||To qualify for a § 6166 Election (as explained in § 6166 Internal Revenue Code):
- The decedent must have been a citizen or resident of the United States at death.
- The decedent's interest in a closely held business must exceed 35 percent of the adjusted gross estate. The term "interest in a closely held business" means:
- An interest as proprietor in a trade or business carried on as a proprietorship, or
- An interest as a partner in a partnership carrying on a trade or business, if 20 percent or more of the total capital interest in such partnership is included in determining the gross estate of the decedent, or such partnership had 45 or fewer partners, or
- Stock in a corporation carrying on a trade or business if 20 percent or more in value of the voting stock of such corporation is included in determining the gross estate, or such corporation had 45 or fewer shareholders