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Jun 1, 2006 12:00 PM
TERMINATING CRTS
David T. Leibell and Daniel L. Daniels, principals in Cummings & Lockwood LLC in Stamford, Conn., report:
IRS issues series of rulings ultimately approving CRT termination in unusual circumstances.
“Did you ever have to make up your mind?” Although Lovin' Spoonful sang those lyrics in 1966 they might just as well have been thinking about the Internal Revenue Service 40 years later, given a trio of contradictory rulings in which the Service granted approval, then withheld approval, then ultimately decided it would grant approval after all, to the termination of a charitable remainder trust (CRT) and the division of the trust's assets between the noncharitable income beneficiary and the charitable remainderman.
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| 2010 Tax Act News | Industry Trends Surveys |
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