GRAT and Valuation Planning After CCA 202152018: What Practitioners Need to Know

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All Courses Available iOS/Android Web

All Courses Available iOS/Android Web

About This Course

The CCA 202152018, released at the end of 2021, addresses the valuation challenge regarding the consideration that should be given to a potential sale when valuing an asset. Its impact on grantor retained annuity trusts (GRATs) and how an appraiser valuates the implications of a potential sale from no sale, conversations with buyers, letters of intent, binding contracts and so forth across the continuum.

The recent changes place a possible sale fairly close to an actual sale in the procedure so that it is impossible to ignore leading the IRS to extend the reasoning in the Atkinson v. Commissioner, 115 T.C. 26, 32 (2000), aff’d, 309 F.3d 1290 (11th Cir. 2002) and held that the valuation was incorrect to such a degree that the GRAT annuity was not a qualified annuity interest as per Code Section 2702.

This resulted in the entire value of the property involved to be classified as a deemed gift. This CLE course will explain what this means to the use of GRAT’s as spillover receptacles in a defined value mechanism and what the CCA means with regards to valuations in general.

The course will review steps and strategies for practitioners and the implications for a broader application of the Atkinson principles to GRAT’s, CLT’s, CRT’s and other valuations. The course will explain how the principles might apply to penalties as well as offer a detailed discussion and analysis of the CCA.

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