Proposed charitable lead trust regulations stop the 'vulture'

Article Abstract:

The authors discuss IRS proposed regulations which are aimed at limiting charitable deductions available for annuities or unitrust interests transferred to charitable lead trusts. The regulations limit categories of persons whose lives may be used as measuring lives so that planners may no longer choose any person whose measuring life results in the most beneficial tax deduction.

United States, Tax Law, Public Finance Activities, Tax Deductions & Exemptions, Accounting and auditing, Tax deductions, Charitable remainder trusts, Life expectancy

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IRS rules that acquisition by spouse of remainder interest in QTIP trust gives rise to a gift

Article Abstract:

The IRS in Revenue Ruling 98-8 ruled that a taxable gift to the remainderman resulted from a surviving spouse's purchase of a qualified terminable interest property trust's remainder. The purchase, which was in exchange for the fair market value of the remainder interest, was not deemed to be for full and adequate consideration because the interest was includable in the surviving spouse's estate. Facts that a promissory note was used and the entire remainder interest was purchased were not relevant.

Gifts, Qualified terminable interest property, Qualified terminable interest property trusts, Remainders (Estates)

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