Courses
Estate, Gift & Generation-Skipping Transfer Tax Workshop
This course is designed for people who have responsibility for preparing and reviewing gift, estate, and generation-skipping transfer tax returns.
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- Available settings
- On-Campus, Online, 5 Weeks
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- School
- Tax
It provides both comprehensive coverage of the relevant laws and regulations as well as practical hands-on learning including case studies, quizzes, and examples to apply the knowledge gained during the class.
Areas of Study Include:
Overview
- Transfer Taxes vs Income Taxes
- Unified Transfer Tax System
- Gift and Estate Tax Rate Schedules
- Annual Gift Tax Exclusion
Portability
- Impact of Portability Rules on Traditional Estate Plans
- Computing the Deceased Spouse Unused Exclusion (DSUE) Amount
- Making the Portability Election
- The Last Deceased Spouse Rule
- Using the Clayton QTIP with the Portability Election
The Federal Gift Tax System (IRC Chapter 12)
- Completed Gifted
- Gift Valuation and Splitting
- The Annual Gift Tax Exclusion
- Filing Requirements
- Basis of Gifted Property
The Federal Estate Tax System (IRC Chapter 11)
- Framework of the Federal Estate Tax
- Computing the Gross Estate
- Retained Economic Interests Under IRC Chapter 14
- Valuation of the Estate
- Estate Tax Deductions
- Filing Requirements
- Estate Tax Credits
- New Obligation to Report Basis of Assets to IRS and Beneficiaries
Generation-Skipping Transfer Tax
- Overview
- Determining Skip and Non-Skip Persons
- GST Tax Tables
- Computing the Inclusion Ratio
- Automatic Allocation Rules
- Taxable Events: Direct Skips, Taxable Distributions, Taxable Terminations
- Predeceased Parent Rule
- Step-Down Rule on Taxable Terminations
- Return Requirements
- What We Need to Know About the Trust for GST Purposes
- Making the Reverse QTIP Election
- GST Planning Issues
- Splitting GST Trusts to Simplify GST Accounting and Reporting
Many professionals satisfy Continuing Education and/or Continuing Legal Education requirements with this course. Rules for CE and CLE approval are time-sensitive and vary by designation and state. Cannon encourages early registration in order to allow for ample processing (request for credits may not be available after course completion).
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