Form M706q - Minnesota Election To Claim The Qualified Small Business And Farm Property Deduction - 2014 Page 2

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M706Q P2

2014 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 3 — Qualified Heirs and Family Members Requirements

11 Are each of the persons who acquired the qualified property from the decedent

family members (see instructions)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Yes

12 For the Small Business Property Deduction: Describe the trade or business the decedent and the qualified property was

engaged in and provide the NAICS Code.

Trade or business

NAICS Code

13 Do the persons from question 11, the qualified heirs, agree that a family member will maintain the 2a

classification for the farm property deduction or materially participate in the operation of the trade or

business described in question 12 for the small business property deduction for the three years

following the decedent’s death? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Yes

14 Do the persons from question 11, the qualified heirs, agree not to dispose of any interest in the qualified

property other than to a family member during the three years following the decedent’s death?. . . . . . . . . . . 14

Yes

Important: If, within three years following the decedent’s death, the qualified heir(s) do not adhere to the agreement signed on

page 3 of the M706, a recapture tax will be imposed.

15 Enter the name of each qualified heir from question 11, their relationship to the decedent, the Federal schedule and item

number where the properties are reported on Federal Form 706, and the fair market value of the properties received.

Federal Schedule and

Name

Relationship to Decedent

Fair Market Value Received