

estry business or fishing business. We may adopt rules to

homesites, not to exceed 5,000 acres.

administer this subsection consistent with this definition.

b. Real property used in farm use.

Credit computation

• A credit is allowed for property used in the operation of a

fishing business only if the decedent or a family member,

The natural resource credit is computed by multiplying

during an aggregate period of five out of the eight years

the tax that would be payable (ORS 118.005 to ORS 118.840),

ending on the date of the decedent’s death:

150-104-003 (Rev. 07-14)

Instructions for Schedule NRC for Form OR706, page 1 of 5

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