Last-Minute Gift from the FedsLast-Minute Gift from the Feds
If you're like me, you don't read the instructions when assembling a barbecue grill. You may, however, wish to take a look at the Internal Revenue Service's instructions for Form 5227, dealing with split interest trust reporting for the year 2003. The IRS instructions clarify an important point on the reporting of capital gains for charitable remainder unitrusts (CRUTs) and charitable remainder annuity
Conrad Teitell, principal, Cummings & Lockwood, Stamford, Conn.
If you're like me, you don't read the instructions when assembling a barbecue grill. You may, however, wish to take a look at the Internal Revenue Service's instructions for Form 5227, dealing with split interest trust reporting for the year 2003. The IRS instructions clarify an important point on the reporting of capital gains for charitable remainder unitrusts (CRUTs) and charitable remainder annuity trusts (CRATs).
Regulations were proposed in November 2003 to implement a new law providing that some capital gains could be taxed at a new lower rate of 15 percent.1
The IRS didn't issue instructions for tax reporting until Jan. 31, 2004 and, as it turns out, the Treasury takes ...
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