| Course ID: | ACCT 7430. 3 hours. |
| Course Title: | Income and Transfer Tax Planning |
Course
Description: | Exploration of the structure and fundamental concepts of the
federal transfer tax and the income taxation of trusts and
estates. In addition, the course emphasizes overall tax planning
techniques, with a focus on individuals, trusts, and estates. |
| Oasis Title: | Income and Transfer Tax Plan |
| Prerequisite: | ACCT 5400 or ACCT 5400H or ACCT 7400 |
Semester Course
Offered: | Offered spring semester every year. |
| Grading System: | A-F (Traditional) |
|
| Course Objectives: | Have students exhibit an in-depth knowledge of the structure and
principles underlying federal estate and gift taxation and the
income taxation of estates and trusts. They are evaluated
bymeans of problem assignments, papers, quizzes, and written
examinations. |
| Topical Outline: | I. Introduction to Estate Tax
a. Property Owned Transfers
b. Joint Tenancies
c. Life Insurance
II. Reserved Life Estate
a. Powers to Alter
b. Transfer Geared
c. Annuities
d. Powers of Appointment
III. Deductions
a. Expenses, Indebtedness and Taxes and Losses
b. Charitable Deduction
c. Marital Deduction and Credits
d. Exclusion for Family Business
e. Deduction for Family Business
IV. Filing Requirements and Extending
a. Generation Skipping
b. Transfer Tax
c. Federal Gift Tax-Taxable Transfers
d. Annual Exclusion
e. Split Gifts
f. Charitable Transfers
g. Marital Deductions
h. Filing Requirements and Extension
i. Valuation
V. Basis Considerations
a. Income Taxation of Estates and Trusts
b. General Rules-Taxatoin of Estates and Trusts
VI. General Rules
a. Simple and Complex Trusts
b. Grantor Trusts |