Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax

Mar 12th, 2015
Price: $20 USD

Question description

Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two (2) grandchildren. He wants the income from the trust paid to the children for 20 years and the principal distributed to the children at the end of 20 years.

Use the Internet and Strayer databases to research the rules regarding irrevocable trusts, gift tax, and estate tax. Be sure to use the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response.

Write a one to two (1-2) page letter in which you:

  1. Analyze the effect of an irrevocable trust on the gift tax and future estate taxes.
  2. Suggest other significant alternatives that the client could use both to reduce estate tax and to maximize potential advantages of the payment of gift taxes on transfers of property.
  3. Use the six (6) step tax research process, located in Chapter 1 and demonstrated in Appendix A of the textbook, to record your research for communications to the client.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Prepare client, internal, and administrative documents that appropriately convey the results of tax research and planning.
  • Create an approach to tax research that results in credible and current resources.
  • Analyze tax issues regarding the gift tax and the estate tax.
  • Analyze tax issues regarding trusts and estates.
  • Use technology and information resources to research issues in organizational tax research and planning.
  • Write clearly and concisely about organizational tax research and planning using proper writing mechanics.

Click here to view the grading rubric for this assignment.

ACC Rubric 4.docx 

Tutor Answer

(Top Tutor) Daniel C.
School: Carnegie Mellon University

Studypool has helped 1,244,100 students

Review from our student for this Answer

Mar 13th, 2015
"This tutor is great!"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors