Source: https://jncpe.com/courses/complete-guide-to-estate-gift-taxation-34-hrs/
Timestamp: 2019-04-23 18:57:56+00:00

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This presentation integrates federal taxation with overall financial planning. The course will explore tax strategies relating to the central financial tactics of wealth building, capital preservation, and estate distribution. The result is a unified explanation of tax-economics that will permit the tax professional to locate, analyze, and solve financial concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of financial planning. This course will give the participant practice in analyzing problems, developing solutions, and presenting final personal financial plans to clients.
Format: Online pdf (794 pages). Printed book available.
3. Recognize the impact of retirement planning postponement identifying the importance of early planning using the author’s suggested step process, specify a balance sheet method to plan retirement, determine how to diversify portfolios by balancing liquid and nonliquid assets, and identify the purpose of savings and strategies to save.
After studying the materials in Chapter 1, answer the exam questions 1 to 9.
1. Identify money management specifying income types, recognize causes of increased taxable income for itemizing taxpayers, and specify taxable income types and their proper reporting.
3. Specify ways to shelter income stating how income sheltering amplifies investment return.
5. Specify tax-advantage investments citing management rules, and determine the economic impact of accelerating deductions, postponing tax liability, and leveraging.
After studying the materials in Chapter 2, answer the exam questions 10 to 23.
1. Identify spending habits stating how to design a budget to increase discretionary income, determine net worth using a balance sheet, and select assets and liabilities for an inventory on which to base financial goals.
After studying the materials in Chapter 3, answer the exam questions 24 to 28.
1. Identify the benefits of tax deferral, recall the former use of tax deferral under §1034, and cite the tax deferral advantage under §1031 listing its elements.
2. Specify the related party §1031 restrictions identifying prohibited parties or entities and permissible disposition exceptions, cite recommendations for the protection of exchange participants, and recognize the history of the multiple property regulations stating the unique netting requirements for multiple asset exchanges.
3. Recall the evolution of delayed exchanges naming allowable transfers, determine how to select qualified replacement property, specify constructive receipt safe harbors & methods to secure exchange party performance, cite the §1031 partnership underlying asset rule, identify retirement plan design, identify popular methods for providing for retirement, and select near retirement investments.
After studying the materials in Chapter 4, answer the exam questions 29 to 43.
1. Identify tax credits specifying qualified computational expenses, limitations and restrictions.
3. Determine the deductibility of investment interest, prepaid interest, points, and prepayment penalties recognizing the offset of passive income with rental property mortgage interest.
6. Determine business asset depreciation using both ACRS and MACRS recovery classes, identify sources of §172 net operating losses (NOLs) recognizing carryback and carryover rules, specify tax breaks for nonitemizing taxpayers, recognize the advisability of filing an amended return, determine how to avoid audits by claiming refunds for provable items stating which return amendments are safest.
After studying the materials in Chapter 5, answer the exam questions 44 to 57.
1. Recognize formats for income splitting, determine the tax treatment of employee and self-employed business expenses particularly home-office expenses stating the two non-exclusive use exceptions and the income limitation, cite changes made to home office deduction under TRA ’97, and recognize the ability of self-employeds to make annual deductible contributions to a Keogh plan.
5. Identify the use of a custodianship to split income specifying initial planning considerations and good investments for children, recognize deductions and credits for childcare, education, children, and §7872 loans, and specify the income and later estate tax benefits of gifts.
After studying the materials in Chapter 6, answer the exam questions 58 to 69.
After studying the materials in Chapter 7, answer the exam questions 70 to 77.
3. Specify fraudulent transfer laws listing badges of fraud, define statutes of limitation, criminal penalties, and permissible asset transfers.
c. Determining what constitutes entity purchase and cross-purchase buy-sell agreements.
7. Identify the formats that courts typically follow if a couple does not have an enforceable premarital agreement, and determine what constitutes post-nuptial and premarital agreements stating how they relate to divorce settlements and divisions.
After studying the materials in Chapter 8, answer the exam questions 78 to 98.
After studying the materials in Chapter 9, answer the exam questions 99 to 104.
After studying the materials in Chapter 10, answer the exam questions 105 to 124.
After studying the materials in Chapter 11, answer the exam questions 125 to 130.
After studying the materials in Chapter 12, answer the exam questions 131 to 139.
1. Recognize basic tax and legal title formats identifying the advantages and disadvantages of holding property in a sole proprietorship, a corporation, or an S corporation .
2. Identify the title holding benefits of trusts, co-tenancy, partnerships, and limited liability companies and the tax characteristics of each, recognize the types of retirement plans used to provide lifetime benefits to a business owner and to employees, and specify the tax treatment of custodianships and a probate estate.
After studying the materials in Chapter 13, answer the exam questions 140 to 146.
1. Specify persons in which rights are placed by life insurance and reasons to purchase life insurance.
3. Determine the pros and cons of life insurance policy types and specify estate tax planning reasons for establishing an irrevocable life insurance trust.
4. Recognize the differences between deferred annuities and private annuities and determine what constitutes an entity purchase agreement and a cross-purchase agreement and their tax and legal advantages.
After studying the materials in Chapter 14, answer the exam questions 147 to 157.
1. Identify reasons why a business interest must be valued in an estate that is subject to federal estate tax, specify factors used to determine the net value of a business under the regulations, and recall the valuation factors in R.R. 59-60 specifying their impact.
d. Citing the §303 exception to the dividend treatment of redemptions stating qualifications.
4. Determine the tax consequences in leaving an estate to a surviving spouse, specify the elements of buy sell agreements, stock redemptions, and stock recapitalizations in order to dispose of business interests before death, and identify deferred compensation agreements recognizing their estate planning impact.
After studying the materials in Chapter 15, answer the exam questions 158 to 166.
4. Recall the terms used in §2702 concerning transfers of interests in trust, identify the application of the zero value rule to a transfer of interest in trust, and specify exceptions to §2702, determine the transfer of an interest in property when there is one or more term interests as a transfer of an interest in a trust, and specify the treatment of joint purchases.
After studying the materials in Chapter 16, answer the exam questions 167 to 179.
c. Determining what constitutes a durable power recognizing advantages of establishing a revocable living trust as a way to manage assets in an estate.
2. Cite the eldercare benefits of Medicare, Medicaid, and Supplemental Security Income, identify disadvantages of the Medicaid program stating how to divide income into asset groups, specify the dangers and benefits of gifting to family members, including how individuals might use private insurance for catastrophic illness.
After studying the materials in Chapter 17, answer the exam questions 180 to 187.
After studying the materials in Chapter 18, answer the exam questions 188 to 200.

References: §1034
 §1031
 §1031
 §1031
 §172
 §7872
 §303
 §2702
 §2702