Explain one tax-planning strategy that a cpa could use

Assignment Help Taxation
Reference no: EM131333156

Discussion

PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference

"Gift Transfers and Gift Tax Planning" Please respond to the following:

• Per the text and IRC, a gift occurs when the transfer of property is complete and the gift is valued at the date of the transfer. Imagine a scenario in which a client creates an irrevocable trust for his two (2) grandchildren to ensure college education expenses are paid. The trust agreement requires the distribution of the income from the trust directly to the college or university the grandchildren attend for tuition while they are in college and directly to the grandchildren until age twenty-five (25) after completing college. The income from the trust is distributed directly to the grandchildren until they reach age twenty-five (25), if they do not attend college. When the grandchildren celebrate their twenty-fifth (25th) birthday, the income stream distribution reverts to the client's spouse, and the spouse receives the property upon the death of the client. Examine the gift tax consequences of the transaction based on the use of the irrevocable trust, as compared to direct payments to the grandchildren.

• Per the text, gift tax-planning strategies can reduce tax for estate tax-planning purposes. Estate tax planning is very important for wealthy clients. Examine one tax-planning strategy that a CPA could use for lifetime giving that would reduce overall estate and gift taxes for a client.

Reference no: EM131333156

Determine the taxable year of the llc

Determine the taxable year of the LLC under the Code and Regulations and two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the

What is kellys deductible theft loss in current year

What is Kelly's deductible theft loss in the current year and what is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the fo

Discuss capital gains tax

Discuss whether a capital gains tax, in your opinion, would result in a more equitable tax system in New Zealand and Discuss whether your client is a tax resident in New Zeala

What would be the worldwide effective tax rate

What would be the worldwide effective tax rate on the $1 million of foreign profits, assuming the U.S. taxes the worldwide income of domestic corporations, but allows an unl

James and ann wilson

James and Ann Wilson, two Australian citizens, have been living in Sydney since 1 February 2006. James has been meticulous in keeping records and provides you with the informa

Prepare rhett and scarlett tax return

In addtion Scarlett's father Mike O'Hara  (SS# 111-11-1111) lives with them. Mike's only source of income is his Social Security. Required: Prepare rhett and scarlett's 2015

Baginski steel corporation reported an operating loss

1.During 2013, its first year of operations, Baginski Steel Corporation reported an operating loss of $375,000 for financial reporting and tax purposes. The enacted tax rate i

What is blues current e and p

Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd