Form Or706 - Schedule Osmp - Oregon Special Marital Property
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3Instructions for Schedule OSMP, Oregon Special
Marital Property for Form OR706
Use this schedule for estates making an Oregon Special Marital Property (OSMP) election
under Oregon Revised Statutes (ORS) 118.013 and 118.016.
Do not file this schedule if the marital trust document states
Line 4. The total net losses during administration and
that no one other than the surviving spouse will benefit
expenses incurred administering property not subject to
from the marital property.
claims from federal Schedule L claimed on Form OR706,
part 5, Recapitulation, lines 518 and 519.
The Oregon Special Marital Property (OSMP) election is an
election made by the estate executor.
Line 5. The total marital bequests from federal Schedule
M claimed on Form OR706, part 5, Recapitulation, line 520.
This election is irrevocable.
Complete this schedule if there is a difference between your
Line 6. The total charitable bequests from federal Schedule O
federal and state marital deduction and you want to reduce
claimed on Form OR706, part 5, Recapitulation, line 521.
the Oregon estate transfer tax debt.
Line 9. Oregon estate transfer tax filing threshold is
Does the trust or other property interest allow distributions
$1 million.
to persons other than the surviving spouse? If yes, the execu-
Line 10. This is the minimum OSMP amount needed to
tor may choose a share of the trust or other property interest
reduce your Oregon estate transfer tax debt to zero.
for the benefit of the surviving spouse as OSMP.
Specific assets for OSMP election: Identify the specific
The surviving spouse and each permissible distributee must
have their signatures notarized. A permissible distributee
property for the OSMP election.
is a beneficiary who’s currently eligible to receive distribu-
Column A. Show the schedule and item number where
tions of trust income or principal, whether the distribution
the OSMP asset is identified for gross estate.
is mandatory or discretionary (ORS 130.010). The election
and consent form, Consent to Establishment of Oregon Special
Column B. Show the fractional portion or percentage, if
Marital Property, is provided below.
100 percent is not OSMP property.
Unless the executor identifies a fractional portion or per-
Column C. Describe the property.
centage of the trust or other property for this election, the
Column D. Show the value of the property for the
executor is deemed to have made an OSMP election on the
election.
entire trust or other property.
If more space is needed, attach a continuation schedule.
Line instructions
Line 13. This is your OSMP election amount. Enter this
amount on your Oregon-only Schedule M and add this
Line 2. The total funeral and administrative expenses from
amount to your federal Schedule M amount on Form OR706,
federal Schedule J claimed on Form OR706, part 5, Recapitu-
Recapitulation, part 5, line 520.
lation, line 513.
Example: Federal Schedule M is $2.4 million plus your
Line 3. The total debts, mortgages, and liens from federal
OSMP of $1 million equals a total of $3.4 million ($3,400,000)
Schedule K claimed on Form OR706, part 5, Recapitulation,
lines 514 and 515.
on Form OR706, part 5, line 520.
150-104-004 (Rev. 07-13)
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