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    4                                                                               NEAR FINAL DRAFT — 6/24/24                                                                       4
    5                                                                                                                                                                                5
    6                                                                                                                                                                                6
    7  2024 Form M706Q, Election to Claim the Qualified Small                                                                                                                        7
    8                                                                                                                                                                                8
    9  Business and Farm Property Deduction                                                                                                                                          9
    10 To be completed by the executor of the estate with a date of death in 2024, and qualified heirs.                                                                              10
    11                                                                                                                                                                               11
    12                                                                                                                                                                               12
    14 Decedent’s first name, middle initial                                        Last name                           123456789Decedent’s Social Security number                   14
    13 DECEDENTS FIRST NAME MIDDLE I                                                LAST NAMEXXXXXXXXXX                                                                              13
    15                                                                                                                                                                               15
    16 LASTLast home address (street, apartment,HOMEroute) ADDRESS STREET APARTMENT                   ROUTEXXXXXXXXX    11223333Date of death                                        16

    17 CITYXXXXXXXXXXXXXXXXXXXXXXXXX MN                                                               11223        123456789                                                         17
    18 City                                                                         State             Zip code          Minnesota probate county and file number                     18
    19                                                                                                                                                                               19
    20 EXECUTOR FIRST NAME MIDDLE I  LAST NAMEXXXXXXXXXX 123456789                                                                                                                   20
    21 Executor’s first name, middle initial                                        Last name                           Executor’s Social Security number                            21
    22 NAME OF FIRMXXXXXXXXX 1112223333                  1234567894                                                                                                                  22
    23 Name of firm (if applicable)                                                                                     Executor’s phone                                             23
    24 ADDRESS STREET APARTMXXXXXXXX CITYXXXXXXXXXXXXXXX MN     11223                                                                                                                24
    25 Address (street, apartment, route)                                           City                                State                 Zip code                               25
    26 Part 1 — Qualified Small Business Property Requirements                                                                                                                       26
    27 Complete Part 1 to determine if the estate meets the qualified small business property requirements. If the answer is “No” for any of the questions,                          27
    28 the estate is not eligible to claim the small business property deduction.                                                                                                    28
    29   1  Is the value of the property included in the decedent’s federal adjusted taxable estate, which                                                                           29
    30             is after federal allowable deductions, including debts, expenses and bequests to a surviving spouse?  . ...... ..... .    1              X       Yes  X     No    30
    31   2  Does the property consist of assets of a trade or business (or shares of stock or other ownership interests                                                              31
    32             in a corporation or other entity that is engaged in a trade or business and is not publicly traded)? ... ..... ...... ..    2            X       Yes  X     No    32
    33   3  Did the decedent or the decedent’s spouse materially participate in                                                                                                      33
    34             the trade or business during the taxable year that ended before the decedent’s death?... ...... ..... ....... ....    3                  X  Yes       X     No    34
    35   4  Did the trade or business have gross annual sales of $10 million or less                                                                                                 35
    36             during the last taxable year that ended before the decedent’s death?... ...... ..... ....... ..... ...... ..... ...    4                 X  Yes       X     No    36
    37   5  Did the decedent or the decedent’s spouse continuously own the property for                                                                                              37
    38             the three-year period ending at the decedent’s death? ... ...... ..... ....... ..... ...... ..... ..... ...... ....                    5 X  Yes       X     No    38
    39 If you answered yes to all of the Part 1 questions, the estate may be eligible to claim the small business property deduction.                                                39
    40 Complete Part 3 to determine if the estate has qualified heirs.                                                                                                               40
    41                                                                                                                                                                               41
    42 Part 2 — Qualified Farm Property Requirements                                                                                                                                 42
    43 Complete Part 2 to determine if the estate meets the qualified farm property requirements. If the answer is “No” for any of the questions, the estate                         43
    44 is not eligible to claim the farm property deduction.                                                                                                                         44
    45   6  Is the value of the property included in the decedent’s federal adjusted taxable estate, which                                                                           45
    46             is after federal allowable deductions, including debts, expenses and bequests to a surviving spouse?  . ...... ..... .  6                X  Yes       X     No    46
    47   7  Does the property consist of agricultural land and is owned by a person or entity that is either                                                                         47
    48             not subject to or is in compliance with M.S. 500.24? .... ...... ...... ..... ..... ...... ...... ...... ...... ....                 7    X  Yes      X     No    48
    49   8  Was the property classified for property tax purposes in the taxable year of death as agricultural                                                                       49
    50             homestead, agricultural relative homestead, or special agricultural homestead under M.S. 273.124?  ..... ...... ..  8                    X  Yes       X  No       50
    51   9  Was the property classified for property tax purposes in the taxable year of death as                                                                                    51
    52             class 2a property under M.S. 273.13, subd. 23? ...... ..... ...... ..... ....... ..... ..... ...... ..... ...... ..                  9    X  Yes      X  No       52
    53   10  Did the decedent or the decedent’s spouse continuously own the property for                                                                                             53
    54             the three-year period ending at the decedent’s death? ... ...... ..... ....... ..... ...... ..... ..... ...... ...  10                   X  Yes       X  No       54
    55                                                                                                                                                                               55
    56 If you answered yes to all of the Part 2 questions, the estate may be eligible to claim the farm property deduction.                                                          56
    57 Complete Part 3 to determine if the estate has qualified heirs.                                                                                                               57
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    4  2024 M706Q P2                                                                                                                                                                                            4
    5                                                                                                                                                                                                           5
    6                                                                                                                                                                                                           6
    7  DECEDENTS FIRST NAME                             123456789                          EXECUTOR FIRST NAME                              123456789                                                           7
    8  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                                   8
    9                                                                                                                                                                                                           9
    10 Part 3 — Qualified Heirs and Family Members Requirements                                                                                                                                                 10
    11   11  Are each of the persons who acquired the qualified property from the decedent                                                                                                                      11
    12     family members (see instructions)? .. ..... ...... ..... ..... ....... ..... ...... ..... ...... ..... ...... .....11                                                           X  Yes  X  No        12
    13   12 For the Small Business Property Deduction: Describe the trade or business the decedent and the qualified property was                                                                               13
    14     engaged in and provide the NAICS Code.                                                                                                                                                               14
    15     Trade or business                                                                                                                NAICS Code                                                          15
    16                                                                                                                                                                                                          16
    17      TRADE OR BUSINESSXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 12345                                                                                                                                        17
        
    18                                                                                                                                                                                                          18
    19                                                                                                                                                                                                          19
            TRADE OR BUSINESSXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 12345
    20                                                                                                                                                                                                          20
    21                                                                                                                                                                                                          21
            TRADE OR BUSINESSXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 12345
    22                                                                                                                                                                                                          22
    23      TRADE OR BUSINESSXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 12345                                                                                                                                        23
    24   13  Do the persons from question 11, the qualified heirs, agree that a family member will maintain the 2a                                                                                              24
    25     classification for the farm property deduction or materially participate in the operation of the trade or                                                                                            25
    26     business described in question 12 for the small business property deduction for the three years                                                                                                      26
    27     following the decedent’s death?  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13  X  Yes  X  No        27
    28   14  Do the persons from question 11, the qualified heirs, agree not to dispose of any interest in the qualified                                                                                        28
    29     property other than to a family member during the three years following the decedent’s death?... ...... ..... ...14                                                             X  Yes  X  No        29
    30     Important: If, within three years following the decedent’s death, the qualified heir(s) do not adhere to the agreement signed on                                                                     30
    31     page 3 of the M706, a recapture tax will be imposed.                                                                                                                                                 31
    32   15  Enter the name of each qualified heir from question 11, their relationship to the decedent, the Federal schedule and item                                                                          32
    33       number where the properties are reported on Federal Form 706, and the fair market value of the properties received.                                                                                33
    34      Federal Schedule and                        Name                               Relationship to Decedent  Fair Market Value Received                                                                 34
    35      Item Number Where Reported                                                                                                                                                                          35
    36                                                                                                                                                                                                          36
    37      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             37
    38                                                                                                                                                                                                          38
    39      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             39
    40                                                                                                                                                                                                          40
    41      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             41
    42                                                                                                                                                                                                          42
    43      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             43
    44                                                                                                                                                                                                          44
    45      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             45
    46                                                                                                                                                                                                          46
    47      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             47
    48                                                                                                                                                                                                          48
    49      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             49
    50                                                                                                                                                                                                          50
    51      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             51
    52                                                                                                                                                                                                          52
    53      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             53
    54                                                                                                                                                                                                          54
    55      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             55
    56                                                                                                                                                                                                          56
    57      FED SCHEDULEXXXXX NAMEXXXXXXXXXXX RELATIONSHIPXXXXX FAIR MARKET VALUERX                                                                                                                             57
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    4  2024 M706Q P3                                                                                                                                                            4
    5                                                                                                                                                                           5
    6                                                                                                                                                                           6
    7  DECEDENTS FIRST NAME                             123456789                          EXECUTOR FIRST NAME                               123456789                          7
    8  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  8
    9                                                                                                                                                                           9
    10 Part 4 — Agreement (Must be completed and signed by each and every qualified heir and the executor)                                                                      10
    11 Heirs: All persons signing below agree and attest to the following:                                                                                                      11
    12 I am a “family member” as provided by M.S. 291.03, subd. 8.                                                                                                              12
    13 I am a “qualified heir” as provided by M.S. 291.03, subd. 8(c).                                                                                                          13
    14 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.           14
    15 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           15
    16 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                 16
    17 value (as allowed for federal estate tax purposes) of qualified property ceasing to satisfy the three-year holding period requirements, multiplied by 16%. The           17
    18 filing and payment due date is no later than six months from the date of the disqualifying disposition.                                                                  18
    19 I, a qualified heir/family member, have exercised all due diligence on whether the decedent had applied for any tax programs with the County Assessor.                   19
    20 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            20
    21 member does not materially participate in the operation of the trade or business described on Line 12, Part 3 for the qualified property described on Line 1,            21
    22 Part 5 for the small business property deduction during the three-year period following decedent’s death, I am personally responsible for filing and paying              22
       the recapture tax equal to the value (as allowed for federal estate tax purposes) of qualified property ceasing to satisfy the three-year holding period require-
    23 ments, 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.             23
    24                                                                                                                                                                          24
       This schedule is correct and complete to the best of my knowledge and belief.
    25                                                                                                                                                                          25
    26 NAMEXXXXXXXXXXXXXXXXXXX ADDRESSXXXXXXXXXXXXX CITYXXXXXXXXX MN                                                                                       55555                26
    27 Name                                             Address                                    City                                     State          Zip code             27
    28                                                  11223333                                   111223333                                1112223333                          28
    29 Signature of qualified heir                      Date                                       Social Security number                   Phone number                        29

    30 NAMEXXXXXXXXXXXXXXXXXXX ADDRESSXXXXXXXXXXXXX CITYXXXXXXXXX MN                                                                                       55555                30
    31 Name                                             Address                                    City                                     State          Zip code             31
    32                                                  11223333                                   111223333                                1112223333                          32
    33 Signature of qualified heir                      Date                                       Social Security number                   Phone number                        33

    34 NAMEXXXXXXXXXXXXXXXXXXX ADDRESSXXXXXXXXXXXXX CITYXXXXXXXXX MN                                                                                       55555                34
    35 Name                                             Address                                    City                                     State          Zip code             35

    36                                                  11223333                                   111223333                                1112223333                          36
    37 Signature of qualified heir                      Date                                       Social Security number                   Phone number                        37

    38 NAMEXXXXXXXXXXXXXXXXXXX ADDRESSXXXXXXXXXXXXX CITYXXXXXXXXX MN                                                                                       55555                38
    39 Name                                             Address                                    City                                     State          Zip code             39

    40                                                  11223333                                   111223333                                1112223333                          40
    41 Signature of qualified heir                      Date                                       Social Security number                   Phone number                        41
    42 Executor: I agree and attest to the following:                                                                                                                           42
    43 I am the executor of the decedent’s estate.                                                                                                                              43
    44 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 agree-          44
    45 ment above.                                                                                                                                                              45
    46 I, the executor, have exercised all due diligence on whether the decedent had applied for any tax programs with the County Assessor.                                     46
    47 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           47
       family member, during the three-year period following decedent’s death, I hereby agree that the estate is liable for the payment of the recapture tax equal to 
    48 the value (as allowed for federal estate tax purposes) of qualified property ceasing to satisfy the three-year holding period requirements, multiplied by 16%.           48
    49 The filing and payment due date is no later than six months from the date of the disqualifying disposition. Additionally, I understand that I am personally              49
    50 responsible for making arrangements for the filing of the recapture tax return and the payment of the recapture tax.                                                     50
    51 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            51
       member does not materially participate in the operation of the trade or business described on Line 12, Part 3 for the qualified property described on Line 
    52 1, Part 5 for the small business property deduction during the three-year period following decedent’s death, I hereby agree that the estate is liable for the            52
    53 payment of the recapture tax equal to the value (as allowed for federal estate tax purposes) of qualified property ceasing to satisfy the three-year holding             53
    54 period requirements, 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            54
       or business. Additionally, I understand that I am personally responsible for making arrangements for the filing of the recapture tax return and the payment of 
    55 the recapture tax.                                                                                                                                                       55
    56 This schedule is correct and complete to the best of my knowledge and belief.                                                                                            56
    57                                                                                                                                                                          57
    58 NameNAMEXXXXXXXXXXXXXXXXXXXAddressADDRESSXXXXXXXXXXXXXCity CITYXXXXXXXXXStateMN                                                             codeZip 55555                58
    59                                                                                                                                                                          59
                                                                                                   11223333   
    60 Signature of executor                                                                       Date                                                                         60
    61                                                                                                                                                                          61
    62                                                                                                                                                                          62
    63 A continuation page is provided after the instructions, if needed.                                                                                                       63
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    4  2024 M706Q P4                                                                                                                                                            4
    5                                                                                                                                                                           5
    6                                                                                                                                                                           6
    7  DECEDENTS FIRST NAME                             123456789                          EXECUTOR FIRST NAME                              123456789                           7
    8  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   8
    9                                                                                                                                                                           9
    10 Part 5 — Deduction Calculation for Qualified Small Business Property                                                                                                     10
    11   1  Value of assets. For each asset elected to be deducted from the decedent’s Minnesota adjusted taxable estate as qualified small business                            11
    12      property, provide a description, indicate the Schedule and item number from the Federal Form 706 where the asset is reported, and report                            12
    13      the asset’s fair market value at the valuation date.                                                                                                                13
    14                                                                                      Federal Schedule and Item                       Fair Market Value                   14
    15      Description of Asset (entity name and FEIN, if applicable)                      Number Where Reported                           At Valuation Date                   15
    16                                                                                                                                                                          16
    17      DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX                                                                                  123456789 17
    18                                                                                                                                                                          18
    19      DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX                                                                                  123456789 19
    20                                                                                                                                                                          20
    21      DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX                                                                                  123456789                 21
    22                                                                                                                                                                          22
    23      Subtotal from additional sheets attached to this schedule, if any   ..... ....... .... ....... ..... ...... ..... .....                       123456789             23
    24                                                                                                                                                                          24
    25      Total value of assets   ... ....... ..... ...... ..... ..... ...... ...... ...... ..... ...... ...... ...... ..... ...    1                   123456789 25
    26   2  Noneligible property. List property included on your Federal Form 706 and on line 1 above that is not                                                               26
    27      eligible for the qualified small business deduction (see instructions).                                                                                             27
    28                                                                                      Value Included in                               Amount Not Allowed                  28
    29      Noneligible Property                                                            Federal Gross Estate                            in Deduction                        29
    30                                                                                                                                                                          30
    31      NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXXX 112233333333333        123456789                                                                                            31
    32                                                                                                                                                                          32
    33      NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXXX 112233333333333        123456789                                                                                            33
    34                                                                                                                                                                          34
    35      NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXXX 112233333333333        123456789 35
    36                                                                                                                                                                          36
    37      Subtotal from additional sheets attached to this schedule, if any   ..... ....... .... ....... ..... ...... ..... .....                       123456789             37
    38                                                                                                                                                                          38
    39      Total amount not allowed in deduction ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... .....    2                       123456789 39
    40                                                                                                                                                                          40
    41   3  Federal allowable deductions. Report allowable deductions that are related to the assets included on line 1 above and indicate                                      41
    42      the Schedule and item number from the Federal Form 706 where the allowable deduction is reported.                                                                   42
    43                                                                                      Federal Schedule and Item                       Amount Claimed as                   43
    44      Description of Deduction                                                        Number Where Reported                           a Deduction                         44
    45                                                                                                                                                                          45
    46      DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789 46
    47                                                                                                                                                                          47
    48      DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789 48
    49                                                                                                                                                                          49
    50      DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789 50
    51                                                                                                                                                                          51
    52      Subtotal from additional sheets attached to this schedule, if any   ..... ....... .... ....... ..... ...... ..... ......                      123456789             52
    53                                                                                                                                                                          53
    54      Total allowable deductions  .... ...... ...... ..... ..... ...... ...... ...... ..... ...... ...... ..... ...... ...  3                       123456789             54
    55                                                                                                                                                                          55
    56   4   Add line 2 and line 3   . ...... ...... ..... ..... ....... ...... .... ...... ...... ..... ...... ...... ...... .....    4                  123456789             56
    57                                                                                                                                                                          57
    58   5  Tentative Deduction. Subtract line 4 from line 1. If you are also claiming a deduction for qualified farm                                                           58
    59       property, continue to Part 6. If not, continue to Part 7.. ... ...... ..... ....... ..... ...... ..... ..... ...... ....    5                123456789 59
    60                                                                                                                                                                          60
    61                                                                                                                                                                          61
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    4  2024 M706Q P5                                                                                                                                                           4
    5                                                                                                                                                                          5
    6                                                                                                                                                                          6
    7  DECEDENTS FIRST NAME                             123456789                          EXECUTOR FIRST NAME                              123456789                          7
    8  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  8
    9                                                                                                                                                                          9
    10 Part 6 — Deduction Calculation for Qualified Farm Property                                                                                                              10
    11   1  Value of assets. For each asset elected to be deducted from the decedent’s Minnesota adjusted taxable estate as qualified farm property,                           11
    12       provide a description, indicate the Schedule and item number from the Federal Form 706 where the asset is reported, and report the asset’s                        12
    13       fair market value at the valuation date.                                                                                                                          13
    14                                                                                      Federal Schedule and Item                       Fair Market Value                  14
    15      Description of Asset (parcel ID number and legal description)                   Number Where Reported                           At Valuation Date                  15
    16                                                                                                                                                                         16
    17       DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX        123456789 17
    18                                                                                                                                                                         18
    19       DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX        123456789 19
    20                                                                                                                                                                         20
    21                                                                                                                                                                         21
             DESCRIPTION OF ASSETXXXXXXXXXXXXXXXXXX FED SCHEDULEXXXX        123456789 
    22                                                                                                                                                                         22
    23      Subtotal from additional sheets attached to this schedule, if any  . ..... ...... ..... ...... ...... ..... ...... ...                        123456789            23
    24                                                                                                                                                                         24
    25       Total value of assets ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... ..... ...... ..... ...                      1   123456789            25
    26                                                                                                                                                                         26
    27   2   Noneligible property. List property included on your Federal Form 706 and on line 1 above that is not eligible for the qualified                                  27
    28       farm property deduction (see instructions).                                                                                                                       28
    29                                                                                      Value Included in                               Amount Not Allowed                 29
    30      Noneligible Property                                                            Federal Gross Estate                            in Deduction                       30
    31                                                                                                                                                                         31
    32       NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXX 112233333333333         123456789                                                                                          32
    33                                                                                                                                                                         33
    34       NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXX 112233333333333         123456789                                                                                          34
    35                                                                                                                                                                         35
    36       NONELIGIBLE PROPERTYXXXXXXXXXXXXXXXXXX 112233333333333         123456789 36
    37                                                                                                                                                                         37
    38      Subtotal from additional sheets attached to this schedule, if any   ..... ....... .... ....... ..... ...... ..... ....                        123456789            38
    39                                                                                                                                                                         39
    40      Total amount not allowed in deduction ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... ...                          2   123456789            40
    41                                                                                                                                                                         41
    42   3   Federal allowable deductions. Report allowable deductions that are related to the assets included on line 1 above and indicate                                    42
    43       the Schedule and item number from the Federal Form 706 where the allowable deduction is reported.                                                                 43
    44                                                                                      Federal Schedule and Item                       Amount Claimed as                  44
    45      Description of Deduction                                                        Number Where Reported                           a Deduction                        45
    46                                                                                                                                                                         46
    47       DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789                                                                                          47
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             DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789 
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             DESCRIPTION OF DEDUCTONXXXXXXXXXXXXXXXX FED SCHEDULEXXX        123456789 
    52                                                                                                                                                                         52
    53      Subtotal from additional sheets attached to this schedule, if any  . ..... ...... ..... ...... ...... ..... ...... ...                        123456789            53
    54                                                                                                                                                                         54
    55      Total allowable deductions  ... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... ..... ...... ... 3                         123456789            55
    56                                                                                                                                                                         56
    57    4  Add line 2 and line 3  . ..... ...... ..... ...... ..... ...... ...... ..... ...... ..... ...... ...... ...... ..... .                   4   123456789            57
    58                                                                                                                                                                         58
    59     5 Tentative Deduction. Subtract line 4 from line 1. Continue to Part 7 ..... ....... .... ....... ..... ..... ...... ..   5                    123456789            59
    60                                                                                                                                                                         60
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  2 4  6   8 10 12  14 16  18  20 22  24  26            28  30 32  34  36 38  40 42  44  46 48  50 52  54  56 58  60  62                    64  66 68  70 72  74  76 78  80    82  84  86
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  2 4  6  8 10 12  14     16  18  20 22  24  26         28  30 32  34  36 38  40 42  44  46 48  50 52  54  56 58  60  62                    64  66 68  70                                            72  74  76 78  80 82  84  86
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    4  2024 M706Q P6                                                                                                                                                                                                   4
    5                                                                                                                                                                                                                  5
    6                                                                                                                                                                                                                  6
    7  DECEDENTS FIRST NAME                             123456789                          EXECUTOR FIRST NAME                              123456789                                                                  7
    8  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                                          8
    9                                                                                                                                                                                                                  9
    10                                                                                                                                                                                                                 10
    11 Part 7 — Deduction Calculation for Qualified Small Business Property and Qualified Farm Property                                                                                                                11
    12                                                                                                                                                                                                                 12
    13   1  Enter the amount from Part 5, Line 5   . ..... ...... ..... ...... ...... ...... ..... ...... ..... ....... ..... ...                                                                  1 123456789         13
    14                                                                                                                                                                                                                 14
    15   2  Enter the amount from Part 6, Line 5   . ..... ...... ..... ...... ...... ...... ..... ...... ..... ....... ..... ...                                                                  2 123456789 15
    16                                                                                                                                                                                                                 16
    17   3  Add line 1 and line 2  .. ..... ...... ..... ...... ....... ..... ..... ...... ..... ...... ...... ..... ...... .....                                                                  3 123456789 17
    18                                                                                                                                                                                                                 18
    19   4  Enter the amount from line 5 of Form M706... ...... ..... ....... ..... ...... ..... ..... ...... ...... ...... .                                                                      4 123456789         19
    20                                                                                                                                                                                                                 20
    21   5  Enter the amount from line 6a of Form M706... ...... ..... ....... ..... ...... ..... ..... ...... ...... ......                                                                       5 123456789         21
    22                                                                                                                                                                                                                 22
    23   6  Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6 123456789 23
    24                                                                                                                                                                                                                 24
    25   7  Enter the lesser of line 3 or line 6   .... ....... ..... ...... ..... ...... ..... ...... ...... ..... ...... ...... ..                                                               7 123456789 25
    26                                                                                                                                                                                                                 26
    27   8  Deduction. Enter the lesser of line 7 or $2,000,000. Also, enter the amount on line 6b of Form M706 ... ...... ....                                                                    8 123456789         27
    28                                                                                                                                                                                                                 28
    29 You must attach the following to the Form M706Q:                                                                                                                                                                29
    30 •     Documentation demonstrating decedent’s or decedent’s spouse’s continuous ownership of the qualified property for the three-year period prior                                                              30
    31     to decedent’s death (deeds, titles, Federal Schedules K-1, etc.). NOTE: Property Tax Statements are not sufficient legal documentation.                                                                     31
    32 •   A copy of the decedent’s will, trust, probate distribution ruling, transfer on death deed or other documentation that demonstrates to whom the                                                              32
    33     qualified property is distributed to upon death.                                                                                                                                                            33
    34 •   If the deducted property is qualified small business property, a complete copy of the decedent’s federal income tax return, schedules, and attach-                                                          34
    35     ments for the three taxable years ending prior to the decedent’s death (including the taxable year of death).                                                                                               35
    36 •     If the deducted property is qualified small business property, a complete copy of the business tax return, schedules, and attachments for the tax-                                                        36
    37     able year prior to the decedent’s death.                                                                                                                                                                    37
    38 •     If the deducted property is qualified small business property, an explanation as to how the decedent materially participated in the qualified small                                                       38
    39     business in the taxable year prior to death.                                                                                                                                                                39
    40 •   If the deducted property is qualified farm property, a copy of the decedent’s property tax statements for the taxable year of death.                                                                        40
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  2 4  6  8 10 12  14     16  18  20 22  24  26         28  30 32  34  36 38  40 42  44  46 48  50 52  54  56 58  60  62                    64  66 68  70                                            72  74  76 78  80 82  84  86
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