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1999 SESSION
HB 2408 Professional corporations; transfer of shares to charitable trusts.
Introduced by: L. Preston Bryant, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Professional corporations; transfer of shares to charitable remainder trusts. Authorizes shareholders of professional corporations to transfer their shares in such corporations to a charitable remainder trust. The bill conditions such a transfer upon the requirement that the income beneficiaries and trustees of the charitable remainder trust must be eligible to render the same professional services as the shareholders of the corporation. Additionally, the charitable remaindermen must be domiciled or maintain a local chapter in Virginia. The bill adopts the definitions of “qualified charitable remainder trust” contained in § 664 of the United States Internal Revenue Code of 1986, as amended. The bill also incorporates parallel provisions into the Professional Limited Liability Company act.
SUMMARY AS PASSED HOUSE:
Professional corporations; transfer of shares to charitable remainder trusts. Authorizes shareholders of professional corporations to transfer their shares in such corporations to a charitable remainder trust. The bill conditions such a transfer upon the requirement that the income beneficiaries and trustees of the charitable remainder trust must be eligible to render the same professional services as the shareholders of the corporation. Additionally, the charitable remaindermen must be domiciled or maintain a local chapter in Virginia. The bill adopts the definitions of “ qualified charitable remainder trust” contained in § 664 (d) of the United States Internal Revenue Code of 1986, as amended. The bill also incorporates parallel provisions into the Professional Limited Liability Company act.
SUMMARY AS INTRODUCED:
Professional corporations; transfer of shares to charitable remainder trusts. Authorizes shareholders of professional corporations to transfer their shares in such corporations to a charitable remainder trust. The bill conditions such a transfer upon the requirement that the income beneficiaries and trustees of the charitable remainder trust must be eligible to render the same professional services as the shareholders of the corporation. Additionally, the charitable remaindermen must be domiciled or maintain a local chapter in Virginia. The bill adopts the definitions of “ qualified charitable remainder trust” contained in § 664 (d) of the United States Internal Revenue Code of 1986, as amended.