A decedent owned an individual retirement account (IRA) with a trust as its primary beneficiary. The decedent’s estate and Trust wanted to transfer the IRA to a charity, and asked the IRS a ruling to not include the transfer as taxable income under section 691(a)(1).
The IRS concluded that the trust can retitle the name of the IRA as a nontaxable transfer to the charity.
See PLR- 145441-13 (Mar. 24, 2014)
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal