To amend the Internal Revenue Code of 1986 to clarify the valuation rule applicable to the early termination of certain charitable remainder unitrusts.

Bill: 114-hr-4192
Sponsor: full_name: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2015-12-08
Policy area: Taxation
Subjects: Charitable contributions

Income tax deductions
Latest action: action_date: 2015-12-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-12-08
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to set forth a special valuation rule for charitable remainder unitrusts that terminate&nbsp;early for purposes of the tax deduction for charitable contributions. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 4192 IN THE HOUSE OF REPRESENTATIVES December 8, 2015 Mr. Tiberi (for himself, Mr. Rangel , Mr. Young of Indiana , Mr. Larson of Connecticut , Mr. Neal , and Mr. Paulsen ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to clarify the valuation rule applicable to the early termination of certain charitable remainder unitrusts.

1. Clarification of valuation rule for early termination of certain charitable remainder unitrusts (a) In general Section 664(e) of the Internal Revenue Code of 1986 is amended— (1) by adding at the end the following: In the case of the early termination of a trust which is a charitable remainder unitrust by reason of subsection (d)(3), the valuation of interests in such trust for purposes of this section shall be made under rules similar to the rules of the preceding sentence. , and (2) by striking for purposes of charitable contribution in the heading thereof and inserting of interests . (b) Effective date The amendment made by this section shall apply to terminations of trusts occurring after the date of the enactment of this Act.