Tax Law Update

Provisions regarding tax character of distributions to charity must have a non-tax economic effect. The Treasury Department has issued proposed regulations (NPRM REG-101258-08, June 18, 2008) under Internal Revenue Code Sections 642(c) and 643 regarding the tax consequences of an ordering provision in a trust, will or local law that attempts to determine the tax character of amounts paid by a trust

Provisions regarding tax character of distributions to charity must have a non-tax economic effect. The Treasury Department has issued proposed regulations (NPRM REG-101258-08, June 18, 2008) under Internal Revenue Code Sections 642(c) and 643 regarding the tax consequences of an ordering provision in a trust, will or local law that attempts to determine the tax character of amounts paid by a trust or estate to a charitable beneficiary.

An estate or trust receives an unlimited

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