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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.
Discuss how the tax benefits and present value would change if a different method of depreciation was used. Also, discuss when Salem would not choose to take as much depreciation as possible.
what is the income tax paid by each of the following: (a) the Italian subsidiary, (b) the Irish subsidiary, (c) the U.S. parent company, and (d) the consolidated entity (i.e., worldwide tax paid)?
How much must she pay for self-employment taxes and how much can she deduct on her tax return?
What does the term three-factor formula refer two? What are we referring to when we say that we start with federal taxable income to arrive at a specific state taxable income?
Discuss whether Triceratops Toys Manufacturing Limited's profits are subject to Hong Kong profits tax for the year of assessment 2012/13. The financial year of Triceratops Toys Manufacturing Limited ends on 31 March each year.
how much extra depreciation will Alaska Freight get to deduct for the first year as compared with the straight-line method?
The FTE method
question bottle-up inc. was organized on 8th january 2001 and made its s election on 24th january 2000. the required
He further stated that it was his understanding that the same techniques could be used to minimize both state tax and international tax liabilities.
Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2013. Prepare the journal entries to record income taxes for the years 2013 through 2016.
matthew county issued a six month 6 percent 1000000 bond anticipation note on march 31 20x5 to give temporary financing
a. clarify the role of the generations skipping transfer tax.b. in each of the independent situations below evaluate
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