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Form 5227
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This article applies to:

  • Product: ONESOURCE Trust Tax

The Charitable Lead, Pooled Income and Charitable Remainder Trusts Collapsible Section

The
Charitable Lead, Pooled Income and Charitable Remainder Trusts
 collapsible section includes the fields for Part VII. This collapsible section allows you to review and enter the questionnaire information. The section tracks the questionnaire line items in Section A for all split-interest trust types, and displays the Section B, C or D questionnaire line items that apply to only the split-interest trust you opened.
note
You can use the
Form 5227 Information
 register to review and update line 81 (whether some of the trust's income interests expired during the tax year) for all split-interest trust types.

Reviewing and Entering the Questionnaire Information

To review and enter the questionnaire information:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Lead, Pooled Income and Charitable Remainder Trusts
     collapsible section.
  4. Review and update the information under the collapsible section. Keep in mind the following:
    • Under the
      All Trusts
       group box, the
      All of split-interest trust's income interests expired before this
       year check box and the associated text box apply to line 82 in Section A. Treasury Regulations Section 1.664-3(a)(6) allow a CRAT or CRUT a reasonable time after the termination of the income interest to settle the trust.
    • For a CLT, the drop-down list and fields under the
      Charitable Lead Trusts
       group box apply to Section B. Section B requires a CLT to disclose whether the trust instrument permits income in excess of the annuity or unitrust amount to be paid to the charitable (lead) recipient, and to disclose the amount of any excess income required to be distributed.
    • For a CRAT or standard CRUT, the
      Split-interest trust is making an election under Regulations section 1.664-2(a)(1)(i)(a)(2) or 1.664-3(a)(1)(i)(g)(2) to treat income generated from certain property distributions (other than cash by the trust as occurring on the last day of the tax year
       check box applies to the line 91 election in Section D. The line 91 election is used when, after the conclusion of the tax year, an in-kind distribution of property owned at the end of that tax year is made to satisfy the unitrust amount related to that tax year.
    • For a CRAT or CRUT that directly or directly owns interests in one or more controlled foreign corporations (CFCs) or qualified electing funds (QEFs), the
      Check this box if you are making an election under Regulations section 1.1411-10(g) with respect to a controlled foreign corporation or a qualified electing fund
       check box applies to the election provided in Regulations section 1.144-10(g). To make the election to align the net investment income tax treatment of the CFCs and QEFs with their treatment for regular tax purposes, select the check box then select the
      Required Detail for 1.1411-10(g) Election
       link. After entering the CFC and QEF information in the grid on the Form 5227 Details page, select
      Save
       then
      Close
      .
  6. Select
    Save
    .