M706Q P3
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 4 — Agreement (Must be completed and signed by each and every qualified heir and the executor)
Heirs: All persons signing below agree and attest to the following:
I am a “family member” as provided by M.S. 291.03, subd. 8.
I am a “qualified heir” as provided by M.S. 291.03, subd. 8(c).
Each and every qualified heir who acquired the qualified property or an interest in the qualified property described on Line 1, Parts 5
and 6 is listed below.
If any qualified heir or family member disposes of any interest in the qualified property described on Line 1, Parts 5 and 6, other
than by a disposition to a family member, during the three-year period following decedent’s death, I am personally responsible for
filing and paying the recapture tax equal to the amount listed on Line 4, Part 7, multiplied by 16%. The filing and payment due date
is no later than six months from the date of the disqualifying disposition.
If a family member does not maintain the 2a classification for the qualified property described on Line 1, Part 6 for the farm property
deduction or a family member does not materially participate in the operation of the trade or business describes on Line 12, Part 3
for the qualified property described on Line 1, Part 5 for the small business property deduction during the three-year period follow-
ing decedent’s death, I am personally responsible for filing and paying the recapture tax equal to the amount listed on Line 4, Part
7, multiplied by 16%. The filing and payment due date is no later than six months from the date of the disqualifying cessation of the
trade or business.
This schedule is correct and complete to the best of my knowledge and belief.
Name
Address
City
State
Zip code
Signature of qualified heir
Date
Social Security number
Phone number
Name
Address
City
State
Zip code
Signature of qualified heir
Date
Social Security number
Phone number
Name
Address
City
State
Zip code
Signature of qualified heir
Date
Social Security number
Phone number
Name
Address
City
State
Zip code
Signature of qualified heir
Date
Social Security number
Phone number
Executor: I agree and attest to the following:
I am the executor of the decedent’s estate.
Each and every qualified heir who acquired the qualified property or an interest in the qualified property described on Line 1, Parts 5
and 6 signed the agreement above.
If any qualified heir or family member disposes of any interest in the qualified property described on Line 1, Parts 5 and 6, other
than by a disposition to a family member, during the three-year period following decedent’s death, I am personally responsible for
filing and paying the recapture tax equal to the amount listed on Line 4, Part 7, multiplied by 16%. The filing and payment due date
is no later than six months from the date of the disqualifying disposition.
If a family member does not maintain the 2a classification for the qualified property described on Line 1, Part 6 for the farm property
deduction or a family member does not materially participate in the operation of the trade or business describes on Line 12, Part 3
for the qualified property described on Line 1, Part 5 for the small business property deduction during the three-year period follow-
ing decedent’s death, I am personally responsible for filing and paying the recapture tax equal to the amount listed on Line 4, Part
7, multiplied by 16%. The filing and payment due date is no later than six months from the date of the disqualifying cessation of the
trade or business.
This schedule is correct and complete to the best of my knowledge and belief.
Name
Address
City
State
Zip code
Signature of executor
Date
Attach separate sheets, if needed.