DESCRIPTION
This module is an introduction to the major tax rules for estate, gift, and generation-skipping transfer taxes. It also discusses the various types of trusts, their relationship to gift taxation, and fiduciary income taxes. The module begins with a group exercise. Finally, there is a case study where a decedent’s final tax return is prepared.
LEARNING OBJECTIVES
- Define the federal estate tax and its history and identify the components of the estate tax calculation.
- Identify the gift tax rules as well as the generation-skipping transfer tax and its implications.
- Identify the various types of trusts and their purpose.
- Define fiduciary income taxation.
- Identify some of the tax issues related to a decedent’s final tax return.
