A charitable remainder trust provides for a specified periodic distribution to one or more beneficiaries for life or for a term of years with an irrevocable remainder interest held for the benefit of charity. A contribution to a charitable remainder trust generally qualifies for a charitable deduction. Regulation REG-209823-96 provides an alternative method and guidance, allowing a taxpayer to use a current qualified appraisal (as defined in §1.170A-13(c)(3)) from a qualified appraiser (as defined in §1.170A-13(c)(5)) for valuing a trust's difficult-to-value assets, which may reduce cost to taxpayer and offer be less burdensome. Likely respondents are business or other for profits.
US Code:
26 USC 2702
Name of Law: Special valuation rules in case of transfers of interests in trusts
US Code:
26 USC 664
Name of Law: Charitable remainder trusts.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Supporting Statement final 2015.doc
REG-209823-96 (TD 8791) - Guidance Regarding Charitable Remainder Trusts and Special Valuation Rules for Transfer of Interests in Trusts