A deceased client’s son walks into your office. His father’s life was insured for $10 million and he had $10 million in other assets in his estate at the time of death. Assuming the client had use

TAX 665 Module Six Short Paper Guidelines and Rubric A deceased client’s son walks into your office. His father’s life was insured for $10 million and he had $10 million in other assets in his estate at the time of death. Assuming the client had used none of his unified credit, had no deductions, and left his entire estate to his son, what should the client’s estate tax lia bility be? The client had purchased the policy many years ago and has been paying the premiums himself. What facts would have to c hange in order for the $10 million insurance proceeds to not be included in the father’s estate? For example, what specific i ncidents of ownership would the son need to have in his father’s policy? Cite appropriate statutory authority, case law, and/or AI CPA Code of Conduct or ABA Model Rules of Professional Conduct to support your conclusions. Guidelines for Submission: Your paper must be submitted as a 2 –3-page Microsoft Word document with double spacing, 12 -point T imes New Roman font, one - inch margins, and at least three sources cited in APA format. Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value Client’s Estate Tax Liability Meets “Proficient” criteria and the explanation is substantiated by the appropriate statutory authority, case law, and/or AICPA Code of Conduct or ABA Model Rules of Professional Conduct Determines and explains what the client’s estate tax liability should be based on the assumptions posed in the prompt Determines what the cli ent’s estate tax liability should be but does not take every assumption posed in the prompt into account in determining the liability Does not determine or explain what the client’s estate tax liability should be 30 Insurance Proceeds Meets “Proficient” criteria and the explanation is substantiated by the appropriate statutory authority, case law, and/or AICPA Code of Conduct or ABA Model Rules of Professional Conduct Explains the facts that would have to change in order for the $10 million insurance proc eeds to not be in the father’s estate Explains the facts that would have to change in order for the $10 million insurance proceeds to not be in the father’s estate, but the facts are inaccurate and require more research Does not explain the facts that woul d have to change in order for the $10 million insurance proceeds to not be in the father’s estate 30 Incidents of Ownership Meets “Proficient” criteria and the specific incidents of ownership are substantiated by the appropriate statutory authority, case law, and/or AICPA Code of Conduct or ABA Model Rules of Professional Conduct Identifies specific incidents of ownership that the son would need to have in his father’s policy Identifies specific incidents of ownership that the son would need to have in his father’s policy, but submission lacks detail and requires more research Does not identify specific incidents of ownership 30 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy -to- read format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%