ACC 565 WEEK 10 ASSIGNMENT 4
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ACC 565 WEEK 10 ASSIGNMENT 4
Due Week 10 and worth 150 points
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.
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