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to Schedule R. If you did not complete Schedule R, Part 1, line 10, enter -0- on line 6. Total GST tax savings. For each skip person, subtract the tax amount on line 10, Part 2, of the special-use value worksheet from the tax amount on line 10, Part 2, of the fair market value worksheet. This difference is the skip person's total GST tax savings. Part 3. Agreement to Special Valuation Under Section 2032A The agreement to special valuation is required under sections 2032A(a)(1)(B) and (d)(2) and must be signed by all parties who have any interest in the property being valued based on its qualified use as of the date of the decedent's death. An interest in property is an interest that, as of the date of the decedent's death, can be asserted under applicable law so as to affect the disposition of the specially valued property by the estate. Any person who at the decedent's death has any such interest in the property, whether present, future, vested, or contingent, must enter into the agreement. Included are the following. • Owners of remainder and executory interests; • Holders of general or special powers of appointment; • Beneficiaries of a gift over in default of exercise of any such power; • Joint tenants and holders of similar undivided interests when the decedent held only a joint or undivided interest in the property or when only an undivided interest is specially valued; and • Trustees of trusts and representatives of other entities holding title to or any interests in the property. An heir who has the power under local law to challenge a will and thereby affect disposition of the property is not, however, considered to be a person with an interest in property under section 2032A solely by reason of that right. Likewise, creditors of an estate are not such persons solely by reason of their status as creditors. If persons required to enter into the agreement desire that an agent act for them or cannot legally bind themselves due to infancy or other incompetency, or due to death before the election under section 2032A is timely exercised, a representative authorized by local law to bind persons in agreements of this nature may sign the agreement on the person’s behalf. The IRS will contact the agent designated in the agreement on all matters relating to continued qualification under section 2032A of the specially valued real property and on all matters relating to the special lien arising under section 6324B. It is the duty of the agent as attorney-in-fact for the parties with interests in the specially valued property to furnish the IRS with any requested information and to notify the IRS of any disposition or cessation of qualified use of any part of the property. Checklist for Section 2032A Election When making the special-use valuation election on Schedule A-1, please use this checklist to ensure that you are providing everything necessary to make a valid election. To have a valid special-use valuation election under section 2032A, you must file, in addition to the federal estate tax return, (a) a notice of election (Schedule A-1, Part 2), and CAUTION ! (b) a fully executed agreement (Schedule A-1, Part 3). You must include certain information in the notice of election. To ensure that the notice of election includes all of the information required for a valid election, use the following checklist. The checklist is for your use only. Do not file it with the return. Does the notice of election include the decedent's name and SSN as they appear on the estate tax return? Does the notice of election include the relevant qualified use of the property to be specially valued? Does the notice of election describe the items of real property shown on the estate tax return that are to be specially valued and identify the property by the Form 706 schedule and item number? 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 the decedent’s 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? Instructions for Form 706 (Rev. 09-2022) -23-