AICPA comments to IRS on spousal election rights, charitable remainder trusts.

• Position: Tax info

In a letter to the Internal Revenue Service, the AICPA expressed its concerns about Rev. Proc. 2005-24, which provides guidance on spousal election rights and charitable remainder trusts under Internal Revenue Code section 664. Specifically, the Institute said Rev. Proc. 2005-24 creates many traps for the unwary and that even experts in the area have difficulty understanding whether a waiver is necessary. Moreover, taxpayers who create a valid trust may not...