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§ 13.2 QUALIFYING POOLED INCOME FUNDSor the next succeeding day that is not a Saturday, Sunday, or legal holiday, aslong as this next preceding day or next succeeding day is consistently usedwhen the valuation date falls on a Saturday, Sunday, or legal holiday. 13§ 13.2 QUALIFYING POOLED INCOME FUNDSTo qualify under these rules, a pooled income fund must satisfy the followingrequirements.(a) Remainder InterestsEach donor to a pooled income fund must transfer property (which can be orinclude money) to the fund and contribute an irrevocable remainder interest inthe property to or for the use of a qualified public charity, 14 retaining for himselfor herself, or creating for another beneficiary or beneficiaries, a life income interestin the transferred property. 15 A contingent remainder interest is not treated asan irrevocable remainder interest. 16(b) Life Income InterestsEach donor to a pooled income fund must retain for himself or herself, for life, anincome interest in the property transferred to the fund, or create an income interestin the property for the life of one or more beneficiaries, each of whom must beliving at the time of the transfer of the property to the fund by the donor. 17 Thephrase one or more beneficiaries includes those members of a named class who arealive and can be ascertained at the time of the transfer of the property to thefund. If more than one beneficiary of the income interest is designated, the beneficiariesmay enjoy their shares of income from the fund concurrently, consecutively,or both concurrently and consecutively. 18These income interest beneficiaries must be individuals. An income interestbeneficiary of a pooled income fund cannot be a pet animal, even when the measuringperiod of the income interest is the lifetime of the animal. 19It is not required that a donor to a pooled income fund be an individual. Thelaw allows a donor, by means of a pooled income fund gift, to create an incomeinterest in gift property for the life of one or more beneficiaries. 20 Thus, a donorto a pooled income fund may be a person other than an individual, such as a corporation.21 When the donor is not an individual, however, it cannot retain an13 Reg. § 1.642(c)-5(a)(5)(vi).14 See § 13.1, text accompanied by note 10.15 IRC § 642(c)(5)(A); Reg. § 1.642(c)-5(b)(1).16 Reg. § 1.642(c)-5(b)(1).17 IRC § 642(c)(5)(A); Reg § 1.642(c)-5(b)(2). An interest in a pooled income fund bequeathed to a survivingspouse qualifies for qualified terminable interest property treatment. See § 8.3(b)(ii). See also Priv. Ltr. Rul.9406013.18 Reg. § 1.642(c)-5(b)(2).19 Rev. Rul. 78-105, 1978-1 C.B. 295 (so held in the case of a charitable remainder trust (see Chapter 12); presumably,the holding is the same for pooled income funds).20 See § 13.2(a), text accompanied by note 15.21 Rev. Rul. 85-69, 1985-1 C.B. 183. 479