Exempt Organizations Advisory - IRS Publishes New Form 1098-C for Vehicle Contributions and Sample Forms for Charitable Remainder Unitrusts
September 2, 2005New Form 1098-C
The IRS has just released its new Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, which donee organizations must file for each contribution of a qualified vehicle that has a claimed value of more than $500. Form 1098-C is available for download here and separate instructions are here.
More information regarding the donor acknowledgement is available on the IRS website and in IRS Notice 2005-44.
Charitable Remainder Unitrust Sample Forms
In Internal Revenue Bulletin 2005-34, the IRS published revenue procedures that update previously-issued sample forms of declarations of trust that meet the requirements for charitable remainder unitrusts (CRUTs), as described in Code Sec. 664(d)(2) and (3).
The revenue procedures, recently published on the IRS website, are as follows:
Sample inter vivos charitable remainder unitrust (CRUT) for one measuring life. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for an inter vivos charitable remainder unitrust for one measuring life. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Rev. Proc. 89-20 and section 4 of Rev. Proc. 90-31 superseded.
Sample inter vivos charitable remainder unitrust (CRUT) for a term of years. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for an inter vivos charitable remainder unitrust with a term of years unitrust period. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust.
III. Rev. Proc. 2005-54
Sample inter vivos charitable remainder unitrust (CRUT) with consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for an inter vivos charitable remainder unitrust with consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 4 of Rev. Proc. 90-30 and section 5 of Rev. Proc. 90-31 superseded.
Sample inter vivos charitable remainder unitrust (CRUT) with concurrent and consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for an inter vivos charitable remainder unitrust with concurrent and consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 5 of Rev. Proc. 90-30 and section 6 of Rev. Proc. 90-31 superseded.
Sample testamentary charitable remainder unitrust (CRUT) for one measuring life. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for a testamentary charitable remainder unitrust for one measuring life. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 6 of Rev. Proc. 90-30 and section 7 of Rev. Proc. 90-31 superseded.
Sample testamentary charitable remainder unitrust (CRUT) for a term of years. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for a testamentary charitable remainder unitrust with a term of years unitrust period. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust.
VII. Rev. Proc. 2005-58
Sample testamentary charitable remainder unitrust (CRUT) with consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for a testamentary charitable remainder unitrust with consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 7 of Rev. Proc. 90-30 and section 8 of Rev. Proc. 90-31 superseded.
VIII. Rev. Proc. 2005-59
Sample testamentary charitable remainder unitrust (CRUT) with concurrent and consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-3 of the regulations for a testamentary charitable remainder unitrust with concurrent and consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 8 of Rev. Proc. 90-30 and section 9 of Rev. Proc. 90-31 superseded.
