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Does the notice of election include the FMV of the real property to be specially valued and also include its value based on the qualified use (determined without the adjustments provided in section 2032A(b)(3)(B))? Does the notice of election include the adjusted value (as defined in section 2032A(b)(3) (B)) of (a) all real property that both passes from the decedent and is used in a qualified use, without regard to whether it is to be specially valued; and (b) all real property to be specially valued? Does the notice of election include (a) the items of personal property shown on the estate tax return that pass from the decedent to a qualified heir, and that are used in qualified use; and (b) the total value of such personal property adjusted under section 2032A(b)(3)(B)? Does the notice of election include the adjusted value of the gross estate? (See section 2032A(b)(3)(A).) Does the notice of election include the method used to determine the special-use value? Does the notice of election include copies of written appraisals of the FMV of the real property? Does the notice of election include a statement that the decedent and/or a member of his or her family has owned all of the specially valued property for at least 5 years of the 8 years immediately preceding the date of the decedent's death? Does the notice of election include a statement as to whether there were any periods during the 8-year period preceding the decedent's date of death during which the decedent or a member of his or her family did not (a) own the property to be specially valued, (b) use it in a qualified use, or (c) materially participate in the operation of the farm or other business? (See section 2032A(e)(6).) Does the notice of election include, for each item of specially valued property, the name of every person who has an interest in that item of specially valued property and the following information about each such person: (a) the person's address, (b) the person's TIN, (c) the person's relationship to the decedent, and (d) the value of the property interest passing to that person based on both FMV and qualified use? Does the notice of election include affidavits describing the activities constituting material participation and the identities of the material participants? Does the notice of election include a legal description of each item of specially valued property? Note. The legal description must be the complete legal description of the property. An abbreviated description is not sufficient. (In the case of an election made for qualified woodlands, the information included in the notice of election must include the reason for entitlement to the woodlands election.) Any election made under section 2032A will not be valid unless a properly executed agreement (Schedule A-1, Part 3) is filed with the estate tax return. To ensure that the agreement satisfies the requirements for a valid election, use the following checklist. The checklist is for your use only. Do not file it with the return. Has the agreement been signed by each qualified heir having an interest in the property being specially valued? Has every qualified heir expressed consent to personal liability under section 2032A(c) in the event of an early disposition or early cessation of qualified use? Is the agreement that is actually signed by the qualified heirs in a form that is binding on all of the qualified heirs having an interest in the specially valued property? Does the agreement designate an agent to act for the parties to the agreement in all dealings with the IRS on matters arising under section 2032A? Has the agreement been signed by the designated agent and does it give the address of the agent? Schedule B—Stocks and Bonds If any assets to which the special rule of Regulations section 20.2010-2(a)(7)(ii) applies are reported on this schedule, do not enter any value in the last three columns. See the instructions for line 10 of Part 5—Recapitulation for information on how to estimate and report the value of these assets. Before completing Schedule B, see the examples illustrating the alternate valuation dates being adopted and not being adopted, later. If the total gross estate contains any stocks or bonds, you must complete Schedule B and file it with the return. On Schedule B, list the stocks and bonds included in the decedent's gross estate. Number each item in the left-hand column. Note. Unless specifically exempted by an estate tax provision of the Code, bonds that are exempt from federal income tax are not exempt from estate tax. You should list these bonds on Schedule B. CAUTION ! TIP -22- Instructions for Form 706 (Rev. 09-2021)