IRS Issues Eight Revenue Procedures Containing Sample Charitable Remainder Annuity Trusts

CTAC Commentary On August 1, 2003, IRS published the following eight sample declarations of trusts that meet the requirements under IRC § 664 and Regulation § 1.664-2 for charitable remainder annuity trusts (CRAT).

(a)an inter vivos charitable remainder annuity trust for one measuring life (see Rev. Proc. 2003-53; 2003-31 IRB 230;

(b)an inter vivos CRAT providing for annuity payments for a term of years (see Rev. Proc. 2003-54);

(c) an inter vivos CRAT providing for annuity payments payable consecutively for two measuring lives (see Rev. Proc. 2003-55, superceding section 4 of Rev. Proc. 90-32, 1990-1 C.B. 546);

(d) an inter vivos CRAT providing for annuity payments payable concurrently and consecutively for two measuring lives (see Rev. Proc. 2003-56, superceding section 5 of Rev. Proc. 90-32);

(e) a testamentary CRAT providing for annuity payments for one measuring life (see Rev. Proc. 2003-57, superceding section 6 of Rev. Proc. 90-32);

(f)a testamentary CRAT providing for annuity payments for a term of years (see Rev. Proc. 2003-58);

(g) a testamentary CRAT providing for annuity payments payable consecutively for two measuring lives (see Rev. Proc. 2003-59, superceding section 7 of Rev. Proc. 90-32); and

(h) a testamentary CRAT providing for annuity payments payable concurrently and consecutively for two measuring lives (see Rev. Proc. 2003-60, superceding section 8 of Rev. Proc. 90-32).