Schedule Nrc - Oregon Natural Resource Or Commercial Fishing Business Property Credit For Form Or706 Page 4

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Oregon Natural Resource or Commercial Fishing Business Property Credit for Form OR706

Estate of:

Decedent’s Social Security number

Part 4

. Valid election. Natural resource or commercial fishing business property credit.

We (list the qualified heirs having an interest in the natural resource or commercial fishing business property)

are the qualified heirs having interest in the natural resource or commercial fishing business property. We approve of the election made by

executor/administrator of the estate of

We, the qualified heirs, understand ORS 118.140, requires the following conditions be met:

1. The qualified heir must use the property as a natural resource property or commercial fishing business property for which a credit is elected for at

least five out of eight calendar years following the decedent’s death to qualify for the credit.

2. The heir who inherits the natural resource property will file the Annual Certification for Natural Resource Credit Property or Commercial Fishing

Business Credit Property form, 150-104-008, with us each year, due on April 15th. With the annual certification form the heir certifies continued

qualified use of the property according to ORS 118.140.

3. During the five out of eight calendar years required use period, described in number 1 above, the qualified heir may transfer the natural resource or

commercial fishing business property to another qualified heir who is eligible for the credit. Upon transfer of property to a qualified heir, file Form

OR706-A, Oregon Additional Estate Transfer Tax Return; transfer to a qualified heir generally results in no additional tax.

4. If the heir does not use the property as a natural resource or commercial fishing business property for five out of eight calendar years following the

decedent’s death, or the heir disposes of the property, an additional tax under ORS 118.005 to 118.840 may be due from the heir.

a. The additional tax liability will be the amount of additional tax that would have been imposed had the disqualified property value not been

included in the natural resource credit calculation multiplied by [(five minus the number of years the property was used as natural resource

property) divided by five].

b. Form OR706-A, Oregon Additional Estate Transfer Tax Return, 150-104-007, will be required from the heir and the additional estate transfer tax

paid within six months after the disqualifying event occurs.

The signature of each qualified heir, or each trustee of a trust, is required for a valid election:

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

(Signature of qualified heir)

Date (MM/DD/YYYY)

Attach additional pages if more signature lines are needed. If all of the qualified heirs cannot sign the same page, it is acceptable to have a separate

signature page for each heir.

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

Schedule NRC for Form OR706, page 4 of 5