Printer Friendly

Split-Interest trusts, filing year 2007.

Form 5227, Split-Interest Trust Information Return, is filed by entities with both charitable and noncharitable beneficiaries. In Filing Year 2007, preparers filed 123,659 Forms 5227, only slightly less than the number filed in 2006. (1) End-of-year net asset values reported for split-interest trusts increased to $115.4 billion in 2007, as end-of-year book value of assets and end-of-year book value of liabilities increased by 8.6 percent and 12.4 percent, respectively, between 2006 and 2007.

A split-interest trust (SIT) can be created by a will or a trust instrument. The trust instrument specifies the term of the trust, designates the trustee(s) as well as the beneficiaries, and provides parameters for managing assets and distributing income. The instrument usually specifies the contents of the trust. The individual who owns, and then transfers, the assets that make up the trust corpus, is known as the grantor. The individuals and entities that receive income are known as beneficiaries.

A trustee is charged with holding, investing, and distributing the income and assets of the trust. A trustee may be an individual, a group of individuals, or an entity such as a bank or charity. Each trustee must ensure that all transactions, including distributions, conform to the requirements of the trust document and to any applicable laws. Additionally, trustees must coordinate the preparation, verification, and submission of all required State and Federal tax forms.

There are three distinct types of split-interest trusts: charitable remainder trusts, charitable lead trusts, and pooled income funds. In 2007, some 115,754 returns for charitable remainder trusts were submitted, a decrease of 0.3 percent (Figure A). Trustees for charitable lead trusts submitted 6,377 returns in 2007, an increase of 1.3 percent over 2006 filings. Pooled income fund returns experienced the most dramatic change, as the number of returns filed declined by 8.8 percent, to 1,528 returns in 2007.

Charitable Remainder Trusts

Under a charitable remainder trust (CRT) agreement, an income stream is distributed annually to one or more noncharitable beneficiaries for a defined period. The period may be either a fixed duration, statutorily limited to 20 years, or the lifetime of a noncharitable beneficiary. (2) At the conclusion of the period, the trust is dissolved, and the remaining value is distributed to predetermined charitable beneficiaries. (3) At the time of trust creation, the present value of the expected future charitable distribution must equal at least 10.0 percent of the initial fair market value of the assets placed in the trust. (4)

The donor must file Form 709, U.S. Gift Tax Return, for all assets contributed to the trust that exceed the gift tax threshold. (5) At the time of trust creation, the donor is eligible for a gift tax deduction if the charitable beneficiary has been named. The donor also receives an income tax deduction based on an estimate of the charitable distribution. A noncharitable beneficiary must report the distributions as gross income on Form 1040, U.S. Individual Income Tax Return.

There are two types of charitable remainder trusts. Charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs) differ in the calculation of the noncharitable distribution amount. Charitable remainder annuity trusts annually distribute a fixed percentage, between 5.0 percent and 50.0 percent, of the initial fair market value of the property in the trust. As a result, the amount of the distribution to noncharitable beneficiaries from a CRAT should be the same each year. Charitable remainder unitrusts distribute a fixed percentage of the fair market value of the trust property, valued annually. This percentage is called the "unitrust percentage" and must be between 5.0 percent and 50.0 percent. Therefore, the value of the distribution to noncharitable beneficiaries from a CRUT, called the unitrust amount, may vary from year to year, depending on the value of the assets in the trust.

There are two common variants of charitable remainder unitrusts that allow for added flexibility of noncharitable distributions. One variant, a net income charitable remainder unitrust (NI-CRUT), permits the trustee to distribute only the amount of trust income earned in that year, when that amount is less than the distribution that would otherwise be required. (6) This allows the trustee to limit distributions in years when the trust's income is low to avoid depletion of the trust corpus. A related variant is called the net income with makeup charitable remainder unitrust (NIM-CRUT). (7) A NIM-CRUT works like a NI-CRUT, in that the trustee is allowed to distribute the lesser of the trust income or the required percentage of fair market value. However, the reductions in required distributions accumulate. The trustee must make up for previous distribution deficiencies when trust income permits.

Charitable remainder unitrusts may accept property transfers throughout the life of the trust. These are called "additional contributions." These contributions may be in the form of any asset, including cash and stock. All additional contributions must be detailed on an attachment to Form 5227 filed for the year in which the contribution was received. The presence of additional contributions complicates the calculation of the unitrust amount. Preparers must prorate the value of the contributions based on the date they were donated to the trust. (8) The unitrust amount is then calculated by multiplying the unitrust percentage by the sum of balance sheet net fair market value of assets and the prorated value of the additional contributions.

Charitable Lead Trusts

Under a charitable lead trust (CLT) agreement, a charitable organization receives the income interest of the trust assets, while the remainder interest is assigned to a noncharitable beneficiary, usually the grantor or the grantor's spouse. Annual distributions are made to a predetermined charitable beneficiary. The amount of CLT distributions is not constrained by minimum or maximum payout restrictions. At the conclusion of the trust's predetermined life, the remaining income and assets are distributed to the designated noncharitable beneficiary. (9)

Charitable lead trusts are classified as annuity trusts or unitrusts depending on the calculation of the distribution amount. Charitable lead annuity trusts (CLATs) distribute a fixed dollar amount of the initial fair market value of the trust property. Charitable lead unitrusts (CLUTs) distribute a fixed percentage of the net fair market value of the trust property, determined annually. CLATs tend to be favored over CLUTs. CLATs do not require that the trust property be revalued annually, therefore reducing the trustee's costs. CLATs also allow the noncharitable remainder beneficiaries to benefit from the appreciation of trust assets.

CLTs are further classified by the role of the donor. If the donor of the trust assets is the noncharitable beneficiary, the trust is classified as a grantor charitable lead trust. In this case, the grantor will receive an income tax deduction for the tax year in which the trust is established up to the amount of the present value of the future charitable distributions as well as a gift tax deduction. (10) Because a grantor CLT is not considered a separate taxable entity, the grantor must pay tax on income earned by the trust. Grantor CLTs are generally used to convert future charitable contributions into a current tax deduction. A trust is classified as a nongrantor charitable lead trust if the donor of the trust property is not a beneficiary. In the case of nongrantor charitable lead trusts, the grantor receives only a gift tax charitable deduction at the time of the trust creation equal to the present value of the future charitable distributions. The nongrantor CLT is considered a fully taxable separate entity for income tax purposes. As a result, the grantor is not liable for tax owed on trust income.

Pooled Income Funds

Under a pooled income fund (PIF) arrangement, donors to a charitable organization contribute assets to a pool of donated assets and in return receive income payments for the remainder of the grantors' lifetimes. (11) The transfer of assets to the fund must be irrevocable, meaning it cannot be altered or cancelled without consent of the beneficiary. Generally, donors contribute to existing pooled income funds, thus incurring far lower administrative costs to the grantor than a charitable remainder trust. At the time of donation, the grantor receives income and gift tax deductions equal to the estimated value of the eventual charitable contribution. The donee charity, commonly a large educational institution, is responsible for the maintenance of the fund, including investing assets and making distributions to beneficiaries. PIFs are prohibited from investing in tax-exempt securities. Each year, grantors receive a distribution from the fund based on the ratio of their contributions to the value of the investment pool and the return on the fund assets for that year. These distributions are reported as gross income on the grantor's Form 1040, Individual Income Tax Return. At the time of the donor's death, the charity receives the grantor's prorated share of the value of the PIF.

Analysis Overview

Form 5227, Split-Interest Trust Information Return, must be submitted for each calendar year a split-interest trust is in existence. (12) Form 5227 must be filed with the IRS by April 15 of the year following the applicable calendar year. Form 5227 is used to disclose the financial activities of the trust, not to calculate tax liability. If a charitable remainder trust incurred any taxable income during the calendar year, Form 1041, U.S. Income Tax Return for Estates and Trusts, must be completed. (13)

Charitable remainder trusts remained the most common type of split-interest trust (Figure A). Pooled income funds again made up the smallest percentage, 1.2 percent, of the SIT population. The majority of returns filed in 2007 were for ongoing trusts, in neither the first nor last year of existence. However, just as in 2006, approximately 3.4 percent of the population comprised initial returns, which are filed for newly created trusts (Figure B). (14) Final returns were slightly more common; in 2007, preparers for terminating trusts filed 4,202 returns, or 3.4 percent of the total population. The average lifetime of a terminating trust in Filing Year 2007 was approximately 12 years. (15) Terminating pooled income funds had the longest average lifetime of all the SIT types, slightly more than 15 years. This extended lifetime could be explained by the institutional structure of PIFs, in which a single charity oversees the assets of multiple donors.

A paid preparer completed 75.5 percent of returns filed in 2007 (Figure C), nearly the same percentage as in 2006. However, in some instances, the trustee type may indicate the presence of a professional preparer even when the return does not indicate a paid preparer. Of those returns that did not indicate a paid preparer, 88.5 percent reported institutions, such as banks or charities, as the trustee. When entities such as these act as trustee, it is likely that the return was professionally prepared even if a paid preparer did not sign the return. For example, while paid preparers completed only 52.9 percent of the returns filed for pooled income funds, institutional trustees were reported for 93.0 percent of the PIF returns that did not indicate a paid preparer. CLTs were the type of trust most likely to be completed by a paid preparer. In 2007, only 16.6 percent of forms filed for CLTs did not utilize a paid preparer.

Form 5227 is divided into several parts, many of which are completed for only one type of split-interest trust. All trusts report some distribution information as well as the total fair market value of assets owned by the trust at the end of the tax year. The distribution information varies in detail based on the type of trust. While forms filed for CRTs require detailed information regarding both required and actual distributions, forms for CLTs and PIFs must include only general information about required distributions. The balance sheet portion of Split-Interest Trust Information Return is a detailed listing of the assets and liabilities of the trust, and is completed, at least in part, by all SITs. There are three separate valuations for each asset and liability category: beginning-of-year book value; end-of-year book value; and fair market value. The beginning- and end-of-year book values are reported for all types of trusts. For all SITs, the end-of-year book value of trust assets increased from $108.2 billion in 2006 to $117.6 billion in Filing Year 2007. The fair market valuation is only required for charitable remainder unitrusts. Tax law requires the fair market value to be assessed on the same date and using the same method each year that a Form 5227 is filed for a CRUT. For valuation purposes, assets are apportioned into several categories, including cash, receivables, and investments. Investments are further separated into five categories: U.S. and State government obligations; corporate stock; corporate bonds; land, buildings, and equipment; and other. Liabilities are also separated into five categories, including accounts payable and deferred revenue.

This article focuses on split-interest trust reporting for Filing Year 2007, reporting, primarily, information and activities that occurred during Calendar Year 2006. Throughout this article, trusts are described in terms of size as being small, medium, or large, based on the trust's reported end-of-year total book value of assets. Small trusts are defined as those that reported total assets of $500,000 or less, including those trusts that either did not report end-of-year book value of total assets, or that reported the amount as zero.16 Medium trusts are defined as those with between $500,000 and $3.0 million in total assets. Large trusts are defined as those that reported total assets of $3.0 million or more.

Analysis by Type of Trust

Charitable Remainder Trusts

The income and deductions portion of Form 5227 is completed only for charitable remainder trusts, for which 115,754 returns were filed in 2007 (Figure D). Reported ordinary income is divided into seven classifications that include interest income, ordinary dividends, and business income or loss. Total ordinary income of $4.5 billion was reported for CRTs in 2007, of which $4.2 billion, or 92.6 percent, was reported for CRUTs. Deductions allocable to ordinary income are divided into three classifications: interest, taxes, and other, and totaled $1.1 billion in 2007. (17) The total ordinary income less deductions allocable to ordinary income is referred to in this article as "net ordinary income." In 2007, this amount was $3.4 billion, an increase of 38.9 percent over Filing Year 2006.

Capital gains and losses are reported separately from net ordinary income. The total short-term capital gain or loss amount, as well as the total long-term capital gain or loss amount, is taken from Form 1041 Schedule D, Capital Gains and Losses, for the corresponding tax year. Deductions reduce the short- and long-term amounts, resulting in a "net short-term capital gain (loss)" and a "net long-term capital gain (loss)." Charitable remainder trust returns reported total net capital gains of $8.7 billion in 2007 (Figure D). This is an increase of 16.9 percent from $7.4 billion in 2006. Net long-term capital gains made up approximately 96.6 percent, or $8.4 billion, of total net capital gains reported for CRTs in 2007. This is an increase of nearly $1.3 billion over the net-long-term capital gains reported for CRTs in 2006.

In this article, total net income is defined as the sum of net ordinary income, net capital gains, and nontaxable income. Nontaxable income, likely from Federal, State and local government bonds, is also reported separately from ordinary income. Charitable remainder trusts reported $135.5 million in nontaxable income in 2007, an increase of 6.4 percent from the $127.4 million reported in 2006 (Figure D). Total net income reported for charitable remainder trusts increased by 22.1 percent, from $10.0 billion in 2006 to $12.2 billion in 2007, despite the relatively small change in the number of returns filed. This increase is attributable to the sizable increase in both net ordinary income and total net capital gains reported for CRTs.

The accumulation schedule shows the flow of income through the trust from January 1 to December 31 of the tax year. (18) This section is also only completed for charitable remainder trusts. Income is reported in two categories: undistributed income from prior years and current-year income. Income in these two categories is further disaggregated by source: ordinary; net short-term capital gains and losses; net long-term capital gains and losses; and nontaxable. Returns filed for CRTs in 2007 reported total accumulations, including ordinary income, short-term and long-term capital gains, and nontaxable income, of $73.1 billion (Figure D). Approximately $60.9 billion of the accumulations were undistributed from prior tax years. The accumulation schedule also shows undistributed income at the end of the current tax year, which is the amount of income held by the trust on the last day of the calendar year, once all payouts and distributions have been recorded. In Filing Year 2007, some $65.4 billion were reported for end-of-year undistributed income. This amount exceeded the beginning-of-year income accumulation by $4.4 billion, or 7.3 percent, meaning that, in aggregate, trustees of CRTs distributed less income than the trust earned. As a result, the trust accumulates income from year to year, increasing the asset value. In Filing Year 2007, end-of-year income accumulations exceeded the beginning-of-year amounts by 6.1 percent. As shown in Figure D, returns filed for charitable remainder trusts reported $8.4 billion in distributions and end-of-year book value of assets of $97.3 billion in Filing Year 2007.

Charitable Remainder Annuity Trusts

During Filing Year 2007, some 20,187 Forms 5227 were filed for charitable remainder annuity trusts. This is a 5.2-percent decrease from Filing Year 2006, when 21,296 returns were filed. As in 2006, the majority of CRATs included in Filing Year 2007 were small trusts, with end-of-year book value of total assets less than $500,000 (Figure E). Approximately $897.2 million in total net income was reported for CRATs in 2007, which is a 5.1-percent increase from 2006. While net ordinary income increased substantially, by 18.2 percent, between the 2 years, short-term capital gains and nontaxable income fell by 8.9 percent and 9.6 percent, respectively. The reported value of net long-term capital gains increased slightly from $560.7 million in 2006 to $566.5 million in 2007, and continued to compose the majority of net income reported for CRATs.

Reported total accumulations for charitable remainder annuity trusts increased to $5.5 billion in Filing Year 2007 (Figure F). This included $897.2 million in current-year income, an increase of 5.1 percent over Filing Year 2006. The percentage of current-year income comprised of net long-term capital gains declined from 65.7 percent in 2006 to 63.1 percent in 2007. Net long-term capital gains reported to be $4.7 billion in 2007 increased slightly as a percentage of undistributed income. Undistributed income at the end of the year exceeded the beginning-of-year amount by only $49.8 million, or 1.1 percent, a relatively small percentage of income accumulations for CRTs as a whole.

Figure G shows distributions made by charitable remainder annuity trusts in Filing Year 2007. In total, $1.0 billion were distributed. The allocation of distributions between sizes of CRATs in 2007 is relatively consistent, especially when compared to previous years. Small CRATs accounted for 37.3 percent of distributions, despite making up 80.0 percent of all returns filed for CRATs. Medium CRATs made up 17.9 percent of the population but accounted for 30.2 percent of distributions. Finally, while large CRATs made up only 2.1 percent of the CRAT population, preparers for these trusts reported 32.5 percent of total distributions. Long-term capital gains continued to represent the largest portion of distributions for CRATs of all sizes; however, the percentage of total distributions made up of long-term capital gains decreased from 45.9 percent in 2006 to 43.6 percent in 2007. Corpus distributions also contributed less to total distributions in Filing Year 2007 than in 2006. Ordinary income, however, increased as a percentage of total distributions from 22.1 percent in 2006 to 32.1 percent in 2007. Short-term capital gains were the smallest component of distributions for all CRAT sizes.

Overall, distributions from CRATs decreased by 17.7 percent between Filing Years 2006 and 2007. One source of year-to-year variation in aggregate estimates is changes in the CRAT population due to the creation or termination of trusts. In the first year of a trust's life, trustees are permitted to distribute only a percentage of the required noncharitable distribution, based on the date the trust was created.19 Additionally, trustees of terminating trusts must distribute all remaining trust income and corpus to beneficiaries, resulting in extremely large distributions. Figure H presents the 2006 and 2007 Filing Year data for CRATs that did not begin or terminate during the year. Large changes between 2006 and 2007 observed in the population of all returns are muted when looking only at ongoing trusts. In contrast with the population, distributions for ongoing trusts increased by 3.8 percent between 2006 and 2007. The decrease in corpus distributions was 41.1 percent for the population, but only 4.9 percent when initial and final trusts were removed.

Figure I shows the allocation of distributions among basic beneficiary types. Trust grantors received the largest percentage of total distributions, 59.5 percent, or $604.0 million. Charitable beneficiaries received 16.4 percent of all reported distributions. Nongrantor individuals received 18.5 percent of all distributions in 2007, an increase from 2006 when they received 12.1 percent of all distributions. In contrast, noncharitable entities, which include noncharitable trusts as well as partnerships and corporations, received only 5.5 percent of distributions, compared to 13.7 percent in 2006. Long-term capital gains made up the largest percentage of distributions to all beneficiary types, with the exception of charities, which received more ordinary income than any other type.

Assets with an end-of-year book value of approximately $9.3 billion were reported for charitable remainder annuity trusts in Filing Year 2007 (Figure J), which is only 2.6 percent higher than Filing Year 2006. The value of inventories and prepaid expenses fell by 67.0 percent, from $2.5 million in 2006, to approximately $810,000 in 2007. Other assets, including charitable purpose land, buildings, and equipment, all declined significantly between the 2 years. The allocation of assets in the investment portfolios of trusts filing in 2007 mirrors that of previous years. Investments comprised the largest portion of assets, more than $8.0 billion, or 86.6 percent of the total. Corporate stock made up 51.6 percent of the total investments reported, and comprised the largest portion of the investment portfolio for all sizes of CRATs. Figure J also shows that $199.9 million in liabilities were reported for CRATs in Filing Year 2007, an increase of 20.3 percent from 2006.

Charitable Remainder Unitrusts

The number of Forms 5227 filed for charitable remainder unitrusts in 2007 was 95,567, virtually unchanged from 2006. As in previous years, the majority of returns filed in 2007 were for small CRUTs, those with less than $500,000 in end-of-year book value of assets. In Filing Year 2007, about $11.3 billion in total net income were reported for charitable remainder unitrusts (Figure K). This was an increase of 23.7 percent over the total net income reported in 2006. Total ordinary deductions increased by 120.6 percent between 2006 and 2007. Net long-term capital gains comprised the largest portion of the income, with $7.8 billion reported, an increase of 18.9 percent from Filing Year 2006. Nontaxable income made up the smallest portion of income for all categories of CRUTs, accounting for only 0.9 percent of total income for all CRUTs.

Returns filed for charitable remainder unitrusts in 2007 reported $67.6 billion in total accumulations, an increase of 11.0 percent over Filing Year 2006 (Figure L). Total accumulations included $56.3 billion in prior-year undistributed income. Net long-term capital gains made up 87.1 percent of total accumulations. Undistributed income at the end of the tax year reported for CRUTs totaled $60.7 billion in 2007, an increase of 9.8 percent from Filing Year 2006. End-of-year undistributed income exceeded the beginning-of-year values by 7.8 percent, accounting for the majority of income accumulations for the CRT population. This income accumulation is slightly higher than the 6.8-percent increase reported in 2006.

Charitable remainder unitrust distributions are shown in Figure M. During Filing Year 2007, some $7.4 billion in distributions were reported. Of this, large CRUTs, which made up just 3.9 percent of all CRUTs in 2007, accounted for 40.5 percent of total distributions that year, a decrease from Filing Year 2006 when they accounted for 43.2 percent of all distributions. In contrast, small CRUTs, which made up 68.4 percent of the CRUT filing population in 2007, reported distributions composing only 29.7 percent of the total. Long-term capital gains remained the largest source of distributions for charitable remainder unitrusts in all size classes, accounting for 50.8 percent of all distributions made by charitable remainder unitrusts. Nontaxable income contributed the smallest share to distributions for all CRUT returns filed in 2007, making up only 0.6 percent of overall total distributions.

Overall distributions from CRUTs increased by 23.9 percent between 2006 and 2007; however, as with CRATs, the ongoing trusts exhibit less change than the population (Figure N). The figure shows that distributions increased by 8.0 percent between the 2 years for ongoing trusts, which differs from the overall change. Corpus distributions, commonly made by terminating trusts, increased by 43.0 percent for the population but by only 5.2 percent for the ongoing returns. Similarly, long-term capital gain distributions increased by 23.2 percent for the population of all returns, but decreased by 1.1 percent for ongoing returns.

Figure O presents the allocation of distributions reported for charitable remainder unitrusts in 2007 among basic beneficiary types. Grantors received $4.3 billion, or 58.3 percent of distributions reported for charitable remainder unitrusts in 2007. The second most common beneficiary type was charities, which received $1.4 billion in distributions, or 18.6 percent of all distributions. Noncharitable entities were the least common beneficiary of CRUTs, receiving 8.9 percent of all distributions. However, noncharitable entities were the most likely to receive short-term capital gain distributions. Charities were the most likely to receive distributions from trust corpus.

Charitable remainder unitrust returns filed in 2007 reported $88.0 billion for end-of-year book value of assets (Figure P). Nearly all asset categories increased in value between 2006 and 2007. Approximately 89.0 percent of the asset value was made up of investments, a slight increase from returns filed in 2006. The investment patterns reported for CRUTs in 2007 mirror the patterns from previous years. Corporate stock, reported to be $40.2 billion, continued to comprise the majority of the investment portfolio of CRUTs in 2007. Other investments, which include partnerships, annuities, and bonds issued by foreign governments, continued to make up the second largest component of investment portfolios. Trustees of large CRUTs reported 75.8 percent of the value of other investments reported for all CRUTs. Real estate investments were the smallest component of investments for CRUTs of all sizes. Other assets, including charitable purpose land, buildings, and equipment, declined by 18.5 percent between 2006 and 2007. Overall, CRUT returns reported $1.3 billion in liabilities during the filing year.

As discussed earlier, charitable remainder unitrusts distribute a fixed percentage, between 5.0 percent and 50.0 percent, of the fair market value of the trust property, valued annually. This percentage is called the unitrust percentage and must remain fixed throughout the life of the trust. Figure Q shows that 80,193 CRUT returns, or 83.9 percent, reported unitrust percentages from 5.0 percent to less than 10.0 percent. However, returns for larger trusts reported higher unitrust percentages than the small and medium CRUT returns. For example, only 12.9 percent of small CRUT returns reported percentages from 10.0 to less than 20.0; however, 20.9 percent of large CRUT returns fell into this category. The figure also shows that the distribution of unitrust percentages within the 5.0 to less than 10.0 category is relatively consistent, averaging about 20.0 percent, with the exception of CRUT returns reporting unitrust percentages from 9.0 to less than 10.0, which accounts for only 5.3 percent of the total CRUT population. Only about 0.2 percent of CRUT returns reported a unitrust percentage of 35.0 or higher.

Additional contributions occur when a charitable remainder unitrust receives assets after the initial funding that occurs when the trust is created. In Filing Year 2007, some 2,151, or 2.3 percent of all CRUT returns, reported $634.2 million in additional contributions (Figure R). This continues the decline in both number and value of additional contributions from previous years. Because they dominate the population, small CRUTs reported the largest quantity of additional contributions; however, large CRUTs received the largest dollar value of additional contributions. Stocks continued to be the most common type of asset contributed, composing 61.1 percent of all contributions reported in 2007. Contributions of other assets, including insurance, art, and retirement assets, totaled $94.2 million, of which 46.2 percent was reported for medium CRUTs. Additional contributions of bonds totaled $7.5 million, making them the least common asset contributed to CRUTs in 2007.

Charitable Lead Trusts

Trustees filed returns for 6,377 charitable lead trusts in 2007, a 1.3-percent increase from the number filed in 2006. Forms filed for CLTs reported $956.2 million in required payments to charities and only $18.0 million in required payments to private beneficiaries (Figure S). Figure S also shows that $18.7 billion in end-of-year total assets were reported for charitable lead trusts in Filing Year 2007, a $2.2-billion increase from 2006. Large CLTs, despite making up only 14.5 percent of the population, reported 78.9 percent of the end-of-year total asset value. Investments made up 81.8 percent, or $15.3 billion, of total assets reported for CLTs overall. Other investments, which include partnerships, annuities, and bonds issued by foreign governments, made up the 47.7 percent of the total investments. However, corporate stock also comprised a substantial share of the investment portfolio, with $6.4 billion, or 41.9 percent of total investments reported. Land, buildings, and equipment investments continued to make up the smallest share of CLT investments overall. CLTs claimed $597.0 million in total liabilities, of which 82.1 percent was reported for large trusts. Overall, end-of-year net asset values reported for CLTs increased by 13.2 percent, the largest increase of all SIT types.

Pooled Income Funds

Trustees of pooled income funds filed 1,528 returns in 2007, virtually unchanged from 2006 when 1,676 were filed. PIF trustees reported $62.8 million required in income distributions to private beneficiaries and only $1.3 million required in income distributions to charitable beneficiaries (Figure T). Of the $1.6 billion in end-of-year total assets reported for PIFs, $1.5 billion, or 90.8 percent, were investment assets. Corporate stock and corporate bonds made up nearly equal shares of the investment portfolio for PIFs. However, corporate bonds dominated the investments of small and medium-pooled income funds. Pooled income funds claimed $131.1 million in end-of-year total liabilities for Filing Year 2007. Large PIFs reported 95.5 percent of total liabilities despite making up only 6.6 percent of the population.

Summary

While the number of Forms 5227 filed continued to decrease slightly between 2006 and 2007, income, assets, and liabilities increased for SITs overall. Total net income increased by 22.1 percent for CRTs between the 2 years. For all SITs, the book value of assets at the end of the year increased by 8.6 percent; however, the book value of liabilities increased by 12.4 percent. Net asset value at the end of the year increased to $115.4 billion in 2007.

Returns for charitable remainder trusts continue to comprise the majority of the split-interest trust population. Total net income for CRTs increased between 2006 and 2007, as increases in ordinary income, net capital gains, and nontaxable income more than offset the 108.9-percent increase in ordinary deductions. Trustees of charitable remainder unitrusts reported an increase in distributions of 23.9 percent, while trustees of charitable remainder annuity trusts reported a 17.7-percent decline in distributions. The number of returns for charitable lead trusts increased by 1.3 percent. However, preparers of CLT returns reported the largest increases in assets and liabilities, 13.4 percent, and 20.2 percent respectively, of all SIT types. Pooled income fund returns filed decreased by 8.8 percent between 2006 and 2007.

Data Sources and Limitations

The data presented in this article were collected from a sample of Forms 5227, Split-Interest Trust Information Returns, during Filing Year 2007. A filing year includes returns received by IRS for processing between January 1 and December 31 of a given year and is primarily comprised of returns for the tax year immediately prior. However, it may include late-filed returns for numerous other tax years. For Filing Year 2007, approximately 97.8 percent of returns included in the sample are for Tax Year 2006, while Tax Year 2005 returns comprised 1.4 percent of the sampled returns. Partial-year returns, for either initial or final reporting periods, were included in the SOI sample. All returns included in the sample were computer-designated at the IRS Ogden Submission Processing Center after posting to the IRS Master File.

For Filing Year 2007, a sample of 12,548 returns was drawn from an estimated population of 124,353. The sample size excludes returns that were selected for the sample but later rejected. Returns could be rejected if they were not one of the four types of trusts included in the study or if no money amounts were reported. The sample was stratified by the type of the trust (charitable remainder annuity trust, charitable remainder unitrust, charitable lead trust, or pooled income fund) and the reported book value of end-of-year total assets. Figure U details the sampling strata and rates. The magnitude of sampling error for selected items, measured by coefficients of variation, is shown in Figure V.

All samples were designed to provide reliable estimates of financial activity. All data were collected from original returns as they were filed. All edited returns were subjected to comprehensive testing and data verification procedures to ensure the highest quality of data. Changes that were made to the return after filing, either by the taxpayer (on an amended return) or during IRS processing, were not generally incorporated. A complete discussion of the reliability of estimates based on samples, methods for evaluating the magnitude of both sampling and nonsampling error, and the precision of the sample estimates can be found in the Appendix in this issue of the SOI Bulletin.

Explanation of Selected Terms

Annuity trust--An annuity trust is a trust in which the payments for the duration of the trust, either to a private or charitable beneficiary, are of a fixed amount. In the context of this article, an annuity trust can be either a charitable remainder trust (with a private income beneficiary) or a charitable lead trust (with a charitable income beneficiary). The payment amount is determined by multiplying a specified percentage by the fair market value of the assets initially placed in the trust.

Beneficiary(ies)--Beneficiary(ies) refers to the person, persons, or organization that receives payments or assets from a trust. Recipient is used interchangeably with beneficiary. Beneficiaries can be either charitable or noncharitable (private), and can be either an income beneficiary or a remainder beneficiary.

Book value--Book value is generally the cost basis of an asset, or the price at which an asset is acquired. All trusts must report the beginning- and end-of-year book value of their assets on Part IV, Balance Sheet, Columns A and B, of Form 5227. All book value amounts referred to in this article are end-of-year book value amounts.

Charitable lead trust (CLT)--Charitable lead trusts are split-interest trusts in which a designated charitable organization receives an income stream from the assets in trust; one or more private beneficiaries receive the remainder interest of the trust. Charitable lead trusts can be classified as either grantor or nongrantor lead trusts, and payments can be made on an annuity basis or a unitrust basis.

Charitable remainder annuity trust (CRAT)--A charitable remainder annuity trust is a charitable remainder trust in which the income payments to the private beneficiary are fixed. The payment amount is calculated by multiplying the designated percentage by the fair market value of the assets initially placed in the trust.

Charitable remainder trust (CRT)--Charitable remainder trusts are split-interest trusts in which a private, or noncharitable, beneficiary receives a stream of income for the duration of the trust, and a designated charity receives the remainder interest of the trust. Charitable remainder trusts can be either annuity trusts or unitrusts, depending on the method used to calculate the payment amounts. Further, unitrusts can be of the net income or net income with makeup variety.

Charitable remainder unitrust (CRUT)--A charitable remainder unitrust is a charitable remainder trust in which the income payments to the private beneficiary fluctuate with the annual value of the assets in the trust. The payment amount is calculated by multiplying the designated percentage by the fair market value of the assets, as they are valued each year. Unitrusts can have net income or net income with makeup provisions.

Charity or charitable organization--A charity, or charitable organization, refers to a tax-exempt organization with purposes that are charitable, educational, scientific, literary, or religious in nature, or that otherwise qualifies as a 501(c) (3) organization.

Donor--A donor, also referred to as a grantor or contributor, is the individual who transfers personal assets into the trust or fund.

Fair market value--Fair market value is defined, for the purposes of this article, as the market price of the asset (or liability) as of a certain point in time. The fair market value of assets and liabilities is reported by charitable remainder unitrusts in Part IV, Balance Sheet, Column C, of Form 5227.

Grantor charitable lead trust--Charitable grantor lead trusts name the donor (grantor) as the remainder beneficiary. In establishing a grantor lead trust, the donor is entitled to an income tax deduction for the year in which the trust was created, but he or she must also pay taxes on the income generated by the trust's assets. The income generated is paid to a designated charitable beneficiary.

Income beneficiary--The income beneficiary of a split-interest trust is the recipient of the stream of payments made over the duration of the trust. The income beneficiary of charitable remainder trusts and pooled income funds is the private (noncharitable) beneficiary; in charitable lead trusts, the income beneficiary is the designated charitable organization.

Income interest--Income interest refers to the right to receive payments made to beneficiaries during the life of the trust. Income interest is paid to the income beneficiary.

Investments--Investments refer to the sum of "Government obligations" (line 32a); "corporate stock" (line 32b); "corporate bonds" (line 32c); "land, buildings, and equipment that is not held for charitable purposes" (line 33); and "other investments" (line 34) reported on the balance sheet (Part IV, Form 5227).

Net income charitable remainder unitrust (NICRUT)--Net income charitable remainder unitrusts are charitable remainder unitrusts that allow the annual payment to the private beneficiary to be the lesser of either the unitrust amount or the trust's net income.

Net income with makeup charitable remainder unitrusts (NIM-CRUT)--Net income with makeup charitable remainder unitrusts are charitable remainder unitrusts that allow the annual payment to the private beneficiary to be the lesser of either the unitrust amount or the trust's net income. Deficiencies in the distributions, which occur when the net income is less than the unitrust payment amount, are then made up in subsequent years when the net income of the trust is greater than the unitrust amount.

Nongrantor charitable lead trust--Charitable nongrantor lead trusts name as the remainder beneficiary a recipient other than the grantor (donor). Usually, the remainder beneficiary is a child or grandchild of the grantor.

Ordinary income--Ordinary income is income from the following sources: interest; dividends; business income; rents, royalties, partnerships, and other estates and trusts; farm income; ordinary gain; and "other income." Ordinary income is reported in Part I, Ordinary Income, of Form 5227.

Pooled income fund (PIF)--A pooled income fund is a fund established and maintained by a charity to invest and manage assets donated by multiple donors. Income from the assets is distributed annually on a prorated basis to the named beneficiaries. On the termination of an income interest (due to the death of one of the beneficiaries), a prorated part of the basis of the fund is removed and given to the charity.

Remainder beneficiary--The remainder beneficiary of a split-interest trust is the recipient of the trust's assets at the conclusion of the trust. In the case of charitable remainder trusts, the remainder beneficiary is the selected charity; in charitable lead trusts, the remainder beneficiary is the designated private beneficiary.

Remainder interest--The remainder interest of a trust is the right to receive assets remaining at the conclusion of the trust, after all liabilities have been settled and prior payments to beneficiaries have been made. This interest is then distributed to the remainder beneficiary.

Securities--Securities refer to the sum of "Government obligations" (line 32a); "corporate stock" (line 32b); and "corporate bonds" (line 32c) reported on the balance sheet (Part IV, Form 5227).

Short-term investments--Short-term investments are securities that mature in 1 year or less. Treasury bills and short-term corporate notes are common examples of short-term investments.

Split-interest trust--A split-interest trust, according to the 2006 Instructions for Form 5227, is a trust that "is not exempt from tax under Internal Revenue Code section 501(a); has some unexpired interests that are devoted to purposes other than religious, charitable, or similar purposes described in Code section 170(c)(2)(B); and has amounts transferred in trust after May 26, 1969, for which a deduction was allowed under one of the Code sections listed in section 4947(a)(2)."

Trust--A trust is a legal arrangement among its creator (donor or grantor), the manager of the trust (trustee), and the beneficiary or beneficiaries of the trust. Trusts are legal entities in their own right, and can be responsible for any tax liabilities separate from the liabilities of the grantor and beneficiary. The conditions and provisions of a trust are defined in the trust document.

Unitrust--A unitrust is a trust in which the income interest, paid either to a private or charitable beneficiary, varies with the annual fair market value of the total assets of the trust in a given year. In the context of this article, a unitrust can be either of the charitable remainder trust (with income payments to a private beneficiary) or charitable lead trust (with income payments to a charitable beneficiary) variety. The payment amount is determined by multiplying a specified percentage by the fair market value of the assets of the trust, valued annually.

Lisa Schreiber is an economist with the Special Studies Special Projects Section. This article was prepared under the direction of Melissa Ludlum, Chief.

(1) A filing year includes all returns submitted to IRS processing between January 1 and December 31 of that year. Returns filed in 2007 were primarily for Tax Year 2006.

(2) For more information on the allowable duration of charitable remainder trusts, see Internal Revenue Code section 664(d)(1)(A) and 664(d)(2)(A).

(3) The qualifications for a "charitable beneficiary" are detailed in Internal Revenue Code section 170(c).

(4) The method for determining the fair market value of a trust is given in Internal Revenue Code section 7520.

(5) For Tax Year 2006, any gift exceeding $12,000 is taxable and is included in the donor's lifetime exclusion. The gift tax threshold is indexed for inflation. In the case of a couple who are splitting gifts, the threshold is doubled. For further explanation of gift tax law, see Jacobson, Darien and Melissa Laine, "Wealth Transfers, 2005 Gifts," SOI Bulletin, Summer 2008.

(6) For more information regarding net income charitable remainder unitrusts, see Internal Revenue Code section 664(d)(3)(A).

(7) For more information regarding net income with makeup charitable remainder unitrusts, see Internal Revenue Code section 664(d)(3)(B).

(8) Prorating requires the preparer to calculate the number of days remaining in the year when the additional contribution is made. This number is then divided by the total number of days in the calendar year. The resulting percentage is then multiplied by the value of the additional contribution to determine the prorated value of the additional contributions.

(9) In order to qualify, the individual or individuals must be the donor, the donor's spouse, a linear ancestor of a noncharitable beneficiary, or the spouse of a linear ancestor of a noncharitable beneficiary. For more information, see Treasury Regulations 1.1170A-6(c)(2)(i).

(10) This charitable deduction is limited. In general, individuals may not receive an income tax deduction for a charitable contribution in excess of 50.0 percent of the taxpayer's contribution base, usually equal to the adjusted gross income. This and other related limitations on charitable deductions are further described in Internal Revenue Code section 170(b).

(11) Pooled income funds are further discussed under Internal Revenue Code section 642(c)(5).

(12) Split-interest trusts created before May 27, 1969, are exempt from having to file Form 5227, as long as no amounts have been transferred to the trust since May 27, 1969.

(13) Beginning in Tax Year 2007, charitable remainder trusts with unrelated business income are required to file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code. Filing Year 2008 data will be the first filing year to be affected by this change.

(14) An initial return denotes the first return filed for a trust during its lifetime. Generally, these returns cover the tax year in which the trust was created.

(15) The trust lifetime was estimated by subtracting the year of the reported creation date from the tax year of the final return.

(16) Trusts that do not report end-of-year total assets, or that report the amount as zero, are often final-year filers. In those instances, the trusts usually report asset amounts for the beginning of the year, but, as they have terminated, there are no trust assets to report for the end of the year.

(17) Charitable remainder trusts are not allowed deductions for personal exemptions, charitable contributions, net operating losses, income distributions, capital loss carryforwards, Federal income taxes, or Federal excise taxes.

(18) Any distributions made after December 31 of a tax year, for that tax year, will be included as undistributed at the end of the tax year on the accumulation schedule.

(19) This percentage is calculated by dividing the number of days remaining in the year when the trust was created, by the total number of days in the calendar year. The resulting percentage is multiplied by the value of required distributions. This computation is commonly referred to as the "short-year adjustment."
Figure A

Profile of Split-Interest Trusts, by Type of Trust, Filing
Years 2006 and 2007

[All figures are estimates based on samples-money amounts
are in thousands of dollars]

 All

Item 2006 2007

 (1) (2)

Number of returns 124,036 123,659
Net asset value, end-of-year [1] 106,277,977 115,391,956
Book value of assets,
 end-of-year [2] 108,248,391 117,605,947
Book value of liabilities,
 end-of-year [2] 1,970,413 2,213,991

 Charitable lead trusts
Item
 2006 2007

 (7) (8)

Number of returns 6,298 6,377
Net asset value, end-of-year [1] 15,989,128 18,093,904
Book value of assets,
 end-of-year [2] 16,485,658 18,690,926
Book value of liabilities,
 end-of-year [2] 496,529 597,022

 Charitable
 remainder
 trusts

Item Percentage 2006
 change
 (3) (4)

Number of returns -0.3 116,062
Net asset value, end-of-year [1] 8.6 88,805,076
Book value of assets, end-of-year [2] 8.6 90,163,123
Book value of liabilities,
 end-of-year [2] 12.40 1,358,047

 Pooled
 income
 funds
Item
 Percentage 2006
 change
 (9) (10)

Number of returns 1.3 1,676
Net asset value, end-of-year [1] 13.2 1,483,773
Book value of assets,
 end-of-year [2] 13.40 1,599,610
Book value of liabilities,
 end-of-year [2] 20.20 115,837

 Charitable remainder trusts

Item 2007 Percentage
 change
 (5) (6)

Number of returns 115,754 -0.3
Net asset value, end-of-year [1] 95,821,559 7.9
Book value of assets,
 end-of-year [2] 97,307,466 7.9
Book value of liabilities,
 end-of-year [2] 1,485,907 9.4

 Pooled income funds
Item
 2007 Percentage
 change
 (11) (12)

Number of returns 1,528 -8.8
Net asset value, end-of-year [1] 1,476,493 -0.5
Book value of assets,
 end-of-year [2] 1,607,555 0.5
Book value of liabilities,
 end-of-year [2] 131,062 13.1

[1] Calculated as the end-of-year book value of assets
(Form 5227, Part IV, line 37, column (b)) minus the
end-of-year book value of liabilities (line 43, column (b)).

[2] Taken from Form 5227, Part IV, column (b).

NOTE: Detail may not add to totals due to rounding and
taxpayer reporting discrepancies.

Figure B
Return Filing Status, Filing Year 2007

[All figures are estimates based on samples]

Return All Charitable Charitable Charitable Pooled
filing remainder remainder lead income
status annuity unitrusts trusts funds
 trusts

 (1) (2) (3) (4) (5)

All returns 123,659 20,187 95,567 6,377 1,528
Initial [1] 4,165 634 3,289 242 0
Final [2] 4,202 1,257 2,575 310 * 60

* Estimate should be used with caution because of the
small number of sample returns on which it is based.

[1] An initial return status is denoted by selecting
the "Initial return" box on line E of Form 5227.

[2] A final return status is denoted by selecting
the "Final return" box on line E of Form 5227.

Figure C

Utilization of Paid Preparers and Distribution of Trustee
Type, by Type of Trust, Filing Years 2006 and 2007

[All figures are estimates based on samples]

 Charitable remainder
Preparer All annuity trusts
status/type of trustee
 2006 2007 2006 2007
 (1) (2) (3) (4)

All returns 124,036 123,659 21,296 20,187
Paid preparer [1] 93,717 93,338 13,262 12,583
Unpaid preparer 30,318 30,321 8,033 7,604
Noninstitutional trustee 3,306 3,480 432 523
Institutional trustee 27,012 26,840 7,601 7,080

 Charitable remainder Charitable lead
Preparer unitrusts trusts
status/type of trustee
 2006 2007 2006 2007
 (5) (6) (7) (8)

All returns 94,767 95,567 6,298 6,377
Paid preparer [1] 74,492 74,627 5,217 5,319
Unpaid preparer 20,274 20,940 1,081 1,058
Noninstitutional trustee 2,604 2,752 187 155
Institutional trustee 17,670 18,188 894 903

 Pooled income
Preparer funds
status/type of trustee
 2006 2007
 (9) (10)

All returns 1,676 1,528
Paid preparer [1] 746 809
Unpaid preparer 930 719
Noninstitutional trustee 83 50
Institutional trustee 847 669

[1] The presence of a paid preparer is indicated on Form 5227
by the completion of the paid preparer section found on
page 4 of the return.

NOTE: Detail may not add to totals due to rounding.

Figure D

Overview of Charitable Remainder Trusts, Filing Years
2006 and 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 All charitable remainder
 trusts

Item 2006 2007

 (1) (2)

Number of returns 116,062 115,754
Total net income [1] 9,991,947 12,202,714
Net ordinary income [2] 2,425,472 3,369,978
Total ordinary income 2,973,122 4,513,954
Total ordinary deductions 547,649 1,143,976
Total net capital gains (losses) [3] 7,439,099 8,697,265
Net short-term capital gains (losses) 287,726 292,253
Net long-term capital gains (losses) 7,151,373 8,405,012
Nontaxable income [4] 127,376 135,470
Total accumulations for tax year [5] 66,278,298 73,120,564
Prior year undistributed 56,286,350 60,914,270
Current year accumulations 9,991,947 12,202,714
Undistributed at end of tax year [6] 59,734,950 65,358,365
Total distributions [7][8] 7,210,404 8,421,393
Total book value of assets at end of year 90,163,123 97,307,466
Cash, savings, and temporary cash investments 6,746,676 7,390,860
Receivables due [9] 1,281,565 1,439,057
Inventories and prepaid expenses 10,273 9,388
Investments 79,535,080 86,390,796
Other assets [10] 2,589,506 2,077,341
Total book value of liabilities at end of year 1,358,047 1,485,907
Net book value assets at end of year [11] 88,805,077 95,821,558

 Charitable
 remainder
 annuity
 trusts

Item Percentage 2006
 change
 (3) (4)

Number of returns -0.3 21,296
Total net income [1] 22.1 853,971
Net ordinary income [2] 38.9 235,279
Total ordinary income 51.8 289,283
Total ordinary deductions 108.9 54,003
Total net capital gains (losses) [3] 16.9 579,224
Net short-term capital gains (losses) 1.6 18,504
Net long-term capital gains (losses) 17.5 560,720
Nontaxable income [4] 6.4 39,468
Total accumulations for tax year [5] 10.3 5,407,534
Prior year undistributed 8.2 4,553,562
Current year accumulations 22.1 853,971
Undistributed at end of tax year [6] 9.4 4,481,374
Total distributions [7][8] 16.8 1,232,106
Total book value of assets at end of year 7.9 9,041,175
Cash, savings, and temporary cash investments 9.5 763,038
Receivables due [9] 12.3 155,005
Inventories and prepaid expenses -8.6 2,457
Investments 8.6 7,834,583
Other assets [10] -19.8 286,088
Total book value of liabilities at end of year 9.4 166,179
Net book value assets at end of year [11] 7.9 8,874,996

Item 2007 Percentage
 change
 (5) (6)

Number of returns 20,187 -5.2
Total net income [1] 897,233 5.1
Net ordinary income [2] 278,178 18.2
Total ordinary income 333,170 15.2
Total ordinary deductions 54,991 1.8
Total net capital gains (losses) [3] 583,360 0.7
Net short-term capital gains (losses) 16,862 -8.9
Net long-term capital gains (losses) 566,498 1.0
Nontaxable income [4] 35,695 -9.6
Total accumulations for tax year [5] 5,543,820 2.5
Prior year undistributed 4,646,586 2.0
Current year accumulations 897,233 5.1
Undistributed at end of tax year [6] 4,696,376 4.8
Total distributions [7][8] 1,014,336 -17.7
Total book value of assets at end of year 9,280,129 2.6
Cash, savings, and temporary cash investments 881,078 15.5
Receivables due [9] 163,869 5.7
Inventories and prepaid expenses 810 -67
Investments 8,035,104 2.6
Other assets [10] 199,264 -30.3
Total book value of liabilities at end of year 199,877 20.3
Net book value assets at end of year [11] 9,080,252 2.3

 Charitable remainder
 unitrusts

Item 2006 2007

 (7) (8)

Number of returns 94,767 95,567
Total net income [1] 9,137,976 11,305,480
Net ordinary income [2] 2,190,193 3,091,800
Total ordinary income 2,683,840 4,180,784
Total ordinary deductions 493,645 1,088,985
Total net capital gains (losses) [3] 6,859,875 8,113,905
Net short-term capital gains (losses) 269,222 275,391
Net long-term capital gains (losses) 6,590,653 7,838,514
Nontaxable income [4] 87,908 99,775
Total accumulations for tax year [5] 60,870,765 67,576,745
Prior year undistributed 51,732,788 56,267,684
Current year accumulations 9,137,976 11,305,480
Undistributed at end of tax year [6] 55,253,576 60,661,988
Total distributions [7][8] 5,978,298 7,407,058
Total book value of assets at end of year 81,121,949 88,027,337
Cash, savings, and temporary cash investments 5,983,637 6,509,782
Receivables due [9] 1,126,560 1,275,188
Inventories and prepaid expenses 7,816 8,578
Investments 71,700,498 78,355,692
Other assets [10] 2,303,418 1,878,078
Total book value of liabilities at end of year 1,191,868 1,286,030
Net book value assets at end of year [11] 79,930,081 86,741,306

 Charitable remainder
 unitrusts

Item Percentage
 change
 (9)

Number of returns 0.8
Total net income [1] 23.7
Net ordinary income [2] 41.2
Total ordinary income 55.8
Total ordinary deductions 120.6
Total net capital gains (losses) [3] 18.3
Net short-term capital gains (losses) 2.3
Net long-term capital gains (losses) 18.9
Nontaxable income [4] 13.5
Total accumulations for tax year [5] 11.0
Prior year undistributed 8.8
Current year accumulations 23.7
Undistributed at end of tax year [6] 9.8
Total distributions [7][8] 23.9
Total book value of assets at end of year 8.5
Cash, savings, and temporary cash investments 8.8
Receivables due [9] 13.2
Inventories and prepaid expenses 9.7
Investments 9.3
Other assets [10] -18.5
Total book value of liabilities at end of year 7.9
Net book value assets at end of year [11] 8.5

[1] Calculated as the sum of "ordinary income less deductions"
(Form 5227, Part I, line 13), "net short-term capital gains
(losses)" (line 16), "net long-term capital gains (losses)" (line
19), and "current tax year nontaxable income" (Part II, line 21(d)).

[2] Taken from "ordinary income less deductions"
(Form 5227, Part I, line 13).

[3] Calculated as the sum of "net short-term capital gains
(losses)" (Form 5227, Part I, line 16) and "net long-term
capital gains (losses)" (line 19).

[4] Taken from "current tax year nontaxable income"
(Form 5227, Part II, line 21(d)).

[5] Taken from Form 5227, Part II, line 22.

[6] Taken from Form 5227, Part II, line 23.

[7] Calculated as the sum of all distributions
reported on Part III of Form 5227.

[8] May include distributions made after December
31 of the tax year and therefore may not be reflected on
the accumulation schedule.

[9] Calculated as the sum of "accounts receivable"
(Form 5227, Part IV, line 27, column (b)), "receivables due
from officers, directors, and other disqualified persons"
(line 28, column (b)), and "other notes and loans receivable"
(line 29, column (b)).

[10] Calculated as the sum of charitable purpose land,
buildings, and equipment (Form 5227, Part IV, line 35,
column (b)) and other assets (line 36, column (b)).

[11] Taken from Form 5227, Part IV, line 46, column (b).
This is the excess of total assets over total liabilities.
This value may deviate from the calculated value of total
assets (line 37, column (b)) less total liabilities
(line 43, column (b)) due to taxpayer reporting error.

NOTE: Detail may not add to totals due to rounding
and taxpayer reporting discrepancies.

Figure E
Charitable Remainder Annuity Trusts: Income and Deductions, by
Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of
 end-of-year
 book value
 of total
 assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 20,187 16,156
Total net income [2] 897,233 178,227
Net ordinary income [3] 278,178 61,864
Total ordinary income 333,170 76,707
Deductions allocable to ordinary income 54,991 14,843
Net short-term capital gain or (loss) [4] 16,862 4,182
Net long-term capital gain or (loss) [5] 566,498 106,046
Nontaxable income [6] 35,695 6,134

 Size of end-of-year book
 value of total assets

Item $500,000 $3 million
 under or more
 $3 million

 (3) (4)

Number of returns 3,604 427
Total net income [2] 365,341 353,665
Net ordinary income [3] 100,832 115,481
Total ordinary income 122,909 133,553
Deductions allocable to ordinary income 22,076 18,072
Net short-term capital gain or (loss) [4] 9,685 2,995
Net long-term capital gain or (loss) [5] 239,544 220,908
Nontaxable income [6] 15,280 14,280

[1] Includes returns that did not report end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from
the balance sheet, or that reported the amount as zero. Often,
these zero amounts are explained by trusts filing a final return.

[2] Calculated as the sum of "ordinary income less deductions"
(Form 5227, Part I, line 13), "net short-term capital gains
(losses)" (line 16), "net long-term capital gains (losses)"
(line 19), and "current tax year nontaxable income"
(Part II, line 21 (d)).

[3] Taken from "ordinary income less deductions" (Form 5227,
Part I, line 13). This amount may not equal "total ordinary
income" (line 8) less "total deductions allocable to
ordinary income" (line 12) due to taxpayer reporting
discrepancies.

[4] Taken from Form 5227, Part I, line 16.

[5] Taken from Form 5227, Part I, line 19.

[6] Taken from Form 5227, Part II, line 21(d).

NOTE: Detail may not add to totals due to rounding.

Figure F
Charitable Remainder Annuity Trusts: Accumulation Information,
by Type of Income, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Type of income

Item Total Net
 ordinary
 income

 (1) (2)

Total accumulations [1] 5,543,820 534,944
Prior-year undistributed [2] 4,646,586 256,766
Current-year accumulations [3] 897,233 278,178
Undistributed at end of tax year [4] 4,696,376 212,919

 Type of income

 Capital gains (losses)

Item Net Net
 short-term long-term

 (3) (4)

Total accumulations [1] 49,493 4,779,049
Prior-year undistributed [2] 22,875 4,222,307
Current-year accumulations [3] 16,862 566,498
Undistributed at end of tax year [4] 32,132 4,301,635

 Type of income

 Capital gains (losses)

Item Nontaxable
 income

 (5)

Total accumulations [1] 180,334
Prior-year undistributed [2] 144,639
Current-year accumulations [3] 35,695
Undistributed at end of tax year [4] 149,691

[1] Taken from Form 5227, Part II, line 22.

[2] Taken from Form 5227, Part II, line 20.

[3] Taken from Form 5227, Part II, line 21.

[4] Taken from Form 5227, Part II, line 23.

NOTES: Detail may not add to totals due to rounding. Additionally,
the total accumulations for capital gains (losses) may be skewed
due to netting short- and long-term values together.

Figure G

Charitable Remainder Annuity Trusts: Distributions, by Size
of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of end-of-year book
 value of total assets

Item All Under
 $500,000
 [1]

 (1) (2)

Number of returns 20,187 16,156
Total distributions [2] 1,014,336 378,648
Ordinary income [3] 325,117 129,831
Short-term capital gains [4] 19,781 3,454
Long-term capital gains [5] 442,691 147,378
Nontaxable income [6] 31,997 10,087
Corpus [7] 194,749 87,898

 Size of end-of-year book value
 of total assets

Item $500,000 $3 million
 under or more
 $3 million

 (3) (4)

Number of returns 3,604 427
Total distributions [2] 305,923 329,764
Ordinary income [3] 93,123 102,164
Short-term capital gains [4] 6,995 9,332
Long-term capital gains [5] 149,407 145,906
Nontaxable income [6] 12,061 9,850
Corpus [7] 44,337 62,513

[1] Includes returns that did not report end-of-year
book value of total assets (Form 5227, Part IV, line 37,
column (b)) from the balance sheet, or that reported the
amount as zero. Often, these zero amounts are explained
by trusts filing a final return.

[2] May include distributions made after December 31
of the tax year and therefore may not be reflected
on the accumulation schedule.

[3] Reported on Form 5227, Part III, column (a).

[4] Reported on Form 5227, Part III, column (b).

[5] Reported on Form 5227, Part III, column (c).

[6] Reported on Form 5227, Part III, column (d).

[7] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure H

Charitable Remainder Annuity Trusts: Distributions,
Filing Years 2006 and 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 All returns

Distribution type 2006 2007 Percentage
 change

 (1) (2) (3)

Total distributions [2] 1,232,106 1,014,336 -17.7
Ordinary income [3] 272,509 325,117 19.3
Short-term capital gains [4] 29,389 19,781 -32.7
Long-term capital gains [5] 565,694 442,691 -21.7
Nontaxable income [6] 34,056 31,997 -6
Corpus [7] 330,457 194,749 -41.1

 Ongoing returns [1]

Distribution type 2006 2007 Percentage
 change

 (4) (5) (6)

Total distributions [2] 747,930 776,279 3.8
Ordinary income [3] 208,577 231,792 11.1
Short-term capital gains [4] 20,469 19,252 -5.9
Long-term capital gains [5] 356,736 373,707 4.8
Nontaxable income [6] 32,073 27,856 -13.1
Corpus [7] 130,074 123,673 -4.9

[1] This category includes only returns that did not
make initial or final distributions during the filing year.

[2] May include distributions made after December 31 of the
tax year and therefore may not be reflected on the
accumulation schedule.

[3] Reported on Form 5227, Part III, column (a).

[4] Reported on Form 5227, Part III, column (b).

[5] Reported on Form 5227, Part III, column (c).

[6] Reported on Form 5227, Part III, column (d).

[7] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure I

Charitable Remainder Annuity Trusts: Distributions, by Beneficiary
and Income Type, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

Beneficiary type Total Ordinary Short-term
 distributions income capital
 [1] [2] gains [3]

 (1) (2) (3)

All beneficiary types 1,014,336 325,117 19,781
Grantor 603,971 177,587 15,027
Other individual 187,604 59,463 3,962
Charity 166,676 76,893 419
Noncharitable entity 56,084 11,174 * 373

Beneficiary type Long-term Nontaxable Corpus
 capital income [6]
 gains [4] [5]

 (4) (5) (6)

All beneficiary types 442,691 31,997 194,749
Grantor 283,459 19,431 108,468
Other individual 83,341 11,205 29,632
Charity 38,827 636 49,902
Noncharitable entity 37,064 * 726 6,747

* Estimate should be used with caution because of the
small number of sample returns on which it is based.

[1] May include distributions made after December 31 of the tax
year and therefore may not be reflected on the accumulation schedule.

[2] Reported on Form 5227, Part III, column (a).

[3] Reported on Form 5227, Part III, column (b).

[4] Reported on Form 5227, Part III, column (c).

[5] Reported on Form 5227, Part III, column (d).

[6] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure J

Charitable Remainder Annuity Trusts: Investment Allocations,
by Size of End-of-Year Book Value of Total Assets,
Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Total

Item Amount Percentage
 of total
 investments

 (1) (2)

Total book value of assets at 9,280,129 N/A
 end of year
Total investments 8,035,104 100
U.S. and State government obligations [2] 1,192,677 14.8
Corporate stock [3] 4,142,474 51.6
Corporate bonds [4] 1,159,100 14.4
Other investments [5] 1,540,853 19.2
Total book value of liabilities 199,877 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 Under $500,000 [1]

Item Amount Percentage
 of total
 investments

 (3) (4)

Total book value of assets at 1,788,803 N/A
 end of year
Total investments 1,541,925 100
U.S. and State government obligations [2] 163,094 10.6
Corporate stock [3] 841,597 54.6
Corporate bonds [4] 242,521 15.7
Other investments [5] 294,713 19.1
Total book value of liabilities 38,737 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 $500,000 under
 $3 million

Item Amount Percentage
 of total
 investments

 (5) (6)

Total book value of assets at 3,832,433 N/A
 end of year
Total investments 3,277,501 100
U.S. and State government obligations [2] 493,494 15.1
Corporate stock [3] 1,716,976 52.4
Corporate bonds [4] 481,227 14.7
Other investments [5] 585,804 17.9
Total book value of liabilities 135,615 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 $3 million or more

Item Amount Percentage
 of total
 investments

 (7) (8)

Total book value of assets at 3,658,892 N/A
 end of year
Total investments 3,215,678 100.0
U.S. and State government obligations [2] 536,088 16.7
Corporate stock [3] 1,583,901 49.3
Corporate bonds [4] 435,352 13.5
Other investments [5] 660,337 20.5
Total book value of liabilities 25,525 N/A
 at end of year

N/A--Not applicable.

[1] Includes returns that did not report end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from
the balance sheet, or that reported the amount as zero. Often,
these zero amounts are explained by trusts filing a final return.

[2] Taken from Form 5227, Part IV, line 32a, column (b).

[3] Taken from Form 5227, Part IV, line 32b, column (b).

[4] Taken from Form 5227, Part IV, line 32c, column (b).

[5] Calculated as the sum of land, buildings, and equipment
(Form 5227, Part IV, line 33, column (b)) and other investments
(line 34, column (b)).

NOTE: Detail may not add to totals due to rounding
and taxpayer reporting discrepancies.

Figure K

Charitable Remainder Unitrusts: Income and Deductions, by
Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Size of
 end-of-year
 book value
 of total
 assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total net income [2] 11,305,480 1,141,355
Net ordinary income [3] 3,091,800 377,546
Total ordinary income 4,180,784 478,290
Deductions allocable to ordinary income 1,088,985 100,743
Net short-term capital gain or (loss) [4] 275,391 38,434
Net long-term capital gain or (loss) [5] 7,838,514 710,471
Nontaxable income [6] 99,775 14,904

 Size of end-of-year book
 value of total assets

Item $500,000 $3 million
 under $3 or more
 million

 (3) (4)

Number of returns 26,437 3,758
Total net income [2] 3,024,129 7,139,996
Net ordinary income [3] 799,850 1,914,403
Total ordinary income 992,666 2,709,829
Deductions allocable to ordinary income 192,815 795,426
Net short-term capital gain or (loss) [4] 76,262 160,695
Net long-term capital gain or (loss) [5] 2,104,677 5,023,366
Nontaxable income [6] 43,339 41,532

[1] Includes returns that did not report end-of-year book
value of total assets (Form 5227, Part IV, line 37, column
(b)) from the balance sheet, or that reported the amount as
zero. Often, these zero amounts are explained by trusts
filing a final return.

[3] Taken from "ordinary income less deductions" (Form 5227,
Part I, line 13). This amount may not equal "total ordinary
income" (line 8) less "total deductions allocable to
ordinary income" (line 12) due to taxpayer reporting discrepancies.

[2] Calculated as the sum of "ordinary income less deductions"
(Form 5227, Part I, line 13), "net short-term capital gains
(losses)" (line 16), "net long-term capital gains (losses)"
(line 19), and "current tax year nontaxable income"
(Part II, line 21 (d)).

[4] Taken from Form 5227, Part I, line 16.

[5] Taken from Form 5227, Part I, line 19.

[6] Taken from Form 5227, Part II, line 21(d).

NOTE: Detail may not add to totals due to rounding and
taxpayer reporting discrepancies.

Figure L

Charitable Remainder Unitrusts: Accumulation Information,
by Type of Income, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Type of income

Item Total Net
 ordinary
 income
 (1) (2)

Total accumulations [1] 67,576,745 6,338,906
Prior-year undistributed [2] 56,267,684 3,247,107
Current-year accumulations [3] 11,305,480 3,091,800
Undistributed at end of tax year [4] 60,661,988 4,128,904

 Type of income

 Capital gains (losses)

Item Net Net
 short-term long-term

 (3) (4)

Total accumulations [1] 1,898,656 58,871,864
Prior-year undistributed [2] 1,447,412 51,205,624
Current-year accumulations [3] 275,391 7,838,514
Undistributed at end of tax year [4] 1,301,869 54,805,961

 Type of income

Item Nontaxable
 income

 (5)

Total accumulations [1] 467,317
Prior-year undistributed [2] 367,542
Current-year accumulations [3] 99,775
Undistributed at end of tax year [4] 425,254

[1] Taken from Form 5227, Part II, line 22.

[2] Taken from Form 5227, Part II, line 20.

[3] Taken from Form 5227, Part II, line 21.

[4] Taken from Form 5227, Part II, line 23.

NOTES: Detail may not add to totals due to rounding. Additionally,
the total accumulations for capital gains (losses) may be skewed
due to netting short- and long-term values together.

Figure M

Charitable Remainder Unitrusts: Distributions, by Size of
End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Size of end-of-year
 book value of total
 assets

Item All Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total distributions [2] 7,407,058 2,200,954
Ordinary income [3] 2,219,866 353,354
Short-term capital gains [4] 604,303 40,717
Long-term capital gains [5] 3,759,754 1,337,853
Nontaxable income [6] 43,404 9,993
Corpus [7] 779,731 459,038

 Size of end-of-year
 book value of total assets

Item $500,000 $3 million
 under or more
 $3 million

 (3) (4)

Number of returns 26,437 3,758
Total distributions [2] 2,205,973 3,000,131
Ordinary income [3] 759,744 1,106,769
Short-term capital gains [4] 106,293 457,292
Long-term capital gains [5] 1,075,997 1,345,904
Nontaxable income [6] 18,973 14,438
Corpus [7] 244,966 75,728

[1] Includes returns that did not report end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from
the balance sheet, or that reported the amount as zero. Often,
these zero amounts are explained by trusts filing a final return.

[2] May include distributions made after December 31 of the
tax year and therefore may not be reflected on the
accumulation schedule.

[3] Reported on Form 5227, Part III, column (a).

[4] Reported on Form 5227, Part III, column (b).

[5] Reported on Form 5227, Part III, column (c).

[6] Reported on Form 5227, Part III, column (d).

[7] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure N

Charitable Remainder Unitrusts: Distributions, Filing Years
2006 and 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 All returns

Distribution type 2006 2007 Percentage
 change

 (1) (2) (3)

Total distributions [2] 5,978,298 7,407,058 23.9
Ordinary income [3] 1,829,156 2,219,866 21.4
Short-term capital gains [4] 509,175 604,303 18.7
Long-term capital gains [5] 3,052,897 3,759,754 23.2
Nontaxable income [6] 41,725 43,404 4.0
Corpus [7] 545,345 779,731 43

 Ongoing returns [1]

Distribution type 2006 2007 Percentage
 change

 (4) (5) (6)

Total distributions [2] 5,497,046 5,934,755 8.0
Ordinary income [3] 1,790,616 2,149,105 20.0
Short-term capital gains [4] 497,745 589,926 18.5
Long-term capital gains [5] 2,823,939 2,793,824 -1.1
Nontaxable income [6] 37,470 36,667 -2.1
Corpus [7] 347,276 365,233 5.2

[1] This category includes only returns that did not make
initial or final distributions during the filing year.

[2] May include distributions made after December 31 of
the tax year and therefore may not be reflected on the
accumulation schedule.

[3] Reported on Form 5227, Part III, column (a).

[4] Reported on Form 5227, Part III, column (b).

[5] Reported on Form 5227, Part III, column (c).

[6] Reported on Form 5227, Part III, column (d).

[7] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure O

Charitable Remainder Unitrusts: Distributions, by Beneficiary and
Income Type, Filing Year 2007

[All figures are estimates based on samples-money amounts
are in thousands of dollars]

Beneficiary type Total Ordinary Short-term
 distributions income [2] capital
 [1] gains [3]

 (1) (2) (3)

All beneficiary types 7,407,058 2,219,866 604,303
Grantor 4,320,047 1,547,930 244,783
Other individual 1,046,194 419,609 58,371
Non-charitable entity 659,563 218,253 286,888
Charity 1,381,254 34,074 14,260

Beneficiary type Long-term Nontaxable
 capital income [5] Corpus [6]
 gains [4]

 (4) (5) (6)

All beneficiary types 3,759,754 43,404 779,731
Grantor 2,301,893 24,444 200,997
Other individual 464,364 14,735 89,113
Non-charitable entity 127,420 * 90 26,913
Charity 866,077 4,135 462,709

* Estimate should be used with caution because of the small number
of sample returns on which it is based.

[1] May include distributions made after December 31 of the tax
year and therefore may not be reflected on the accumulation schedule.

[2] Reported on Form 5227, Part III, column (a).

[3] Reported on Form 5227, Part III, column (b).

[4] Reported on Form 5227, Part III, column (c).

[5] Reported on Form 5227, Part III, column (d).

[6] Reported on Form 5227, Part III, column (e).

NOTE: Detail may not add to totals due to rounding.

Figure P

Charitable Remainder Unitrusts: Investment Allocations, by Size of
End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Total

Item Amount Percentage
 of total
 investments

 (1) (2)

Total book value of assets at end of year 88,027,337 N/A
Total investments 78,355,692 100.0
U.S. and State government obligations [2] 5,569,829 7.1
Corporate stock [3] 40,242,190 51.4
Corporate bonds [4] 7,733,001 9.9
Land, buildings, and equipment [5] 757,589 1.0
Other investments [6] 24,053,083 30.7
Total book value of liabilities 1,286,030 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 Under $500,000 [1]

Item Amount Percentage
 of total
 investments

 (3) (4)

Total book value of assets at end of year 11,922,531 N/A
Total investments 10,387,183 100
U.S. and State government obligations [2] 522,575 5.0
Corporate stock [3] 6,431,287 61.9
Corporate bonds [4] 1,414,417 13.6
Land, buildings, and equipment [5] 91,559 0.9
Other investments [6] 1,927,346 18.6
Total book value of liabilities 141,700 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 $500,000 under
 $3 million

Item Amount Percentage
 of total
 investments

 (5) (6)

Total book value of assets at end of year 28,379,412 N/A
Total investments 24,719,059 100
U.S. and State government obligations [2] 2,006,646 8.1
Corporate stock [3] 15,500,331 62.7
Corporate bonds [4] 3,050,203 12.3
Land, buildings, and equipment [5] 272,038 1.1
Other investments [6] 3,889,842 15.7
Total book value of liabilities 385,029 N/A
 at end of year

 Size of end-of-year book
 value of total assets

 $3 million or more

Item Amount Percentage
 of total
 investments

 (7) (8)

Total book value of assets at end of year 47,725,394 N/A
Total investments 43,249,451 100
U.S. and State government obligations [2] 3,040,608 7.0
Corporate stock [3] 18,310,572 42.3
Corporate bonds [4] 3,268,382 7.6
Land, buildings, and equipment [5] 393,993 0.9
Other investments [6] 18,235,896 42.2
Total book value of liabilities 759,302 N/A
 at end of year

N/A--Not applicable.

[1] Includes returns that did not report end-of-year book value of
total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often, these
zero amounts are explained by trusts filing a final return.

[2] Taken from Form 5227, Part IV, line 32a, column (b).

[3] Taken from Form 5227, Part IV, line 32b, column (b).

[4] Taken from Form 5227, Part IV, line 32c, column (b).

[5] Taken from Form 5227, Part IV, line 33, column (b).

[6] Taken from Form 5227, Part IV, line 34, column (b).

NOTE: Detail may not add to totals due to rounding and
taxpayer reporting discrepancies.

Figure Q

Charitable Remainder Unitrusts: Reported Unitrust Percentage,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples]

 Total

Unitrust percentage Number of Percentage
 returns of total

 (1) (2)

All returns [2] 95,567 100.0
5.0 percent, under 10.0 percent 80,193 83.9
5.0 percent, under 6.0 percent 18,166 19.0
6.0 percent, under 7.0 percent 18,413 19.3
7.0 percent, under 8.0 percent 19,404 20.3
8.0 percent, under 9.0 percent 19,150 20.0
9.0 percent, under 10.0 percent 5,059 5.3
10.0 percent, under 20.0 percent 12,689 13.3
20.0 percent, under 35.0 percent 460 0.5
35.0 percent, to 50.0 percent 149 0.2

 Size of end-of-year book
 value of total assets

 Under $500,000 [1]

Unitrust percentage Number of Percentage
 returns of total

 (3) (4)

All returns [2] 65,371 100
5.0 percent, under 10.0 percent 55,271 84.5
5.0 percent, under 6.0 percent 11,453 17.5
6.0 percent, under 7.0 percent 12,911 19.8
7.0 percent, under 8.0 percent 14,142 21.6
8.0 percent, under 9.0 percent 13,292 20.3
9.0 percent, under 10.0 percent 3,474 5.3
10.0 percent, under 20.0 percent 8,433 12.9
20.0 percent, under 35.0 percent 202 0.3
35.0 percent, to 50.0 percent 80 0.1

 Size of end-of-year book
 value of total assets

 $50,0000 under
 $3 million

Unitrust percentage Number of Percentage
 returns of total

 (5) (6)

All returns [2] 26,437 100
5.0 percent, under 10.0 percent 22,095 83.6
5.0 percent, under 6.0 percent 5,644 21.3
6.0 percent, under 7.0 percent 4,939 18.7
7.0 percent, under 8.0 percent 4,730 17.9
8.0 percent, under 9.0 percent 5,392 20.4
9.0 percent, under 10.0 percent 1,390 5.3
10.0 percent, under 20.0 percent 3,473 13.1
20.0 percent, under 35.0 percent 198 0.7
35.0 percent, to 50.0 percent 41 0.2

 Size of end-of-year book
 value of total assets

 $3 million or more

Unitrust percentage Number of Percentage
 returns of total

 (7) (8)

All returns [2] 3,758 100
5.0 percent, under 10.0 percent 2,826 75.2
5.0 percent, under 6.0 percent 1,070 28.5
6.0 percent, under 7.0 percent 563 15.0
7.0 percent, under 8.0 percent 533 14.2
8.0 percent, under 9.0 percent 466 12.4
9.0 percent, under 10.0 percent 196 5.2
10.0 percent, under 20.0 percent 784 20.9
20.0 percent, under 35.0 percent 60 1.6
35.0 percent, to 50.0 percent 27 0.7

[1] Includes returns that did not report end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero. Often,
these zero amounts are explained by trusts filing a final return.

[2] Includes 2,075 returns for which an invalid unitrust
percentage was reported and efforts made to correct the
unitrust percentage were not successful.

NOTES: Detail may not add to totals due to rounding.

Figure R

Charitable Remainder Unitrusts: Additional Contributions, by
Type and Size of End-of-Year Book Value of Total Assets, Filing
Year 2007

[All figures are estimates based on samples-money amounts
are in thousands of dollars]

 Size of
 end-of-year book

Item Total Under
 $50,0000 [1]

 (1) (2)

Number of returns 95,567 65,371
Number of unitrusts with 2,151 1,307
 additional contributions
Total additional contributions [2] 634,181 70,767
Cash and money market accounts 112,610 13,706
Stocks [3] 387,623 36,657
Bonds * 7,458 ** 7,500
Real estate [4] 32,328 **
Other assets [5] 94,163 12,904

 Size of end-of-year book

 $50,0000 under $3 million
 $3 million or more

Item (3) (4)

 26,437 3,758
 715 129

Number of returns 241,739 321,675
Number of unitrusts with 35,813 63,090
 additional contributions 145,911 205,055
Total additional contributions [2] * 5,855 ** 15,732
Cash and money market accounts * 10,699 **
Stocks [3] 43,462 37,797
Bonds
Real estate [4]
Other assets [5]

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

** Data are combined to prevent disclosure of individual taxpayer
data. However, the data are included in the appropriate totals.

[1] Includes returns that did not report end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often these zero
amounts are explained by trusts filing a final return.

[2] The values for additional contributions are taken from
attachments to Form 5227.

[3] The value of stock includes both publicly traded and
closely held stocks.

[4] The value given for real estate includes traditional real
estate, as well as real estate mutual funds and partnerships.

[5] Other assets includes such items as retirement assets, annuities,
partnerships, insurance assets, and art.

NOTE: Detail may not add to totals due to rounding.

Figure S

Charitable Lead Trusts: Distributions and Investment Allocations,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples-money amounts
are in thousands of dollars]

 Size of
 end-of-year
 book

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 6,377 2,660
Required distributions [2]:
Required excess income payments for 54,428 ** 6,805
 charitable purposes
Required payments to charitable 956,154 93,578
 beneficiaries
Required payments to private * 17,971 **
 beneficiaries
Total book value of assets 18,690,926 491,527
 at end of year
Total investments [3] 15,280,687 418,448
U.S. and State government obligations 733,775 45,190
Corporate stock 6,403,286 288,762
Corporate bonds 701,020 22,523
Land, buildings, and equipment 153,078 ** 61,972
Other investments 7,289,528 **
Total book value of liabilities 597,022 44,403
 at end of year
 Size of end-of-year book

Item $500,000 $3 million
 under or more
 $3 million

 (3) (4)

Number of returns 2,793 924
Required distributions [2]:
Required excess income payments for ** 4,451 47,321
 charitable purposes
Required payments to charitable 259,964 602,612
 beneficiaries
Required payments to private ** *
 beneficiaries
Total book value of assets 3,450,797 14,748,602
 at end of year
Total investments [3] 3,018,357 11,843,882
U.S. and State government obligations 179,340 509,245
Corporate stock 1,955,317 4,159,207
Corporate bonds 189,784 488,713
Land, buildings, and equipment ** 693,916 115,588
Other investments ** 6,571,128
Total book value of liabilities 62,416 490,204
 at end of year

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

** Data are combined to prevent disclosure of individual
taxpayer data. However, the data are included in the
appropriate totals.

[1] Includes returns that did not report end-of-year book value of
total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often, these
zero amounts are explained by trusts filing a final return.

[2] Preparers of charitable lead trust returns are not required to
disclose actual distributions. Instead, required distributions are
reported on Form 5227, Part VII, Section A, lines 2 through 4.

[3] Investments are calculated as the sum of U.S. and State government
obligations (Form 5227, Part IV, line 32a, column (b)), corporate stock
(line 32b, column (b)), corporate bonds (line 32c, column (b)), land,
buildings, and equipment (line 33, column (b)), and other investments
(line 34, column (b)).

NOTE: Detail may not add to totals due to rounding and
taxpayer reporting discrepancies.

Figure T

Pooled Income Funds: Distributions and Investment Allocations,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of
 end-of-year
 book

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 1,528 1,180
Required distributions [2]:
Required distribution to satisfy 75,616 10,863
 remainder interest [3]
Undistributed required payments to 4,311 * 2,888
 remainder beneficiary [4]
Required income distribution to private 62,773 5,913
 beneficiaries [5]
Required income distribution to charitable 1,302 426
 remainder beneficiary [6]
Total book value of assets at end of year 1,607,555 138,687
Total investments [7] 1,459,982 113,088
U.S. and State government obligations 193,297 19,503
Corporate stock 441,180 27,666
Corporate bonds 494,827 55,608
Other investments [8] 330,677 10,312
Total book value of liabilities 131,062 930
 at end of year

 Size of end-of-year book

Item $500,000 $3 million
 under or more
 $3 million

 (3) (4)

Number of returns 247 101
Required distributions [2]:
Required distribution to satisfy 20,243 44,510
 remainder interest [3]
Undistributed required payments to * 638 * 785
 remainder beneficiary [4]
Required income distribution to private 10,738 46,122
 beneficiaries [5]
Required income distribution to charitable 617 259
 remainder beneficiary [6]
Total book value of assets at end of year 307,440 1,161,427
Total investments [7] 275,438 1,071,456
U.S. and State government obligations 19,733 154,061
Corporate stock 83,192 330,323
Corporate bonds 145,017 294,201
Other investments [8] 27,496 292,870
Total book value of liabilities 5,017 125,114
 at end of year

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

[1] Includes returns that did not report end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero.
Often, these zero amounts are explained by trusts filing a
final return.

[2] Preparers of pooled income fund returns are not required to
disclose actual distributions. Instead, required distributions are
reported on Form 5227, Part VII, Section B, lines 2 through 5.

[3] Taken from Form 5227, Part VII, Section B, line 2.

[4] Taken from Form 5227, Part VII, Section B, line 3.

[5] Taken from Form 5227, Part VII, Section B, line 4.

[6] Taken from Form 5227, Part VII, Section B, line 5.

[8] Other investments include values taken from Form 5227,
Part IV, line 33, column (b), as well as values from line 34,
column (b).

[7] Investments are calculated as the sum of U.S. and State
government obligations (Form 5227, Part IV, line 32a, column (b)),
corporate stock (line 32b, column (b)), corporate bonds (line 32c,
column (b)), land, buildings, and equipment (line 33, column (b)),
and other investments (line 34, column (b)).

NOTE: Detail may not add to totals due to rounding and taxpayer
reporting discrepancies.

Figure U

Population, Sample, and Sampling Rates, by Type of
Split-Interest Trust and Asset Strata, Filing Year 2007

 Reported end-of-year book
 value of total assets [1]

Item Total Less than
 $1 million

 (1) (2)

Charitable remainder annuity trusts:

Population 20,432 18,671
Sample 1,906 1,170
Sampling rate (percentage) 9.3 6.3

Charitable remainder unitrusts:

Population 95,870 81,486
Sample 9,400 4,052
Sampling rate (percentage) 9.8 5.0

Charitable lead trusts:

Population 6,506 4,216
Sample 1,014 231
Sampling rate (percentage) 15.6 5.5

Pooled income funds:

Population 1,545 1,299
Sample 268 129
Sampling rate (percentage) 17.3 9.9

 Reported end-of-year book
 value of total assets [1]

Item $1 million $10 million
 $10 million or more

 (3) (4)

Charitable remainder annuity trusts:

Population 1,677 84
Sample 652 84
Sampling rate (percentage) 38.9 100.0

Charitable remainder unitrusts:

Population 13,548 836
Sample 4,512 836
Sampling rate (percentage) 33.3 100.0

Charitable lead trusts:

Population 2,014 276
Sample 507 276
Sampling rate (percentage) 25.2 100.0

Pooled income funds:

Population 219 27
Sample 112 27
Sampling rate (percentage) 51.1 100.0

[1] This is the value the tax preparer reported on Form
5227, Part IV, line 47, column (b).

Figure V

Coefficients of Variation for Selected Items, by Type of Split-Interest
Trust and Size of End-of-Year Book Value of Total Assets, Filing
Year 2007

Item Total

Coefficient of variation (percentage)

 (1)

Charitable remainder annuity trusts:

Number of returns 0.62
Net ordinary income [2] 3.01
Net short-term capital gain income [3] 17.1
Net long-term capital gain income [4] 5.77
End-of-year total assets (book value) [5] 1.77
End-of-year total liabilities (book value) [7] 18.59

Charitable remainder unitrusts:

Number of returns 0.14
Net ordinary income [2] 0.91
Net short-term capital gain income [3] 6.41
Net long-term capital gain income [4] 1.64
End-of-year total assets (book value) [5] 0.48
End-of-year total assets (fair market value) [6] 0.57
End-of-year total liabilities (book value) [7] 4.06

Charitable lead trusts:

Number of returns 0.96
End-of-year total assets (book value) [5] 0.99
End-of-year total liabilities (book value) [7] 5.90
Required payment to private beneficiaries [8] 43.7
Required payment to charitable beneficiaries [9] 3.37

Pooled income funds:

Number of returns 0.89
End-of-year total assets (book value) [5] 2.41
End-of-year total liabilities (book value) [7] 1.82
Required payment to private beneficiaries [8] 3.41

 Size of
 end-of-year book
 value of total
 assets

Item Under
 $500,000
 [1]

Coefficient of variation (percentage)

 (2)

Charitable remainder annuity trusts:

Number of returns 1.29
Net ordinary income [2] 7.65
Net short-term capital gain income [3] 26.54
Net long-term capital gain income [4] 10.74
End-of-year total assets (book value) [5] 3.55
End-of-year total liabilities (book value) [7] 28.32

Charitable remainder unitrusts:

Number of returns 0.77
Net ordinary income [2] 3.59
Net short-term capital gain income [3] 21.32
Net long-term capital gain income [4] 7.69
End-of-year total assets (book value) [5] 1.48
End-of-year total assets (fair market value) [6] 2.32
End-of-year total liabilities (book value) [7] 10.35

Charitable lead trusts:

Number of returns 4.99
End-of-year total assets (book value) [5] 8.40
End-of-year total liabilities (book value) [7] 40.14
Required payment to private beneficiaries [8] 84.67
Required payment to charitable beneficiaries [9] 20.38

Pooled income funds:

Number of returns 2.68
End-of-year total assets (book value) [5] 8.39
End-of-year total liabilities (book value) [7] 50.01
Required payment to private beneficiaries [8] 23.01

 Size of
 end-of-year book
 value of total
 assets

Item $500,000
 under
 $3 million

Coefficient of variation (percentage)

 (3)

Charitable remainder annuity trusts:

Number of returns 4.86
Net ordinary income [2] 5.85
Net short-term capital gain income [3] 25.5
Net long-term capital gain income [4] 10.45
End-of-year total assets (book value) [5] 3.86
End-of-year total liabilities (book value) [7] 26.08

Charitable remainder unitrusts:

Number of returns 1.89
Net ordinary income [2] 2.49
Net short-term capital gain income [3] 11.28
Net long-term capital gain income [4] 3.68
End-of-year total assets (book value) [5] 1.36
End-of-year total assets (fair market value) [6] 1.43
End-of-year total liabilities (book value) [7] 7.88

Charitable lead trusts:

Number of returns 4.77
End-of-year total assets (book value) [5] 3.60
End-of-year total liabilities (book value) [7] 39.18
Required payment to private beneficiaries [8] 51.42
Required payment to charitable beneficiaries [9] 8.38

Pooled income funds:

Number of returns 12.13
End-of-year total assets (book value) [5] 7.77
End-of-year total liabilities (book value) [7] 46.45
Required payment to private beneficiaries [8] 8.85

 Size of
 end-of-year book
 value of total
 assets

Item $3 million
 or more

Coefficient of variation (percentage)

 (4)

Charitable remainder annuity trusts:

Number of returns 4.89
Net ordinary income [2] 4.00
Net short-term capital gain income [3] 33.45
Net long-term capital gain income [4] 8.52
End-of-year total assets (book value) [5] 3.10
End-of-year total liabilities (book value) [7] 15.27

Charitable remainder unitrusts:

Number of returns 1.81
Net ordinary income [2] 0.95
Net short-term capital gain income [3] 8.17
Net long-term capital gain income [4] 1.85
End-of-year total assets (book value) [5] 0.77
End-of-year total assets (fair market value) [6] 0.81
End-of-year total liabilities (book value) [7] 5.31

Charitable lead trusts:

Number of returns 3.92
End-of-year total assets (book value) [5] 1.46
End-of-year total liabilities (book value) [7] 3.78
Required payment to private beneficiaries [8] 54.96
Required payment to charitable beneficiaries [9] 3.19

Pooled income funds:

Number of returns 7.06
End-of-year total assets (book value) [5] 3.62
End-of-year total liabilities (book value) [7] 0.25
Required payment to private beneficiaries [8] 3.87

[1] Includes returns that did not report end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from
the balance sheet, or that reported the amount as zero. Often,
these zero amounts are explained by trusts filing a final return.

[2] Taken from Form 5227, Part I, line 13.

[3] Taken from Form 5227, Part I, line 16.

[4] Taken from Form 5227, Part I, line 19.

[5] Taken from Form 5227, Part IV, line 37, column (b).

[6] For charitable remainder unitrusts, taken from an
estimated end-of-year fair market value.

[7] Taken from Form 5227, Part IV, line 43, column (b).

[9] Taken from Form 5227, Part VII, Section A, line 3.

[8] In the case of charitable lead trusts, this value is based
on the amount on Form 5227, Part VII, Section A, line 4. In the
case of pooled income funds, this value is based on the amount
on Form 5227, Part VII, Section B, line 4.

Table 1. Charitable Remainder Annuity Trusts: Income and
Deductions, by Size of End-of-Year Book Value of Total
Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size
 of end-of-year
 book value
 of total assets

Item Total Under
 $500,000
 [1]
 [1]

 (1) (2)

Number of returns 20,187 16,156
Total net income [2] 897,233 178,227
Net ordinary income [3] 278,178 61,864
Total ordinary income [4] 333,170 76,707
Interest income 116,569 24,446
Dividends and business 178,156 39,964
 income (loss)
Other income [5] 38,445 12,298
Total deductions [6] 54,991 14,843
Interest 626 * 18
Taxes 1,216 39
Other deductions 53,150 14,786
Net short-term capital gain 16,862 4,182
 (loss) [7]
Total short-term capital gain (loss) 17,724 4,342
Deductions allocable to short-term 861 160
 capital gain (loss)
Net long-term capital gain 566,498 106,046
 (loss) [8]
Total long-term capital 574,035 108,357
 gain (loss) [9]
Deductions allocable to long-term 7,537 2,311
 capital gain (loss)
Nontaxable income [10] 35,695 6,134

 Size of end-of-year book value
 of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 2,238 1,366
Total net income [2] 137,668 227,673
Net ordinary income [3] 39,570 61,262
Total ordinary income [4] 49,371 73,538
Interest income 15,172 22,505
Dividends and business 32,207 35,934
 income (loss)
Other income [5] 1,992 15,100
Total deductions [6] 9,801 12,276
Interest * 8 256
Taxes 710 322
Other deductions 9,083 11,698
Net short-term capital gain 2,030 7,654
 (loss) [7]
Total short-term capital gain (loss) 2,195 7,908
Deductions allocable to short-term 165 253
 capital gain (loss)
Net long-term capital gain 89,223 150,321
 (loss) [8]
Total long-term capital 90,547 152,653
 gain (loss) [9]
Deductions allocable to long-term 1,324 2,331
 capital gain (loss)
Nontaxable income [10] 6,845 8,435

 Size of end-of-year book value
 of total assets

Item $3 million $10 million
 under or more
 $10 million

 (5) (6)

Number of returns 350 77
Total net income [2] 156,255 197,410
Net ordinary income [3] 45,703 69,779
Total ordinary income [4] 55,908 77,646
Interest income 20,846 33,601
Dividends and business 27,560 42,491
 income (loss)
Other income [5] 7,502 1,554
Total deductions [6] 10,205 7,867
Interest ** 403 ** 86
Taxes ** **
Other deductions 9,802 7,782
Net short-term capital gain 894 2,101
 (loss) [7]
Total short-term capital gain (loss) 1,109 2,170
Deductions allocable to short-term * 215 * 69
 capital gain (loss)
Net long-term capital gain 99,852 121,056
 (loss) [8]
Total long-term capital 100,783 121,696
 gain (loss) [9]
Deductions allocable to long-term 930 * 641
 capital gain (loss)
Nontaxable income [10] 9,806 4,474

* Estimate should be used with caution because of the small number
of sample returns on which it is based.

** Data are combined to prevent disclosure of individual taxpayer
data. However, the data are included in the appropriate totals.

[1] Includes returns that did not report the end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often, these
zero amounts are explained by trusts filing a final return.

[2] Calculated as the sum of "net ordinary income" (Form 5227, Part I,
line 13), "net short-term capital gains (losses)" (line 16), "net
long-term capital gains (losses)" (line 19), and current tax year
nontaxable income (Part II, line 21(d)).

[3] Taken from "net ordinary income" (Form 5227, Part I, line 13).
This amount may not equal "total ordinary income" (line 8) less "total
deductions allocable to ordinary income" (line 12) due to taxpayer
reporting discrepancies.

[4] Taken from Form 5227, Part I, line 8.

[5] Calculated as the sum of "rents, royalties, partnerships, other
estates, and trusts" (Form 5227, Part I, line 4), "farm income or
loss"
(line 5), "ordinary gain or loss" (line 6), and "other
income" (line 7).

[6] Taken from Form 5227, Part I, line 12.

[7] Taken from Form 5227, Part I, line 16.

[8] Taken from Form 5227, Part I, line 19.

[9] Taken from Form 5227, Part I, line 17a.

[10] Taken from Form 5227, Part II, line 21(column d).

NOTE: Detail may not add to totals due to rounding.

Table 2. Charitable Remainder Annuity Trusts: Accumulation
Information,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts are
in thousands of dollars]

 Size of
 end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 20,187 16,156
Total accumulations [2] 5,543,820 1,233,662
Net ordinary income 534,944 158,625
Net short-term capital gain (loss) 49,493 4,040
Net long-term capital gain (loss) 4,779,049 1,039,112
Nontaxable income 180,334 31,885
Prior-year undistributed income [3] 4,646,586 1,055,434
Net ordinary income 256,766 96,760
Net short-term capital gain (loss) 22,875 -1,496
Net long-term capital gain (loss) 4,222,307 934,420
Nontaxable income 144,639 25,751
Current year net income [4] 897,233 178,227
Net ordinary income 278,178 61,864
Net short-term capital gain (loss) 16,862 4,182
Net long-term capital gain (loss) 566,498 106,046
Nontaxable income 35,695 6,134
Undistributed at end of year [5] 4,696,376 916,361
Net ordinary income 212,919 32,524
Net short-term capital gain (loss) 32,132 334
Net long-term capital gain (loss) 4,301,635 860,127
Nontaxable income 149,691 23,376

 Size of end-of-year book value
 of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 2,238 1,366
Total accumulations [2] 790,961 1,082,491
Net ordinary income 62,459 85,830
Net short-term capital gain (loss) 8,413 14,753
Net long-term capital gain (loss) 690,123 933,422
Nontaxable income 29,966 48,485
Prior-year undistributed income [3] 653,293 854,818
Net ordinary income 22,889 24,567
Net short-term capital gain (loss) 5,626 4,482
Net long-term capital gain (loss) 601,656 785,718
Nontaxable income 23,121 40,050
Current year net income [4] 137,668 227,673
Net ordinary income 39,570 61,262
Net short-term capital gain (loss) 2,030 7,654
Net long-term capital gain (loss) 89,223 150,321
Nontaxable income 6,845 8,435
Undistributed at end of year [5] 654,634 955,922
Net ordinary income 22,966 31,559
Net short-term capital gain (loss) 5,769 10,609
Net long-term capital gain (loss) 601,245 872,241
Nontaxable income 24,654 41,514

 Size of end-of-year book value
 of total assets

Item $3 million $10 million
 under or more
 $10 million

 (5) (6)

Number of returns 350 77
Total accumulations [2] 1,085,764 1,350,942
Net ordinary income 125,325 102,705
Net short-term capital gain (loss) 7,935 14,352
Net long-term capital gain (loss) 898,609 1,217,782
Nontaxable income 53,895 16,102
Prior-year undistributed income [3] 929,509 1,153,532
Net ordinary income 79,622 32,927
Net short-term capital gain (loss) 4,113 10,150
Net long-term capital gain (loss) 801,685 1,098,828
Nontaxable income 44,089 11,628
Current year net income [4] 156,255 197,410
Net ordinary income 45,703 69,779
Net short-term capital gain (loss) 894 2,101
Net long-term capital gain (loss) 99,852 121,056
Nontaxable income 9,806 4,474
Undistributed at end of year [5] 965,315 1,204,144
Net ordinary income 83,376 42,495
Net short-term capital gain (loss) 3,880 11,539
Net long-term capital gain (loss) 830,543 1,137,479
Nontaxable income 47,516 12,632

[1] Includes returns that did not report the end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero.
Often, these zero amounts are explained by trusts filing a
final return.

[2] Taken from Form 5227, Part II, line 22.

[3] Taken from Form 5227, Part II, line 20.

[4] Taken from Form 5227, Part II, line 21.

[5] Taken from Form 5227, Part II, line 23.

NOTE: Detail may not add to totals due to rounding.

Table 3. Charitable Remainder Annuity Trusts: Book Value
Balance Sheet Information, by Size of End-of-Year Book
Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Size of
 end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 20,187 16,156
Total net assets [2] 9,080,252 1,750,066
Total assets [3] 9,280,129 1,788,803
Cash 163,021 36,893
Savings and temporary cash investments 718,057 110,251
Receivables due, inventories and 164,679 32,994
 prepaid expenses [4]
Total investments 8,035,104 1,541,925
Securities 6,494,251 1,247,212
U.S. and State government obligations 1,192,677 163,094
Corporate stock 4,142,474 841,597
Corporate bonds 1,159,100 242,521
Land, buildings, and equipment 93,984 ** 294,713
Other investments 1,446,869 **
Other assets [5] 199,264 66,737
Total liabilities [6] 199,877 38,737
Accounts payable, accrued expenses, 21,641 9,693
 and deferred revenue
Other liabilities [7] 178,236 29,045

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 2,238 1,366
Total net assets [2] 1,605,906 2,090,913
Total assets [3] 1,612,288 2,220,146
Cash 56,065 45,941
Savings and temporary cash investments 113,850 166,229
Receivables due, inventories and 9,579 57,572
 prepaid expenses [4]
Total investments 1,391,917 1,885,584
Securities 1,213,429 1,478,268
U.S. and State government obligations 192,398 301,096
Corporate stock 776,384 940,591
Corporate bonds 244,646 236,581
Land, buildings, and equipment ** 178,488 43,875
Other investments ** 363,440
Other assets [5] 40,875 64,820
Total liabilities [6] 6,382 129,233
Accounts payable, accrued expenses, * 3,756 7,554
 and deferred revenue
Other liabilities [7] 2,625 121,679

 Size of end-of-year book
 value of total assets

Item $3 million $10 million
 under or more
 $10 million

 (5) (6)

Number of returns 350 77
Total net assets [2] 1,748,613 1,884,754
Total assets [3] 1,762,640 1,896,252
Cash 12,315 11,807
Savings and temporary cash investments 151,219 176,508
Receivables due, inventories and 6,152 58,382
 prepaid expenses [4]
Total investments 1,567,862 1,647,815
Securities 1,352,572 1,202,769
U.S. and State government obligations 337,890 198,198
Corporate stock 789,124 794,777
Corporate bonds 225,557 209,795
Land, buildings, and equipment * 20,027 * 1,753
Other investments 195,264 443,293
Other assets [5] 25,092 * 1,740
Total liabilities [6] 14,028 11,497
Accounts payable, accrued expenses, ** 14,028 ** 11,497
 and deferred revenue
Other liabilities [7] ** **

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

** Data are combined to prevent disclosure of individual
taxpayer data. However, the data are included in the
appropriate totals.

[1] Includes returns that did not report the end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero.
Often, these zero amounts are explained by trusts filing a
final return.

[2] Taken from Form 5227, Part IV, line 46, column (b). This
is the excess of total assets over total liabilities. This
value may deviate from the calculated value of total assets
(line 37, column (b)) less total liabilities (line 43, column
(b)) due to taxpayer reporting discrepancies.

[3] Taken from Form 5227, Part IV, line 37, column (b).

[4] Calculated as the sum of "accounts receivable" (Form 5227,
Part IV, line 27, column (b)), "receivables due from officers,
directors, and other disqualified persons" (line 28, column
(b)), "other notes and loans receivable" (line 29, column (b)),
inventories for sale or use (line 30, column (b)), and "prepaid
expenses and deferred charges" (line 31, column (b)).

[5] Calculated as the sum of "charitable purpose land, buildings,
and equipment" (Form 5227, Part IV, line 35, column (b)) and
other assets (line 36, column (b)).

[6] Taken from Form 5227, Part IV, line 43, column (b).

[7] Includes "loans from officers, directors, trustees, and other
disqualified persons" (Form 5227, Part IV, line 40, column (b)),
mortgages and other notes payable (line 41, column (b)), and
other liabilities (line 42, column (b)).

NOTE: Detail may not add to totals due to rounding and taxpayer
reporting discrepancies.

Table 4. Charitable Remainder Unitrusts: Income and
Deductions, by Size of End-of-Year Book Value of Total
Assets, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]
 Size of
 end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total net income [2] 11,305,480 1,141,355
Net ordinary income [3] 3,091,800 377,546
Total ordinary income [4] 4,180,784 478,290
Interest income 1,100,260 123,747
Dividends and business 2,283,320 286,384
 income (loss)
Other income [5] 797,203 68,158
Total deductions [6] 1,088,985 100,743
Interest 204,877 732
Taxes 6,431 906
Other deductions 877,676 99,105
Net short-term capital 275,391 38,434
 gain (loss) [7]
Total short-term capital 417,452 40,187
 gain (loss)
Deductions allocable to 142,061 1,753
 short-term capital gain (loss)
Net long-term capital 7,838,514 710,471
 gain (loss) [8]
Total long-term capital 8,008,377 724,817
 gain (loss) [9]
Deductions allocable to long-term 169,863 14,345
 capital gain (loss)
Nontaxable income [10] 99,775 14,904

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under $1 under
 million $3 million

 (3) (4)

Number of returns 15,806 10,631
Total net income [2] 1,108,716 1,915,413
Net ordinary income [3] 310,829 489,022
Total ordinary income [4] 390,750 601,915
Interest income 101,679 164,487
Dividends and business 237,802 347,004
 income (loss)
Other income [5] 51,270 90,424
Total deductions [6] 79,922 112,894
Interest 563 2,554
Taxes 831 1,694
Other deductions 78,528 108,645
Net short-term capital 22,091 54,171
 gain (loss) [7]
Total short-term capital 23,134 57,234
 gain (loss)
Deductions allocable to 1,042 3,063
 short-term capital gain (loss)
Net long-term capital 763,433 1,341,244
 gain (loss) [8]
Total long-term capital 775,966 1,360,499
 gain (loss) [9]
Deductions allocable to long-term 12,532 19,255
 capital gain (loss)
Nontaxable income [10] 12,363 30,976

 Size of end-of-year book
 value of total assets

Item $3 million $10
 under million
 $10 million or more

 (5) (6)

Number of returns 2,956 802
Total net income [2] 1,969,969 5,170,027
Net ordinary income [3] 415,622 1,498,781
Total ordinary income [4] 504,407 2,205,422
Interest income 134,361 575,987
Dividends and business 286,780 1,125,350
 income (loss)
Other income [5] 83,266 504,085
Total deductions [6] 88,785 706,641
Interest 3,672 197,356
Taxes 1,211 1,789
Other deductions 83,902 507,496
Net short-term capital 83,436 77,259
 gain (loss) [7]
Total short-term capital 85,421 211,476
 gain (loss)
Deductions allocable to 1,985 134,217
 short-term capital gain (loss)
Net long-term capital 1,452,466 3,570,900
 gain (loss) [8]
Total long-term capital 1,462,546 3,684,550
 gain (loss) [9]
Deductions allocable to long-term 10,080 113,650
 capital gain (loss)
Nontaxable income [10] 18,445 23,087

[1] Includes returns that did not report the end-of-year
book value of total assets (Form 5227, Part IV, line 37,
column (b)) from the balance sheet, or that reported the
amount as zero. Often, these zero amounts are explained
by trusts filing a final return.

[2] Calculated as the sum of "net ordinary income" (Form 5227,
Part I, line 13), "net short-term capital gains (losses)"
(line 16), "net long-term capital gains (losses)" (line 19),
and current tax year nontaxable income (Part II, line 21(d)).

[3] Taken from "net ordinary income" (Form 5227, Part I, line
13). This amount may not equal "total ordinary income" (line 8)
less "total deductions allocable to ordinary income" (line 12)
due to taxpayer reporting discrepancies.

[4] Taken from Form 5227, Part I, line 8.

[5] Calculated as the sum of "rents, royalties, partnerships,
other estates, and trusts" (Form 5227, Part I, line 4), "farm income
or loss" (line 5), "ordinary gain or loss" (line 6), and "other
income" (line 7).

[6] Taken from Form 5227, Part I, line 12.

[7] Taken from Form 5227, Part I, line 16.

[8] Taken from Form 5227, Part I, line 19.

[9] Taken from Form 5227, Part I, line 17a.

[10] Taken from Form 5227, Part II, line 21(column d).

NOTE: Detail may not add to totals due to rounding.

Table 5. Charitable Remainder Unitrusts: Accumulation Information,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of
 end-of-year book
 value of total
 assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total accumulations [2] 67,576,745 8,400,802
Net ordinary income 6,338,906 457,956
Net short-term capital gain (loss) 1,898,656 70,335
Net long-term capital gain (loss) 58,871,864 7,805,569
Nontaxable income 467,317 66,941
Prior-year undistributed income [3] 56,267,684 7,259,447
Net ordinary income 3,247,107 80,410
Net short-term capital gain (loss) 1,447,412 -17,316
Net long-term capital gain (loss) 51,205,624 7,144,316
Nontaxable income 367,542 52,037
Current year net income [4] 11,305,480 1,141,355
Net ordinary income 3,091,800 377,546
Net short-term capital gain (loss) 275,391 38,434
Net long-term capital gain (loss) 7,838,514 710,471
Nontaxable income 99,775 14,904
Undistributed at end of year [5] 60,661,988 6,533,506
Net ordinary income 4,128,904 104,413
Net short-term capital gain (loss) 1,301,869 31,764
Net long-term capital gain (loss) 54,805,961 6,340,366
Nontaxable income 425,254 56,963

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 15,806 10,631
Total accumulations [2] 7,016,096 11,771,303
Net ordinary income 444,653 705,975
Net short-term capital gain (loss) 106,444 218,499
Net long-term capital gain (loss) 6,417,595 10,694,951
Nontaxable income 47,404 151,878
Prior-year undistributed income [3] 5,907,379 9,852,310
Net ordinary income 133,825 216,953
Net short-term capital gain (loss) 64,027 127,202
Net long-term capital gain (loss) 5,674,486 9,387,253
Nontaxable income 35,041 120,902
Current year net income [4] 1,108,716 1,915,413
Net ordinary income 310,829 489,022
Net short-term capital gain (loss) 22,091 54,171
Net long-term capital gain (loss) 763,433 1,341,244
Nontaxable income 12,363 30,976
Undistributed at end of year [5] 6,210,866 10,581,853
Net ordinary income 133,967 264,453
Net short-term capital gain (loss) 75,872 148,160
Net long-term capital gain (loss) 5,961,519 10,028,091
Nontaxable income 39,509 141,149

 Size of end-of-year book
 value of total assets

Item $3 million $10
 under million
 $10 million or more

 (5) (6)

Number of returns 2,956 802
Total accumulations [2] 11,466,924 28,921,620
Net ordinary income 697,190 4,033,132
Net short-term capital gain (loss) 241,479 1,261,900
Net long-term capital gain (loss) 10,409,966 23,543,783
Nontaxable income 118,288 82,806
Prior-year undistributed income [3] 9,496,954 23,751,594
Net ordinary income 281,568 2,534,351
Net short-term capital gain (loss) 120,984 1,152,514
Net long-term capital gain (loss) 8,994,559 20,005,009
Nontaxable income 99,843 59,719
Current year net income [4] 1,969,969 5,170,027
Net ordinary income 415,622 1,498,781
Net short-term capital gain (loss) 83,436 77,259
Net long-term capital gain (loss) 1,452,466 3,570,900
Nontaxable income 18,445 23,087
Undistributed at end of year [5] 10,415,972 26,919,791
Net ordinary income 327,542 3,298,529
Net short-term capital gain (loss) 171,868 874,205
Net long-term capital gain (loss) 9,806,363 22,669,622
Nontaxable income 110,199 77,435

[1] Includes returns that did not report the end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero.
Often, these zero amounts are explained by trusts filing
a final return.

[2] Taken from Form 5227, Part II, line 22. This amount may
not equal "prior-year undistributed income" (line 20) plus
current year net income (line 21) due to taxpayer reporting
discrepancies.

[3] Taken from Form 5227, Part II, line 20.

[4] Taken from Form 5227, Part II, line 21.

[5] Taken from Form 5227, Part II, line 23.

NOTE: Detail may not add to totals due to rounding.

Table 6. Charitable Remainder Unitrusts: Book Value Balance
Sheet Information, by Size of End-of-Year Book Value of
Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of
 end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total net assets [2] 86,741,306 11,780,831
Total assets [3] 88,027,337 11,922,531
Cash 1,208,826 193,373
Savings and temporary 5,300,956 729,708
 cash investments
Receivables due [4] 1,275,188 223,836
Inventories and 8,578 * 1,042
 prepaid expenses
Total investments 78,355,692 10,387,183
Securities 53,545,020 8,368,278
U.S. and State government 5,569,829 522,575
 obligations
Corporate stock 40,242,190 6,431,287
Corporate bonds 7,733,001 1,414,417
Land, buildings, and equipment 757,589 91,559
Other investments 24,053,083 1,927,346
Charitable purpose land, 234,242 30,451
 buildings, and equipment
Other assets 1,643,835 356,925
Total liabilities [5] 1,286,030 141,700
Accounts payable, accrued expenses, 263,065 32,249
 and deferred revenue
Other liabilities [6] 1,022,965 109,450

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 15,806 10,631
Total net assets [2] 11,078,088 16,916,295
Total assets [3] 11,228,332 17,151,081
Cash 197,163 254,106
Savings and temporary 645,371 1,195,623
 cash investments
Receivables due [4] 140,209 387,217
Inventories and * 168 3,712
 prepaid expenses
Total investments 9,890,853 14,828,207
Securities 8,343,237 12,213,943
U.S. and State government 739,668 1,266,978
 obligations
Corporate stock 6,242,013 9,258,318
Corporate bonds 1,361,556 1,688,647
Land, buildings, and equipment 100,331 171,707
Other investments 1,447,285 2,442,557
Charitable purpose land, * 41,740 88,696
 buildings, and equipment
Other assets 312,824 393,518
Total liabilities [5] 150,243 234,785
Accounts payable, accrued expenses, 32,937 64,485
 and deferred revenue
Other liabilities [6] 117,306 170,300

 Size of end-of-year book
 value of total assets

Item $3 million $10
 under million
 $10 million or more

 (5) (6)

Number of returns 2,956 802
Total net assets [2] 14,539,203 32,426,889
Total assets [3] 14,849,566 32,875,828
Cash 253,462 310,722
Savings and temporary 862,643 1,867,609
 cash investments
Receivables due [4] 282,195 241,731
Inventories and 2,421 1,236
 prepaid expenses
Total investments 13,077,985 30,171,465
Securities 10,208,878 14,410,684
U.S. and State government 1,214,710 1,825,898
 obligations
Corporate stock 7,820,514 10,490,058
Corporate bonds 1,173,654 2,094,727
Land, buildings, and equipment 221,522 172,471
Other investments 2,647,585 15,588,311
Charitable purpose land, * 41,395 * 31,960
 buildings, and equipment
Other assets 329,464 251,105
Total liabilities [5] 310,363 448,939
Accounts payable, accrued expenses, 54,368 79,026
 and deferred revenue
Other liabilities [6] 255,995 369,913

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

[1] Includes returns that did not report end-of-year book value of
total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often, these
zero amounts are explained by trusts filing a final return.

[2] Taken from Form 5227, Part IV, line 46, column (b). This is
the excess of total assets over total liabilities. This value may
deviate from the calculated value of total assets ( line 37, column
(b)) less total liabilities (line 43, column (b)) due to taxpayer
reporting discrepancies.

[3] Taken from Form 5227, Part IV, line 37, column (b).

[4] Calculated as the sum of "accounts receivable" (Form 5227,
Part IV, line 27, column (b)), "receivables due from officers,
directors, and other disqualified persons" (line 28, column b),
and "other notes and loans receivable" (line 29, column (b)).

[5] Taken from Form 5227, Part IV, line 43, column (b).

[6] Includes "loans from officers, directors, trustees, and other
disqualified persons" (Form 5227, Part IV, line 40, column (b)),
mortgages and other notes payable (line 41, column b), and "other
liabilities" (line 42, column (b)).

NOTE: Detail may not add to totals due to rounding.

Table 7. Charitable Remainder Unitrusts: End-of Year Fair
Market Value of Assets, by Size of End-of-Year Book
Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money
amounts are in thousands of dollars]

 Size of
 end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 95,567 65,371
Total assets 106,425,220 14,824,967
Cash 1,221,277 187,584
Savings and temporary 5,278,555 738,709
 cash investments
Receivables due [2] 1,238,376 221,103
Inventories and prepaid expenses 9,959 * 895
Total investments 96,110,330 13,130,824
Securities 65,077,532 10,377,556
U.S. and State government 5,985,975 563,975
 obligations
Corporate stock 51,080,993 8,293,520
Corporate bonds 8,010,564 1,520,061
Land, buildings, and equipment 1,110,825 221,576
Other investments 29,921,972 2,531,691
Charitable purpose land, 324,493 80,345
 buildings, and equipment
Other assets 2,242,211 465,496

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 15,806 10,631
Total assets 13,029,037 19,743,317
Cash 210,763 254,595
Savings and temporary 650,409 1,189,955
 cash investments
Receivables due [2] 139,508 368,064
Inventories and prepaid expenses * 165 3,661
Total investments 11,639,656 17,321,114
Securities 9,855,184 14,307,708
U.S. and State government 796,729 1,379,431
 obligations
Corporate stock 7,617,529 11,128,998
Corporate bonds 1,440,926 1,799,280
Land, buildings, and equipment 175,071 282,457
Other investments 1,609,401 2,730,949
Charitable purpose land, * 64,285 98,793
 buildings, and equipment
Other assets 324,246 507,133

 Size of end-of-year book
 value of total assets

Item $3 million $10
 under million
 $10 million or more

 (5) (6)

Number of returns 2,956 802
Total assets 17,525,167 41,302,732
Cash 251,458 316,877
Savings and temporary 855,365 1,844,116
 cash investments
Receivables due [2] 274,315 235,386
Inventories and prepaid expenses 2,421 2,817
Total investments 15,640,176 38,378,560
Securities 12,285,600 18,251,484
U.S. and State government 1,274,557 1,971,283
 obligations
Corporate stock 9,739,219 14,301,727
Corporate bonds 1,271,823 1,978,474
Land, buildings, and equipment 233,246 198,475
Other investments 3,121,330 19,928,600
Charitable purpose land, * 46,352 * 34,719
 buildings, and equipment
Other assets 455,079 490,257

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

[1] Includes returns that did not report end-of-year book
value of total assets (Form 5227, Part IV, line 37, column
(b)) from the balance sheet, or that reported the amount as
zero. Often, these zero amounts are explained by trusts
filing a final return.

[2] Calculated as the sum of "accounts receivable" (Form 5227,
Part IV, line 27), "receivables due from officers, directors,
and other disqualified persons" (line 28), and "other notes
and loans receivable" (line 29).

NOTE: A end-of-year fair market value of assets breakout
is not required to be reported on Form 5227. All dollar
amounts given here are projected based on 'fair market
value of assets at end of tax year' ( Form 5227, line c)
as well as other balance sheet data (Part IV) and return
attachments, when available. Detail may not add to totals
due to rounding.

Table 8. Charitable Lead Trusts: Book Value Balance
Sheet Information, by Size of End-of-Year Book Value
of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of end-of-year
 book value of
 total assets

Item Total Under
 $500,000
 [1]

 (1) (2)

Number of returns 6,377 2,660
Total net assets [2] 18,093,904 447,124
Total assets [3] 18,690,926 491,527
Cash 159,452 8,107
Savings and temporary 1,258,656 51,277
 cash investments
Receivables due, inventories, 303,090 * 1,001
 and prepaid expenses [4]
Total investments 15,280,687 418,448
Securities 7,838,081 356,476
U.S. and State government 733,775 45,190
 obligations
Corporate stock 6,403,286 288,762
Corporate bonds 701,020 22,523
Other investments [5] 7,442,606 61,972
Other assets [6] 1,689,041 12,694
Total liabilities [7] 597,022 44,403

 Size of end-of-year book
 value of total assets

Item $500,000 $1 million
 under under
 $1 million $3 million

 (3) (4)

Number of returns 1,385 1,408
Total net assets [2] 987,616 2,400,766
Total assets [3] 1,022,880 2,427,917
Cash 30,123 44,607
Savings and temporary 103,434 149,385
 cash investments
Receivables due, inventories, * 522 39,941
 and prepaid expenses [4]
Total investments 887,248 2,131,109
Securities 681,501 1,642,940
U.S. and State government 56,462 122,877
 obligations
Corporate stock 585,276 1,370,040
Corporate bonds 39,762 150,022
Other investments [5] 205,747 488,170
Other assets [6] * 1,553 62,874
Total liabilities [7] 35,264 27,152

 Size of end-of-year book
 value of total assets

Item $3 million $10
 under million
 $10 million or more

 (5) (6)

Number of returns 644 280
Total net assets [2] 3,461,851 10,796,548
Total assets [3] 3,531,523 11,217,079
Cash 31,801 44,814
Savings and temporary 184,525 770,035
 cash investments
Receivables due, inventories, 86,552 175,074
 and prepaid expenses [4]
Total investments 3,205,273 8,638,608
Securities 1,908,109 3,249,057
U.S. and State government 150,023 359,222
 obligations
Corporate stock 1,511,725 2,647,481
Corporate bonds 246,360 242,353
Other investments [5] 1,297,165 5,389,552
Other assets [6] 23,373 1,588,548
Total liabilities [7] 69,673 420,531

* Estimate should be used with caution because of the small
number of sample returns on which it is based.

[1] Includes returns that did not report the end-of-year book
value of total assets (Form 5227, Part IV, line 37, column (b))
from the balance sheet, or that reported the amount as zero.
Often, these zero amounts are explained by trusts filing a
final return.

[2] Taken from Form 5227, Part IV, line 46, column (b). This is
the excess of total assets over total liabilities. This value may
deviate from the calculated value of total assets (line 37, column
(b)) less total liabilities (line 43, column (b)) due to taxpayer
reporting discrepancies.

[3] Taken from Form 5227, Part IV, line 37, column (b).

[4] Calculated as the sum of "accounts receivable" (Form 5227,
Part IV, line 27, column (b)), "receivables due from officers,
directors, and other disqualified persons" (line 28, column (b)),
other notes and loans receivable (line 29, column (b)), "inventories
for sale or use" (line 30, column (b)), and "prepaid expenses and
deferred charges" (line 31, column (b)).

[5] Calculated as the sum of "investments--land, buildings, and
equipment" (Form 5227, Part IV, line 33, column (b)) and
investments--other (line 34, column (b)).

[6] Calculated as the sum of "charitable purpose land, buildings,
and equipment" (Form 5227, Part IV, line 35, column (b)) and
other assets (line 36, column (b)).

[7] Taken from Form 5227, Part IV, line 43, column (b).

NOTE: Detail may not add to totals due to rounding.

Table 9. Pooled Income Funds: Book Value Balance Sheet Information,
by Size of End-of-Year Book Value of Total Assets, Filing Year 2007

[All figures are estimates based on samples--money amounts
are in thousands of dollars]

 Size of
 end-of-year
 book value
 of total
 assets

Item Total Under $1
 million
 [1]

 (1) (2)

Number of returns 1,528 1,281
Total net assets [2] 1,476,493 202,278
Total assets [3] 1,607,555 205,314
Cash 16,211 4,301
Savings and temporary cash investments 93,982 15,275
Total investments 1,459,982 163,636
Securities 1,129,304 143,194
U.S. and State government obligations 193,297 21,523
Corporate stock 441,180 45,756
Corporate bonds 494,827 75,915
Other investments [4] 330,678 20,442
Other assets [5] 37,379 22,101
Total liabilities [6] 131,062 3,036

 Size of end-of-year book
 value of total assets

Item $1 million $3 million
 under under
 $3 million $10 million

 (3) (4)

Number of returns 146 75
Total net assets [2] 237,902 411,530
Total assets [3] 240,814 412,841
Cash 1,507 6,070
Savings and temporary cash investments 11,344 18,107
Total investments 224,890 388,310
Securities 207,524 328,168
U.S. and State government obligations 17,713 46,104
Corporate stock 65,101 131,949
Corporate bonds 124,710 150,115
Other investments [4] 17,366 60,142
Other assets [5] 3,073 * 354
Total liabilities [6] 2,912 1,311

 Size of end-of-year book
 value of total assets

Item $10
 million
 or more

 (5)

Number of returns 26
Total net assets [2] 624,783
Total assets [3] 748,586
Cash 4,334
Savings and temporary cash investments 49,256
Total investments 683,146
Securities 450,417
U.S. and State government obligations * 107,957
Corporate stock 198,374
Corporate bonds 144,087
Other investments [4] 232,728
Other assets [5] * 11,851
Total liabilities [6] 123,803

* Estimate should be used with caution because of the small number
of sample returns on which it is based.

[1] Includes returns that did not report the end-of-year book value
of total assets (Form 5227, Part IV, line 37, column (b)) from the
balance sheet, or that reported the amount as zero. Often, these
zero amounts are explained by funds filing a final return.

[2] Taken from Form 5227, Part IV, line 46, column (b). This is
the excess of total assets over total liabilities. This value may
deviate from the calculated value of total assets ( line 37,
column (b)) less total liabilities (line 43, column (b)) due to
taxpayer reporting discrepancies.

[3] Taken from Form 5227, Part IV, line 37, column (b).

[4] Calculated as the sum of "investments-land, buildings, and
equipment" (Form 5227, Part IV, line 33, column (b)) and
investments--other (line 34, column (b)).

[5] Calculated as the sum of "accounts receivable" (Form 5227,
Part IV, line 27, column (b)), "receivables due from officers,
directors, and other disqualified persons" (line 28, column (b)),
other notes and loans receivable (line 29, column (b)), "inventories
for sale or use" (line 30, column (b)), "prepaid expenses and
deferred charges" (line 31, column (b)), charitable purpose land,
buildings, and equipment (Form 5227, Part IV, line 35, column (b))
and "other assets" (line 36, column (b)).

[6] Taken from Form 5227, Part IV, line 43, column (b).

NOTE: Detail may not add to totals due to rounding.
COPYRIGHT 2009 U.S. Government Printing Office
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Author:Schreiber, Lisa
Publication:Statistics of Income. SOI Bulletin
Date:Jan 1, 2009
Words:23222
Previous Article:Public release of SOI information.
Next Article:Unrelated business income tax returns, 2005.
Topics:


Related Articles
Split-interest trusts, filing year 2006.
Goals for public release of SOI information.
Split-Interest Trusts, Filing Year 2005.
Split-interest trusts, filing year 2004.
New split-interest return form.
Public release of SOI information.
Public release of SOI information.
Public release of SOI information.
Public release of SOI information.
Public release of SOI information.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters