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Charitable Remainder Trust

IRS tries to placate fears about alternate donee reporting of $250-or-more charitable gifts

IRS tries to placate fears about alternate donee reporting of $250-or-more charitable gifts

Emailed IRS Statement. Using the unusual venue of an e-mail, IRS has sought to assure charitable organizations that proposed regs issued in September wouldn’t make mandatory changes to the way donees currently acknowledge charitable gifts of $250 or more. The proposed regs would merely implement an optional donee reporting procedure, authorized by Code Sec. 170(f)(8)(D), […]

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IRS offers tips for 2015 year-end charitable contributions

IRS offers tips for 2015 year-end charitable contributions

IR 2015-134 In a news release, IRS has reminded individuals and businesses making year-end charitable contributions, of several important tax law provisions and general substantiation requirements that they should keep in mind. Rules for clothing and household items. To be deductible, clothing and household items donated to charity must be in good used condition or better. […]

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Final regs modify basis rules for term interests in CRTs in order to prevent an abuse

Final regs modify basis rules for term interests in CRTs in order to prevent an abuse

T.D. 9729, 08/11/2015; Reg. § 1.1001-1, Reg. § 1.1014-5 IRS has issued final regs that provide rules that reduce a taxable beneficiary’s basis in a term interest in a charitable remainder trust (CRT) upon a sale or other disposition of all interests in the trust, to the extent that basis consists of a share of […]

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Tax Court sets out how to compute remainder interest of particular type of charitable trust

Tax Court sets out how to compute remainder interest of particular type of charitable trust

Estate of Schaefer, (07/28/2015) 145 TC No. 4 The Tax Court has ruled that the value of the remainder interest of a “net income with makeup charitable remainder unitrust” (NIMCRUT) must be calculated using the greater of 5% or the fixed percentage stated in the trust instrument. Background. Generally, when calculating the estate tax imposed under […]

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Proposed regulations would modify basis rules for term interests in CRTs to prevent an abuse

Proposed regulations would modify basis rules for term interests in CRTs to prevent an abuse

IRS has issued proposed regs [Preamble to Prop Reg 01/16/2014; Prop Reg § 1.1014-5] that provide rules for determining a taxable beneficiary’s basis in a term interest in a charitable remainder trust (CRT) upon a sale or other disposition of all interests in the trust to the extent that basis consists of a share of […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney