1                                                                                                                                                                                1
  1  2   2    5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   Form With grid With grid & data2   84 85
3 4                                                                                                                                                                              82 83
3                                                                                                                                                                                3
4                                                                                                                                                                                4
5                                                                                                                                         Office use only                        5
            2023 Schedule OR-NRC
6           Page 1 of 3, 150-104-003             Oregon Department of Revenue              17522301010000                                                                        6
7           (Rev. 06-01-23, ver. 01)                                                                                                                                             7
8            Oregon Natural Resource Credit                                                                                                                                      8
9                                                                                                                                                                                9
10                                                                                                                                                                               10
11                                                               Submit original form—do not submit photocopy.                                                                   11
12           •Decedent first name      •Initial •Decedent last name                        Decedent Social Security                                                              12
13           XXXXXXXXXXXX X              XXXXXXXXXXXXXXXXXXXX, Estate                      number (SSN):             •999-99-9999–        –                                      13
14          Part 1. Qualifying natural resource or commercial fishing business property, is 50 percent or more of the adjusted gross estate, which doesn’t                       14
15          exceed $15 million (ORS 118.140). To determine your adjusted gross estate, go to part 5 of this schedule. Real property must be in Oregon per ORS                    15
16          118.140(1)(L). Check all boxes below which apply to this estate:                                                                                                     16
17                                                                                                                                                                               17
18           • X     Farm use defined in ORS 308A.056               •   X    Farm use defined in ORS 308A.250                                                                    18
19                                                                                                                                                                               19
20           • X     Forestland defined in ORS 321.201              •   X    Forestland defined in ORS 308A.250                                                                  20
21                                                                                                                                                                               21
22          •  X     Property used in commercial fishing business, as defined by IRC 1301(b)(4), and licensed under ORS 508                                                      22
23                                                                                                                                                                               23
24          •  X     Property of a commercial fishing business licensed under ORS chapter 508, that is used to process and sell the catch to consumers, including                24
25                   a restaurant with seating capacity of less than 15                                                                                                          25
26          The credit isn’t valid unless parts 1–5 are completed:                                                                                                               26
27                          a.  Part 4 must be signed by each qualified heir with an interest in the natural resource or commercial fishing business property; and               27
28                          b.  The completed Schedule OR-NRC is filed with Form OR-706, Oregon Estate Transfer Tax Return, 150-104-001.                                         28
29          Part 2. Description of property. List all natural resource and commercial fishing business property owned by the estate, even if you’re not claiming                 29
30          the natural resource credit for all natural resource properties. All properties listed below must also be listed on the applicable schedules filed with              30
31          Form  OR-706. Complete all columns.                                                                                                                                  31
32          • If you claim an operating allowance, it may not exceed the lesser of $1 million or 15 percent of the total value of natural resource property claimed for          32
33           this credit, not including the operating allowance.                                                                                                                 33
34          • Include a legal description of all property described in column B.                                                                                                 34
35          • Include copies of fee appraisals used to determine date of death property values listed in column C and any other documents used to establish date of death value. 35
36           •A. Schedule and item     •B. Description of the qualifying property and  •C. Fair market value as reported •D. Value of qualifying property on                     36
37            no. from Form OR-706     date when property was acquired                  on Form OR-706 schedules                  which the credit is calculated                 37
38                                                                                                                                                                               38
             XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 99,999,999,999.00.00 99,999,999,999.00.00
39                                                                                                                                                                               39
             XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 99,999,999,999.00.00 99,999,999,999.00.00
40                                                                                                                                                                               40
             XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 99,999,999,999.00.00 99,999,999,999.00.00
41                                                                                                                                                                               41
             XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 99,999,999,999.00.00 99,999,999,999.00.00
42                                                                      Column totals  •                                 •                                                       42
                                                                                        99,999,999,999.00.00 99,999,999,999.00.00
43                                                                                                                                                                               43
44          Part 3. Qualified heir(s). Identify each qualified heir receiving an interest in property upon which the credit is calculated. “Qualified heir” is a member of a     44
45          decedent’s family as defined in Section 2032A and/or the decedent’s registered domestic partner, defined in chapter 106. Include additional pages if more lines      45
46          are needed. The executor/administrator of this estate will provide a complete copy of this Schedule OR-NRC to each of the qualified heir(s) identified below.        46
47           •1. First name            •Initial •Last name                            •SSN                     •FEIN                                                             47
48           XXXXXXXXXXXX X              XXXXXXXXXXXXXXXXXXXX999-99-9999–                  –                   99-9999999–                                                       48
49           •Entity                                                                                                                                                             49
50                                                                                                                                                                               50
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
51           •Address                                                            •City                                            •State •ZIP code                               51
52                                                                                                                                                                               52
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXX XX                                                                 XXXXX-XXXX
53           •Relationship to decedent                                                                                                                                           53
54          XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                       FMV or heir’s portion of qualified property •99,999,999,999.00.00                          54
55                                                                                                                                                                               55
56           •2. First name            •Initial •Last name                            •SSN                     •FEIN                                                             56
57           XXXXXXXXXXXX X              XXXXXXXXXXXXXXXXXXXX999-99-9999–                  –                   99-9999999–                                                       57
58           •Entity                                                                                                                                                             58
59                                                                                                                                                                               59
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
60           •Address                                                            •City                                            •State •ZIP code                               60
61                                                                                                                                                                               61
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXX XX                                                                 XXXXX-XXXX
62           •Relationship to decedent                                                                                                                                           62
63          XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                       FMV or heir’s portion of qualified property •99,999,999,999.00.00                          63
64                                                                                                                                                                               64
  1  2   65   5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   65                             84 85
3 4                                                                                                                                                                              82 83
66                                                                                                                                                                               66

1                                                                                                                                                                               1
  1  2   2    5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   2    84 85
3 4                                                                                                                                                                             82 83
3                                                                                                                                                                               3
4                                                                                                                                                                               4
5                                                                                                                                                                               5
             2023 Schedule OR-NRC
6           Page 2 of 3, 150-104-003               Oregon Department of Revenue          17522301020000                                                                         6
7           (Rev. 06-01-23, ver. 01)                                                                                                                                            7
8            •Decedent first name    •Initial •Decedent last name                                                                                                               8
9            XXXXXXXXXXXX X                 XXXXXXXXXXXXXXXXXXXX, Estate                                                      Decedent SSN: 999-99-9999– –                      9
10                                                                                                                                                                              10
11          Part 4. Valid election. Natural resource or commercial fishing business property credit.                                                                            11
12          We (list the qualified heirs having an interest in the natural resource or commercial fishing business property)                                                    12
13                                                                                                                                                                              13
14                                                                                                                                                                              14
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
15                                                                                                                                                                              15
16                                                                                                                                                                              16
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
17                                                                                                                                                                              17
18          are the qualified heirs having interest in the natural resource or commercial fishing business property. We approve of the election made by                         18
19                                                                                                                                                                              19
20                                                                                                                                                                              20
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
21                                                                                                                                                                              21
22                                                                                                                                                                              22
            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
23                                                                                                                                                                              23
24          executor/administrator of the estate ofXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                     24
25                                                                                                                                                                              25
26          We, the qualified heirs, understand ORS 118.140 requires the following conditions be met:                                                                           26
27            1. The qualified heir must use the property as a natural resource property or commercial fishing business property for which a credit is elected for at           27
28               least five out of eight calendar years following the decedent’s death to qualify for the credit.                                                               28
29            2. The heir who inherits the natural resource property will file the Form OR-NRC-CERT,Annual Certification for  Oregon Natural Resource Credit , with             29
30               the department each year, due on April 15th. With the annual certification form the heir certifies continued qualified use of the property according           30
31               to ORS 118.140.                                                                                                                                                31
32            3. During the five out of eight calendar years required use period, described in number 1 above, the qualified heir may transfer the natural resource or          32
33               commercial fishing business property to another qualified heir who is eligible for the credit. Upon transfer of property to a qualified heir, file Form        33
34               OR-706-R; transfer to a qualified heir generally results in no additional tax, however the OR-706-R is required to be filed for reporting purposes.            34
35            4. If the heir doesn’t use the property as a natural resource or commercial fishing business property for five out of eight calendar years following the          35
36               decedent’s death, or the heir disposes of the property, an additional tax under ORS 118.005 to 118.540 may be due from the heir.                               36
37               a. The additional tax liability will be the amount of additional tax that would have been imposed had the disqualified property value not been included in the 37
38                natural resource credit calculation multiplied by [(five minus the number of years the property was used as natural resource property) divided by five].      38
39               b. Form OR-706-R, will be required from the heir and the additional estate transfer tax paid within six months after the disqualifying event occurs.           39
40          The signature of each qualified heir, or each trustee of a trust, is required for a valid election:                                                                 40
41                                                                                                                                                                              41
42                                                                                                                                                                              42
                                                                                   99/99/9999/ /
43                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       43
44                                                                                                                                                                              44
45                                                                                                                                                                              45
                                                                                   99/99/9999/ /
46                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       46
47                                                                                                                                                                              47
48                                                                                                                                                                              48
                                                                                   99/99/9999/ /
49                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       49
50                                                                                                                                                                              50
51                                                                                                                                                                              51
                                                                                   99/99/9999/ /
52                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       52
53                                                                                                                                                                              53
54                                                                                                                                                                              54
                                                                                   99/99/9999/ /
55                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       55
56                                                                                                                                                                              56
57                                                                                                                                                                              57
                                                                                   99/99/9999/ /
58                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       58
59                                                                                                                                                                              59
60                                                                                                                                                                              60
                                                                                   99/99/9999/ /
61                        (Signature of qualified heir)                                 Date (MM/DD/YYYY)                                                                       61
62          Include additional pages if more signature lines are needed. If all of the qualified heirs can’t sign the same page, it is acceptable to have a separate            62
63          signature page for each heir.                                                                                                                                       63
64                                                                                                                                                                              64
  1  2   65   5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   65   84 85
3 4                                                                                                                                                                             82 83
66                                                                                                                                                                              66

1                                                                                                                                                                                                                                1
  1  2   2    5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   2    84 85
3 4                                                                                                                                                                                                                              82 83
3                                                                                                                                                                                                                                3
4                                                                                                                                                                                                                                4
5                                                                                                                                                                                                                                5
            2023 Schedule OR-NRC
6           Page 3 of 3, 150-104-003                       Oregon Department of Revenue                                                    17522301030000                                                                        6
7           (Rev. 06-01-23, ver. 01)                                                                                                                                                                                             7
8            •Decedent first name      •Initial •Decedent last name                                                                                                                                                              8
9            XXXXXXXXXXXX X                     XXXXXXXXXXXXXXXXXXXX, Estate                                                                                        Decedent SSN:                          999-99-9999– –        9
10                                                                                                                                                                                                                               10
11          Part 5. Worksheet for your natural resource credit Schedule OR-NRC.                                                                                                                                                  11
12                                                                                                                                                                                                                               12
13          1.   Total gross estate (Form OR-706, part 2, line 1) .....................................    •  1.                                                                                                                 13
                                                                                                                      99,999,999,999.00.00
14          2.   Less:                                                                                                                                                                                                           14
15               a. Schedules J and K (Form OR-706, part 5, line 516) .......................     •2a.                99,999,999,999.00.00                                                                                       15
16               b. Schedule L (Form OR-706, part 5, lines 518 and 519) ...................   •  2b.                                                                                                                             16
                                                                                                                      99,999,999,999.00.00
17          3.   Total adjusted gross estate (subtract 2a and 2b from line 1) .........................................................................   •    3.                                                                17
                                                                                                                                                                                                           99,999,999,999.00.00
18          Stop if this amount is more than $15 million; you don’t qualify for the credit.                                                                                                                                      18
19          4.   Oregon gross estate (Form OR-706, part 2, line 6) .................................   •          4.                                                                                                             19
                                                                                                                      99,999,999,999.00.00
20          5.   Less:                                                                                                                                                                                                           20
21               a. Schedules J and K, as deductions relate to Oregon gross estate,                                                                                                                                              21
22                    (Form OR-706, part 5, line 516) ......................................................   •  5a.                                                                                                            22
                                                                                                                      99,999,999,999.00.00
23               b. Schedule L, as deductions relate to Oregon gross estate,                                                                                                                                                     23
24                    (Form OR-706, part 5, lines 518 and 519) ......................................   •  5b.                                                                                                                   24
                                                                                                                      99,999,999,999.00.00
25          6.   Oregon adjusted gross estate (subtract 5a and 5b from line 4) .....................................................................   •    6.                                                                   25
                                                                                                                                                                                                           99,999,999,999.00.00
26          7.   Value of all eligible natural resource or fishing property. (Schedule OR-NRC, part 2, column C total) ..........      •                                                                7. 99,999,999,999.00.00  26
27          8.   Oregon natural resource property percentage (divide line 7 by line 6 and multiply by 100; round to                                                                                                              27
28               four decimal places) ........................................................................................................................................      •                   8. 999.9999.   %         28
29          Stop if this percentage is less than 50 percent; you don’t qualify for the credit.                                                                                                                                   29
30          9.   Value of Oregon natural resource property on which the credit is calculated                                                                                                                                     30
31               (Schedule OR-NRC, part 2, column D total; don’t enter more than $7.5 million) .......................................   •    9.                                                                                 31
                                                                                                                                                                                                           99,999,999,999.00.00
32          10.  Divide line 9 by line 3 (round to four decimal places)  .................................................. ...................................   •  10.                                                         32
                                                                                                                                                                                                                     0.99990.0000
33          11.  Estate tax payable to Oregon (Form OR-706, part 2, line 8) ..........................................................................   •  11.                                                                  33
                                                                                                                                                                                                           99,999,999,999.00.00
34          12.  Oregon natural resource credit (multiply line 11 by 10). Enter on Form OR-706, part 2, line 9 .....................   •  12.                                                                                    34
                                                                                                                                                                                                           99,999,999,999.00.00
35                                                                                                                                                                                                                               35
36                                                                                                                                                                                                                               36
37                                                                                                                                                                                                                               37
38                     Example                                                                                                                                                                                                   38
                       The estate has a total gross estate of $4,225,000; assets in Oregon are valued at $1,450,000. The remaining assets and real property are outside of Oregon. The 
39                     Oregon Natural Resource property has a gross value of $900,000. Schedule J and K expenses are $135,000, of which $46,000 relates to the Oregon portion of the                                             39
40                     estate. Schedule L expenses of $90,000 relate to a mortgage on out of state property. The Oregon estate tax, Form OR-706, part 2, line 8, is $99,558.                                                     40
41                     1.   Total gross estate (Form OR-706, part 2, line 1) ..........................................................1. $ 4,225,000                                                                            41
42                     2.   Less:                                                                                                                                                                                                42
43                            a. Schedules J and K (Form OR-706, part 5, line 516) ..........................................2a.            135,000                                                                              43
44                            b. Schedule L (Form OR-706, part 5, lines 518 and 519) ......................................2b.              90,000                                                                               44
45                     3.   Total adjusted gross estate (subtract 2a and 2b from line 1) ........................................................................................3.                        4,000,000             45
46                     Stop if this amount is more than $15 million; you do not qualify for the credit.                                                                                                                          46
                       4.   Oregon gross estate (Form OR-706, part 2, line 6) ......................................................4.      1,450,000
47                     5.   Less:                                                                                                                                                                                                47
48                            a. Schedules J and K, as deductions relate to Oregon gross estate,                                                                                                                                 48
49                            (Form OR-706, part 5, line 516) .........................................................................5a.  46,000                                                                               49
50                            b. Schedule L, as deductions relate to Oregon gross estate,                                                                                                                                        50
51                            (Form OR-706, part 5, lines 518 and 519) .........................................................5b.                             0                                                                51
52                     6.   Oregon adjusted gross estate (subtract 5a and 5b from line 4) ....................................................................................6.                           1,404,000             52
53                     7.   Value of all eligible natural resource or fi shing property. (Schedule OR-NRC, part 2, column C total) .........................7.                                             900,000               53
54                     8.   Oregon natural resource property percentage (divide line 7 by line 6 and multiply by 100; round to                                                                                                   54
                          four decimal places) ......................................................................................................................................................8.    64.1000%
55                     Stop if this percentage is less than 50 percent; you don’t qualify for the credit.                                                                                                                        55
56                     9.   Value of Oregon natural resource property on which the credit is calculated                                                                                                                          56
57                        (Schedule OR-NRC, part 2, column D total; don’t enter more than $7.5 million) ......................................................9.                                           900,000               57
58                     10.  Divide line 9 by line 3 (round to four decimal places) .................................................................................................10.                    0.2250                58
59                     11.  Estate tax payable to Oregon (Form OR-706, part 2, line 8) .......................................................................................11.                          99,558                59
                       12.  Oregon natural resource credit (multiply line 11 by 10). Enter on Form OR-706, part 2, line 9 ..................................12.                                            22,401
60                                                                                                                                                                                                                               60
61                                                                                                                                                                                                                               61
62                                     Include pages 1, 2 and 3 of this schedule with Form OR-706 and provide a                                                                                                                  62
63                                complete copy of Schedule OR-NRC to each qualified heir identified in part 3.                                                                                                                  63
64                                                                                                                                                                                                                               64
  1  2   65   5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81   65   84 85
3 4                                                                                                                                                                                                                              82 83
66                                                                                                                                                                                                                               66