Form M706q - Minnesota Election To Claim The Qualified Small Business And Farm Property Deduction - 2014 Page 6
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8M706Q P6
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 7 — Deduction Calculation for Qualified Small Business Property and Qualified Farm Property
1 Enter the amount from Part 5, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Enter the amount from Part 6, Line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Add line 1 and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Deduction. Enter the lesser of line 3 or $3,800,000. Also, enter the amount on line 6 of Form M706 . . . 4
You must attach the following to the Form M706Q:
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Documentation demonstrating decedent’s continuous ownership of the qualified property for the three-year period prior to dece-
dent’s death (deeds, titles, Federal Schedules K-1, etc.). NOTE: Property Tax Statements are not sufficient legal documentation.
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A copy of the decedent’s will, trust, probate distrubtion ruling, transfer on death deed or other documentation that demonstrates
to whom the qualified property is to be distributed to upon death.
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If the deducted property is qualified small business property, a complete copy of the decedent’s federal income tax return,
schedules, and attachments for the three taxable years ending prior to the decedent’s death (including the taxable year of
death).
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If the deducted property is qualified small business property, an explanation or summary as to how the decedent or decedent’s
spouse materially participated in the trade or business in the taxable year before death (2013).
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If the deducted property is qualified farm property, a copy of the decedent’s property tax statements for the taxable year of
death.
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