Form 150-104-003 - Schedule Nrc - Oregon Natural Resource Or Commercial Fishing Business Property Credit For Form Or706
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5Oregon Natural resource and commercial fishing
business credit Schedule NRC for Form OR706
This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) and Oregon Department of Revenue
Administrative Rules (OAR). For more information, refer to the laws and rules on our website,
Please refer to ORS 118.140 and OAR 150-118.140 for additional information regarding this credit.
during an aggregate period of five out of the eight years
ORS 118.140 provides a natural resource or commercial
fishing business credit applying to deaths on or after Janu-
ending on the date of the decedent’s death:
ary 1, 2007. You may take all, part, or none of this credit for
a. Owned a vessel used in taking food fish or shellfish
which you qualify. Natural resource property is farm use
for commercial purposes (ORS 506.006);
and forestland (ORS 308A.056, 308A.250, 312.201). Qualified
b. Held a boat license (ORS 508.260);
property also includes property used in a commercial fish-
ing business [ORS 508.1301(b)(4)].
c. Held a commercial fishing license (ORS 508.235); and
To claim this credit, complete all parts of this schedule and
d. Held one or more restricted fisheries permits (ORS 508)
attach to Form OR706, Oregon Estate Transfer Tax Return, 150-
or an equivalent restricted vessel permit system under
104-001. The executor shall notify the family members who
the laws of another state
inherit natural resource or commercial fishing property of
Oregon will allow a credit for property that meets the above
the tax consequences if they fail to meet the conditions of the
requirements if:
credit (ORS 118.140). Every family member inheriting all or
part of the Natural Resource property or commercial fishing
• The property is the subject of a net cash lease to or from
property must be identified in Part 3 and sign Part 4. The
the decedent or qualified beneficiary who’s a family
executor must provide each inheriting family member with
member.
a copy of Schedule NRC for their permanent tax records.
• The property is held in trust for a qualified beneficiary
This credit is only allowed if you meet the following
who’s a family member.
requirements:
• The property replaces natural resource property and
• T he tot a l adju sted g ro s s e st ate do e sn’t exce ed
the replacement property would otherwise meet the
$15 million.
definition of natural resource property, except that is
was acquired after the date of the decedent’s death, but
• The total value of the natural resource property in the es-
before the estate tax return is filed. Real property must
tate is at least 50 percent of the total adjusted gross estate.
be replaced with real property.
• Adjusted gross estate is the gross estate minus Schedules
• For determining the period of time in which the decedent
J, K, and L.
or a family member owned real property, received in ex-
• The natural resource property is transferred to, or held in,
change [Internal Revenue Code (IRC) 1031], or acquired
trust for a qualified beneficiary, who is a family member.
in an involuntary conversion (IRC 1033), the period dur-
• During an aggregate period of five out of eight years
ing which the decedent or a family member owned the
ending on the date of the decedent’s death, the decedent
exchanged or acquired real property, may be included, if
or a family member operated a farm business, forestry
the exchanged or acquired real property was used in the
business or fishing business and the property for which
farm business or forestry business.
a credit is claimed is part of the business.
• Property that otherwise meets the requirements of this
• A credit is allowed for the following real property only
section and that is owned indirectly by the decedent or a
if the real property was owned by the decedent or a fam-
family member qualifies for a credit under this section,
ily member during an aggregate period of five out of the
if the property is owned through an interest in a lim-
eight years ending on the date of the decedent’s death and
ited liability company, corporation, partnership, or trust
used in a business described in ORS 118.140(3)(d):
[IRC 2032A(g)] . In order to qualify under this subsection,
at least one family member must materially participate
a. Real property used as forestland or as forestland
in the business after the transfer. For purposes of this
homesites, not to exceed 5,000 acres.
subsection, “materially participate” means to engage in
b. Real property used in farm use.
active management (IRC 2032A), of the farm business, for-
• A credit is allowed for property used in the operation of a
estry business or fishing business. We may adopt rules to
fishing business only if the decedent or a family member,
administer this subsection consistent with this definition.
150-104-003 (Rev. 06-12)
Instructions for Schedule NRC for Form OR706, page 1 of 5
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