IRS Calls for Comments

IRS Calls for Comments

News story posted in Information Release, Revenue Procedures on 8 April 2014| comments
audience: National Publication | last updated: 8 April 2014
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The IRS requests comments in Federal Register/ Volume 79, No. 66/Monday April 7, 2014. The notice is regarding Rev. Proc. 2005-24. This Revenue Procedure concerns the necessary exercise of a spousal election waiver needed to maintain the status of an existing CRAT or CRUT. Essentially, absent the election being filed timely, the aforementioned CRAT or CRUT would lose its qualifying status under Section 664(d)(1)(B) or (d)(2)(B). The election only concerns the surviving spouse who, under state law, may have a statutory right to receive an elective share in satisfaction of a said statutory right.

The IRS comments appear to be seeking methods for reducing the burden of the taxpayer and the service in managing the paperwork associated with this Rev. Proc.

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