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§ 9.21 FUTURE INTERESTS IN TANGIBLE PERSONAL PROPERTYFor these purposes, it is immaterial whether the donee organization pays thedebt or agrees to assume it. The relief from the obligation is regarded as an itemof consideration in either event. 484This principle of law also applies in the planned giving context. 485 Thus, thecontribution to a charitable organization, by means of a pooled income fund, ofan item of property that is subject to a debt causes the donor to be treated asthough he or she had received income in an amount equal to the amount of thedebt. 486 The taxable gain is determined using the bargain sale rules, whichrequire allocation of the basis in the property to the purchase and gift elements(see above).It appears that these same rules apply in the context of charitable giving bymeans of charitable remainder trusts. 487 In the setting of charitable remaindertrusts, the consequences of transferring property encumbered with debt can bemore severe than is the case with pooled income funds. As discussed, a form ofunrelated business income is unrelated debt-financed income. 488 A gift of mortgagedproperty to a charitable remainder trust can cause unrelated debtfinancedincome to be received by the trust. 489 When a charitable remainder trustreceives unrelated business taxable income in a year, it loses its tax exemptionfor the year. 490 If an individual transfers mortgaged property to a charitableremainder trust, and the individual is personally liable on the mortgage, thetrust may become disqualified on the ground that discharge of the obligationcauses the donor to become the owner of the trust. The IRS has so held. 491§ 9.21 FUTURE INTERESTS IN TANGIBLE PERSONAL PROPERTYA charitable contribution consisting of a transfer of a future interest in tangiblepersonal property is treated as made only when all intervening interests in, andrights to the actual possession or enjoyment of, the property have expired, or areheld by persons other than the donor or those related to the donor. 492The term future interest includes:• reversions, remainders, and other interests or estates, whether vested orcontingent, and whether or not supported by a particular interest orestate, which are limited to commence in use, possession, or enjoyment atsome future date or time, 493 and• situations in which a donor purports to give tangible personal property toa charitable organization but has an understanding, arrangement, agreement,or the like, whether written or oral, with the charitable organization484 Ebben v. Commissioner, 783 F.2d 906 (9th Cir. 1986).485 In general, see Part Three.486 Reg. § 1.642(c)-5(a)(3).487 Rev. Rul. 81-163, 1981-1 C.B. 433; Priv. Ltr. Rul. 8526015.488 See § 3.5.489 IRC § 514(c)(2)(A), (B).490 See § 12.7.491 Priv. Ltr. Rul. 9015049.492 IRC § 170(a)(3); Reg. § 1.170A-5(a)(1). The rules of IRC § 267(b) (relating to losses, expenses, and interestwith respect to transactions between related taxpayers) are used to measure the requisite relationships.493 Reg. § 25.2503-3(b). 333