Revenue Procedures

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The IRS has extended (Notice 2006-15) the June 28, 2005, safe harbor date that applies to certain charitable remainder annuity trusts (CRATs) or charitable remainder unitrusts (CRUTs), pending further guidance from the IRS.
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Judith McCue of the American College of Trust and Estate Counsel, Los Angeles, has submitted comments on recent guidance (Rev. Proc. 2005-24) requiring spousal election waivers for charitable remainder trusts, identifying several problems and recommending a conceptual...
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21 Nov 2005 | Revenue Procedures | National Publication | Article | 1 comments

On March 30, 2005, Treasury and IRS published Rev. Proc. 2005-24, which was intended to provide a safe harbor procedure to avoid the disqualification of a charitable remainder trust because of the existence of a spousal right of election under state law. Since that...

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22 Aug 2005 | Revenue Procedures | National Publication | News story | 1 comments

The IRS has released eight new annotated sample declarations of trust and alternate provisions for inter vivos and testamentary charitable remainder unitrusts with varying measuring terms. Previously, the IRS issued sample trust instruments for certain types of...

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Thomas Purcell III of the American Institute of Certified Public Accountants has joined the chorus in recommending either changing or withdrawing guidance on spousal election rights and charitable remainder trusts, warning that the guidance is not only confusing but...
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Jeffrey Close of Glendale Memorial Hospital has urged Treasury to reconsider Rev. Proc. 2005-24 under which a surviving spouse's right of election to receive a statutory share of a grantor's estate would be disregarded when determining whether a charitable remainder...
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Russell Howes of the University of Wisconsin Foundation has concurred with comments submitted by the American Council of Gift Annuities outlining the adverse effects of recent guidance (Rev. Proc. 2005-24) on the charitable giving community and on trustees in...
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Jeffrey McGhee of the California Baptist Foundation has urged Treasury to withdraw Rev. Proc. 2005-24, arguing that its requirements for disregarding a surviving spouse's right of election will complicate the creation and administration of charitable remainder trusts.
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6 Jun 2005 | Revenue Procedures | National Publication | News story | 1 comments
The American Council on Gift Annuities has written to Treasury and the IRS asking them to withdraw Rev. Proc. 2005-24 (requiring waivers of spousal rights of election against inter vivos CRUTs and CRATs) for further study. ACGA maintains that waivers shouldn't be...
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Treasury and the IRS have announced guidance issued on March 30 (Rev. Proc. 2005-24) "to provide a safe harbor procedure to avoid the disqualification of a charitable remainder trust" because of the existence of a spousal right of election under state law.
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The IRS has announced the optional standard mileage rates used in computing the deductible costs paid or incurred on or after January 1, 2005, for operating an automobile for business, charitable, medical, or moving purposes. The rate for the business use of an...
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The Service has published a series of eight revenue procedures that update and expand previously issued sample declarations of trust for both inter vivos and testamentary charitable remainder annuity trusts with varying measuring terms.

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Rev. Proc. 2003-53, 2003-31 IRB 230

The Service has published (Rev. Proc. 2003-53) a sample declaration of trust that meets the requirements under section 664 and reg. section 1.664-2 for an inter vivos charitable remainder annuity trust (CRAT) for one measuring life.

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The IRS in Rev. Proc. 2003-3 has updated the list of those areas of the code under the jurisdiction of the associates chief counsel and the division counsel/associate chief counsel in which it will not issue advance letter rulings or determination letters.
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The Service has published its revised procedures for (i) issuing ruling letters, determination letters, and information letters (Revenue Procedures 2001-1 and 2001-4), (ii) furnishing technical advice (Revenue Procedures 2001-2 and 2001-5); (iii) updating the no-rule...
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In Rev. Rul. 2000-43, the IRS held that an S Corporation's charitable deduction must be taken in the year the charitable contribution is actually made rather than in the year the contribution is authorized.
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The Service has published its revised procedures for issuing ruling letters, determination letters, and information letters; furnishing technical advice; updating the no-rule list; and updating the user fees for Employee Plans and Exempt Organizations Organizations.
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In Rev. Proc. 99-3, the IRS has updated the list of areas of the code for which it will not issue private letter rulings or determination letters.
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The IRS announced that it will not issue advance rulings concerning whether creating or using income exception charitable remainder unitrusts to control the timing of the trust's receipt of income for the benefit of its income recipients results in the trust's failure...
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Define: Revenue Procedures

A Revenue Procedure (Rev. Proc.) provides drafting guidance, return filing or other instructions concerning an IRS position. Revenue procedures are considered tax precedent. This means that provided the facts match those in the procedure, individual taxpayers can apply their conclusions to their own transactions and the IRS is bound by them.

Recent activity

Heard on the Web: New 1023-EZ Form Makes Applying to be Tax-Exempt Easier; Most Charities Qualify

IRS Publishes Sample Inter Vivos Charitable Lead Unitrust Forms

IRS Publishes Sample Charitable Lead Annuity Trust Forms

An Elegant Solution to Rev. Proc. 2005-24 Spousal Election Tax Trap

IRS Provides Eight New Sample Inter Vivos and Testamentary CRUT Declarations

ACGA Asks Treasury to Withdraw Rev. Proc. 2005-24