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Yet Another Proposed Listed Transaction – CRATs and Annuities

Compliance, Income Tax, Regulatory, Tax Controversy

On March 25, 2024, the IRS issued Prop. Reg. Section 1.6011-15[1], which designates certain transactions involving charitable remainder annuity trusts (“CRATs”) in tandem with single premium immediate annuity (“SPIA”) products as listed transactions[2]. Last year, I wrote an article in which the Tax Court decided against a taxpayer couple who undertook this exact transaction.[3] Now,…
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Charitable Remainder Annuity Trusts – An Excellent Tool, but Not a Gain Eraser

Cases, Charitable Giving, Estate Planning, Fiduciaries, Income Tax, Tax, Tax Controversy, Tax Court

Charitable remainder annuity trusts, or CRATS, are excellent estate planning vehicles and provide a litany of benefits to those who implement them, but as Devin Mills discussed in his recent article on the 2023 IRS Dirty Dozen list, the IRS considers CRATS as one of the legitimate tax strategies that are often abused by taxpayers.[1]…
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