Form M706q - Election To Claim The Qualified Small 2013 M706q Business And Farm Property Deduction - 2013 Page 6

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2013 M706Q P6

2013 Election to Claim the Qualified Small Business and Farm Property Deduction (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

4 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.. . . . . . . . . . . . . . . . . . . . . . . 4

You must attach the following to the Form M706Q:

•

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 small business property, 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 (including the taxable year of

death).

•

If the deducted property is qualified farm property, a copy of the decedent’s property tax statements for the taxable year of