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.
Athena Title
Income and Transfer Tax Plan
Prerequisite
ACCT 5400 or ACCT 5400H or ACCT 7400
Semester Course Offered
Offered spring
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
Syllabus