Instructions For Form 706 - 2016 Page 38
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54copy of the written disclaimer required
of the decedent's probate estate, such
for the value of property in the
by section 2518(b).
as lifetime transfers, jointly-owned
decedent's gross estate that was
property that passed to the survivor on
transferred by the decedent during life
Line 3
decedent's death, and the insurance
or by will to or for the use of any of the
Section 2056(b)(7)(C)(ii) creates an
payable to specific beneficiaries;
following:
automatic QTIP election for certain joint
The values of all specific and general
The United States, a state, a political
and survivor annuities that are includible
legacies or devises, with reference to
subdivision of a state, or the District of
in the estate under section 2039. To
the applicable clause or paragraph of
Columbia, for exclusively public
qualify, only the surviving spouse can
the decedent's will or codicil. (If legacies
purposes;
have the right to receive payments
are made to each member of a class, for
Any corporation or association
before the death of the surviving
example, $1,000 to each of decedent's
organized and operated exclusively for
spouse.
employees, only the number in each
religious, charitable, scientific, literary,
class and the total value of property
or educational purposes, including the
The executor can elect out of QTIP
received by them need be furnished);
encouragement of art, or to foster
treatment, however, by checking the
The date of birth of all persons, the
national or international amateur sports
“Yes,” box on line 3. Once made, the
length of whose lives may affect the
competition (but only if none of its
election is irrevocable. If there is more
value of the residuary interest passing to
activities involve providing athletic
than one such joint and survivor annuity,
the surviving spouse; and
facilities or equipment, unless the
you are not required to make the
Any other important information such
organization is a qualified amateur
election for all of them.
as that relating to any claim to any part
sports organization) and the prevention
If you make the election out of QTIP
of the estate not arising under the will.
of cruelty to children and animals. No
treatment by checking “Yes,” on line 3,
part of the net earnings may benefit any
Lines 5a, 5b, and 5c. The total of the
you cannot deduct the amount of the
private individual and no substantial
values listed on Schedule M must be
annuity on Schedule M. If you do not
activity may be undertaken to carry on
reduced by the amount of the federal
elect out, you must list the joint and
propaganda, or otherwise attempt to
estate tax, the federal GST tax, and the
survivor annuities on Schedule M.
influence legislation or participate in any
amount of state or other death and GST
political campaign on behalf of any
Listing Property Interests on
taxes paid out of the property interest
candidate for public office;
involved. If you enter an amount for
Schedule M
A trustee or a fraternal society, order
state or other death or GST taxes on
or association operating under the lodge
List each property interest included in
line 5b or 5c, identify the taxes and
system, if the transferred property is to
the gross estate that passes from the
attach your computation of them.
be used exclusively for religious,
decedent to the surviving spouse and
Attachments. If you list property
charitable, scientific, literary, or
for which a marital deduction is claimed.
interests passing by the decedent's will
educational purposes, or for the
This includes otherwise nondeductible
on Schedule M, attach a certified copy
prevention of cruelty to children or
terminable interest property for which
of the order admitting the will to probate.
animals. No substantial activity may be
you are making a QTIP election.
If, when you file the return, the court of
undertaken to carry on propaganda or
Number each item in sequence and
probate jurisdiction has entered any
otherwise attempt to influence
describe each item in detail. Describe
decree interpreting the will or any of its
legislation, or participate in any political
the instrument (including any clause or
provisions affecting any of the interests
campaign on behalf of any candidate for
paragraph number) or provision of law
listed on Schedule M, or has entered
public office;
under which each item passed to the
any order of distribution, attach a copy
Any veterans organization
surviving spouse. Indicate the schedule
of the decree or order. In addition, the
incorporated by an Act of Congress or
and item number of each asset.
IRS may request other evidence to
any of its departments, local chapters,
In listing otherwise nondeductible
support the marital deduction claimed.
or posts, for which none of the net
property for which you are making a
earnings benefits any private individual;
Schedule O—Charitable,
QTIP election, unless you specifically
or
identify a fractional portion of the trust or
Public, and Similar Gifts
Employee stock ownership plans, if
other property as not subject to the
the transfer qualifies as a qualified
and Bequests
election, the election will be considered
gratuitous transfer of qualified employer
made for the entire interest.
securities within the meaning provided
If any assets to which the
in section 664(g).
special rule of Regulations
Enter the value of each interest
!
section 20.2010-2(a)(7)(ii)
before taking into account the federal
CAUTION
For this purpose, certain Indian tribal
applies are reported on this schedule,
estate tax or any other death tax. The
governments are treated as states and
do not enter any value in the last three
valuation dates used in determining the
transfers to them qualify as deductible
columns. See instructions for line 23 of
value of the gross estate apply also on
charitable contributions. See section
Part 5–Recapitulation for information on
Schedule M.
7871 and Rev. Proc. 2008-55, 2008-39
how to estimate and report the value of
If Schedule M includes a bequest of
I.R.B. 768, available at
these assets.
the residue or a part of the residue of
pub/irs-irbs/irb08-39.pdf, as modified
the decedent's estate, attach a copy of
and supplemented by subsequent
General
the computation showing how the value
revenue procedures, for a list of
You must complete Schedule O and file
of the residue was determined. Include
qualifying Indian tribal governments.
it with the return if you claim a deduction
a statement showing:
on item 22 of Part 5—Recapitulation.
You may also claim a charitable
The value of all property that is
contribution deduction for a qualifying
included in the decedent's gross estate
You can claim the charitable
conservation easement granted after
(Schedules A through I) but is not a part
deduction allowed under section 2055
-38-
Part Instructions
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