642(c)(1) trust

642(c)(1) trust

Forum topic posted in Forum on 13 October 2009| 1 comments
audience: | last updated: 13 October 2009
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Joined: 04/18/2007
Points: 30
Due to overpayment of fed and state estate and income taxes, Trust does not have enough cash to distribute to charitable remainder beneficiaries to obtain deduction under 642(c)(1). Any suggestion would be appreciated. Two suggestions are (1) use of a note from trustee to charitable bens, and (2) an assignment from trustee to chartable bens. For some reason 645 election was not made. Am considering possible late election or 9100 relief.

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Joined: 11/18/1998
Points: 60
642(c)(1) trust
Facts are not clear, need to eleborate more. For example, you refer to a charitable remainder bene, yet it apparently is not a CRT?
7520 Rates: December 26% November 2.4% October 2.2%

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