§ 408(d)(8)(F)(ii)

a split-interest entity

UNDECIDED

0 of 7 settled

  1. 1

    § 408(d)(8)(F)(ii)

    ANY OF

    For purposes of this subparagraph, the term “split-interest entity” means—

    “a charitable remainder annuity trust (as defined in section 664(d)(1)), but only if such trust is funded exclusively by qualified charitable distributions,” § 408(d)(8)(F)(ii)(I) needs Step 3 a charitable remainder annuity trust UNDECIDED

    Step 2 a split-interest entity UNDECIDED

    “a charitable remainder unitrust (as defined in section 664(d)(2)), but only if such unitrust is funded exclusively by qualified charitable distributions, or” § 408(d)(8)(F)(ii)(II) needs Step 5 Charitable remainder unitrust UNDECIDED

    Step 4 a split-interest entity UNDECIDED

    “a charitable gift annuity (as defined in section 501(m)(5)), but only if such annuity is funded exclusively by qualified charitable distributions and commences fixed payments of 5 percent or greater not later than 1 year from the date of funding.” § 408(d)(8)(F)(ii)(III)

    Step 6 a split-interest entity UNDECIDED

  2. 2

    § 408(d)(8)(F)(ii)(I)

    a split-interest entity

    ALL OF
    “a charitable remainder annuity trust (as defined in section 664(d)(1))” needs Step 3 a charitable remainder annuity trust UNDECIDED
    “such trust is funded exclusively by qualified charitable distributions”
  3. 3

    § 664(d)(1)

    a charitable remainder annuity trust

    ALL OF

    For purposes of this section, a charitable remainder annuity trust is a trust—

    “from which a sum certain (which is not less than 5 percent nor more than 50 percent of the initial net fair market value of all property placed in trust) is to be paid, not less often than annually, to one or more persons (at least one of which is not an organization described in section 170(c) and, in the case of individuals, only to an individual who is living at the time of the creation of the trust) for a term of years (not in excess of 20 years) or for the life or lives of such individual or individuals,” § 664(d)(1)(A)
    “from which no amount other than the payments described in subparagraph (A) and other than qualified gratuitous transfers described in subparagraph (C) may be paid to or for the use of any person other than an organization described in section 170(c),” § 664(d)(1)(B)
    “following the termination of the payments described in subparagraph (A), the remainder interest in the trust is to be transferred to, or for the use of, an organization described in section 170(c) or is to be retained by the trust for such a use or, to the extent the remainder interest is in qualified employer securities (as defined in subsection (g)(4)), all or part of such securities are to be transferred to an employee stock ownership plan (as defined in section 4975(e)(7)) in a qualified gratuitous transfer (as defined by subsection (g)), and” § 664(d)(1)(C)
    “the value (determined under section 7520) of such remainder interest is at least 10 percent of the initial net fair market value of all property placed in the trust.” § 664(d)(1)(D)

    Cases: Estate of Atkinson v. Commissioner, 115 T.C. 26 (2000)

  4. 4

    § 408(d)(8)(F)(ii)(II)

    a split-interest entity

    ALL OF
    “a charitable remainder unitrust (as defined in section 664(d)(2))” needs Step 5 Charitable remainder unitrust UNDECIDED
    “such unitrust is funded exclusively by qualified charitable distributions”
  5. 5

    § 664(d)(2)

    Charitable remainder unitrust

    ALL OF

    For purposes of this section, a charitable remainder unitrust is a trust—

    “is a trust” Opening words
    “from which a fixed percentage (which is not less than 5 percent nor more than 50 percent) of the net fair market value of its assets, valued annually, is to be paid, not less often than annually, to one or more persons (at least one of which is not an organization described in section 170(c) and, in the case of individuals, only to an individual who is living at the time of the creation of the trust) for a term of years (not in excess of 20 years) or for the life or lives of such individual or individuals,” § 664(d)(2)(A)
    “from which no amount other than the payments described in subparagraph (A) and other than qualified gratuitous transfers described in subparagraph (C) may be paid to or for the use of any person other than an organization described in section 170(c),” § 664(d)(2)(B)
    “following the termination of the payments described in subparagraph (A), the remainder interest in the trust is to be transferred to, or for the use of, an organization described in section 170(c) or is to be retained by the trust for such a use or, to the extent the remainder interest is in qualified employer securities (as defined in subsection (g)(4)), all or part of such securities are to be transferred to an employee stock ownership plan (as defined in section 4975(e)(7)) in a qualified gratuitous transfer (as defined by subsection (g)), and” § 664(d)(2)(C)
    “with respect to each contribution of property to the trust, the value (determined under section 7520) of such remainder interest in such property is at least 10 percent of the net fair market value of such property as of the date such property is contributed to the trust.” § 664(d)(2)(D)
  6. 6

    § 408(d)(8)(F)(ii)(III)

    a split-interest entity

    ALL OF
    “a charitable gift annuity (as defined in section 501(m)(5))” needs Step 7 a charitable gift annuity UNDECIDED
    “such annuity is funded exclusively by qualified charitable distributions”
    “commences fixed payments of 5 percent or greater not later than 1 year from the date of funding”
  7. 7

    § 501(m)(5)

    a charitable gift annuity

    ALL OF

    For purposes of paragraph (3)(E), the term “charitable gift annuity” means an annuity if—

    “an annuity” Opening words
    “a portion of the amount paid in connection with the issuance of the annuity is allowable as a deduction under section 170 or 2055, and” § 501(m)(5)(A)
    “the annuity is described in section 514(c)(5) (determined as if any amount paid in cash in connection with such issuance were property).” § 501(m)(5)(B)