Amends the Internal Revenue Code to establish requirements for notifying charitable beneficiaries of charitable remainder trusts of their interests in such trusts, including copies of estate tax return filings on which a charitable deduction is claimed.
Requires each charitable remainder trust, contributions to which were deductible for Federal income, estate or gift tax purposes, to file an annual information return on its financial condition, transactions, fiduciaries, beneficiaries, and other information necessary to inform the Internal Revenue Service, beneficiaries, and the public adequately of its affairs.
Requires beneficiaries to reimburse fiduciaries for the reasonable costs of providing subsequent notices if the fiduciaries have complied with notification requirements under this Act.
Pocket Vetoed by President.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-694.
Reported by the Committee on Ways and Means. H. Rept. 102-694.
Placed on the Union Calendar, Calendar No. 388.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
See H.R.11.