Abusive CRTs.
Author | Laffie, Lesli S. |
Proposed regulations (NPRM REG116125-99, 10/18/99) have been issued to curtail abusive transactions that use a Sec. 664 charitable remainder trust (CRT) to convert appreciated assets into cash, while avoiding tax on the gain from their disposition. To the extent a distribution of an annuity or unitrust amount from a CRT (1) is not characterized in the recipient's hands as income under Sec. 664(b)(1), (2) or (3), and (2) was made from an amount received by the trust that was neither a return of basis in any asset sold by it nor attributable to a contribution of cash to it for which a deduction was allowable under Sec. 170, 2055, 2106 or 2522, the trust will be treated as having sold a pro rata portion of its assets in the year for which the distribution is due.
Any transaction that has the purpose or effect of circumventing...
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