This course provides a helpful review of the federal gift tax—and the issues raised and new planning opportunities after recent tax law changes. It addresses how the gift tax works: what is subject to the tax, what is excluded from the tax, what may be deducted, and what must be disclosed in gift tax reporting. Instructions for completing Form 709 are also detailed, including problems and sample form preparation.
The course also provides an overview of the federal estate tax: how it works and when it must be addressed. While few persons will be estate-tax payers, many will need to file Form 706 to address portability and/or comply with state law requirements less generous than the current federal exclusion. There will be a detailed discussion of all pages and Schedules of Form 706.
After completing this course, you will be able to:
- Determine what the federal gift tax and federal estate tax are and how each works.
- Identify which transfers are subject to the gift tax and the estate tax and which are not.
- Recognize gift-splitting marital deduction opportunities.
- Recognize the Deceased Spouse's Unused Exclusion (DSUE) and the advantages of portability.
- Identify key compliance and reporting requirements for the gift and estate tax.
- Summarize completed Forms 709 and 706, illustrating practical problems.
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