Form M706q - Election To Claim The Qualified Small 2013 M706q Business And Farm Property Deduction - 2013 Page 8

Download a blank fillable Form M706q - Election To Claim The Qualified Small 2013 M706q Business And Farm Property Deduction - 2013 in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Form M706q - Election To Claim The Qualified Small 2013 M706q Business And Farm Property Deduction - 2013 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

2013 M706Q Instructions

(continued)

Describe the trade or business, including

Parts 5 and 6 – Deduction

Allowable Deductions. Complete section 3

the type of industry, and enter the six-digit

Calculation

by entering a description of the Federal allow-

NAICS code that best describes the busi-

Value of Assets. Complete section 1 by

able deductions that are related to the assets

ness activities. To determine the appropri-

entered above in section 1, including:

entering a description of each asset that

ate NAICS code, go to

is elected to be deducted as qualifying

•

marital deduction,

gov/eos/www/naics/index.html. Enter a

property from the decedent’s Minnesota

•

mortgages and liens held against the

keyword to search the most recent NAICS

adjusted taxable estate. Enter the schedule

qualifying property,

list.

and item number from the federal Form

706 where the asset is reported. Then enter

•

property tax payable on the qualifying

If a family member does not maintain the

the fair market value of the asset at the

property,

2a classification for the qualified property

valuation date. This is the value included

for the farm property deduction or a fam-

•

expenses and costs taken as a deduction

in the Federal gross estate. If the estate is

ily member does not materially participate

used to preserve the qualifying property,

electing to deduct only a portion of an asset

in the operation of the trade or business

and

reported on the federal Form 706, enter

for the small business property deduction

•

appraisal fees.

the appropriate valuation percentage that

during the three-year period following

qualifies for the deduction. Subtotal all

decedent’s death, a recapture tax will be

Enter the schedule and item number from the

amounts as line 1.

imposed.

federal Form 706 where the allowable deduc-

tion is reported. Subtotal all amounts as line

Non-eligible Property. For qualified small

If the qualified heirs dispose of any interest

business property, complete section 2 by

in the qualified property other than to a

entering a description of any cash, cash

family member during the three years fol-

Questions?

equivalents, publicly traded securities, or

lowing the decedent’s death, a recapture tax

assets not used in the operation of the trade

will be imposed.

You can find forms and information, includ-

or business. Cash equivalents are short-

The recapture tax is equal to 16% of the

ing answers to frequently asked questions

term securities that are liquid enough to be

amount deducted by this election from the

and options for paying electronically, on our

considered equivalent to cash. Examples in-

Minnesota adjusted taxable estate. The re-

website at:

clude negotiable instruments, money mar-

capture tax and return are due no later than

ket holdings, short-term government bonds

six months from the date of the disqualify-

or Treasury bills, marketable securities,

ing cessation of the trade or business or the

Send us an email at:

commercial paper, and other like items. For

disqualifying disposition of the qualified

BusinessIncome.tax@state.mn.us

assets entered above in section 1 consist-

property.

ing of shares of stock or other ownership

Call us at:

(M.S. 291.03, subd. 11)

interests in a business entity, the amount of

651-556-3075

cash, cash equivalents, publically traded se-

If the estate answers “no” to any of the

Weekdays, 8 a.m. to 4:30 p.m.

curities, or assets not used in the operation

questions in Part 3, stop here: the estate

TTY: 711 Minnesota Relay

of the trade or business held by the corpo-

is not eligible to claim the small business

ration or business entity must be entered

or farm property deduction. If the estate

Or write to:

in section 2 in proportion to the decedent’s

answers “yes” to all questions in Part 3, the

Minnesota Revenue

share of ownership of the corporation or

estate may be eligible to claim the small

Mail Station 1315

business entity on the date of death.

business or farm property deduction. Con-

St. Paul, MN 55146-1315

tinue to Part 4.

For qualified farm property, complete

section 2 by entering a description of any

Part 4 – Agreement

property other than class 2a agricultural

To make a valid election, the agreement

land (real property) or non-homestead

must be completed and signed by each

property included in the values entered

and every qualified heir who acquired the

above in section 1.

qualified property upon the death of the

Subtotal all amounts as line 2.

decedent. In addition, the executor of the

estate must sign the agreement on behalf of

the estate.

0 votes

Top 20 Happy Easter Cards And Gift Tags To Download For Free

Top Ten Easter Arts And Crafts Activities For Your Kids

Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

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

Form M706q - Minnesota Election To Claim The Qualified Small Business And Farm Property Deduction - 2014 Financial

Form M706q - Election To Claim The Qualified Small Business And Farm Property Deduction - 2017 Financial

Form M706q - Election To Claim The Qualified Small Business And Farm Property Deduction - 2016 Financial

Form 49e - Idaho Election To Claim The Qualified Investment Exemption From Property Tax In Lieu Of Investment Tax Credit - 2013 Financial

Form 49e - Idaho Election To Claim The Qualified Investment Exemption From Property Tax In Lieu Of Investment Tax Credit - 2015 Financial

Form 49e - Idaho Election To Claim The Qualified Investment Exemption From Property Tax In Lieu Of Investment Tax Credit - 2014 Financial

Form 49e - Idaho Election To Claim The Qualified Investment Exemption From Property Tax In Lieu Of Investment Tax Credit - 2012 Financial

Instructions For Idaho Form 49e - Idaho Election To Claim The Qualified Investment Exemption From Property Tax In Lieu Of Investment Tax Credit Financial

Form 8855 - Election To Treat A Qualified Revocable Trust As Part Of An Estate Financial

Related Categories

Parent category: Financial

Form M706q - Election To Claim The Qualified Small 2013 M706q Business And Farm Property Deduction - 2013 Page 8

Related Articles

Related forms

Related Categories