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Gift Transfers and Gift Tax Planning" Please respond to the following:Based on the guidance contained in the textbook and IRC, a gift occurs when the transfer of property is complete and the gift is

Gift Transfers and Gift Tax Planning"  Please respond to the following:

  • Based on the guidance contained in the textbook and IRC, a gift occurs when the transfer of property is complete and the gift is valued at the date of the transfer. Imagine a scenario in which a client creates an irrevocable trust for his two (2) grandchildren to attend college. Discuss the tax issues or consequences of the generation-skipping provision, and a direct gift to the grandchildren instead of creating the trust. Make at least two (2) recommendations as to how the client could minimize the tax consequences of the gift.
  • The content from the textbook indicates a gift tax-planning strategy can reduce income taxes for estate tax-planning purposes. Because estate tax planning is very important for wealthy clients, examine at least one (1) tax-planning strategy that a CPA could recommend for lifetime giving that would reduce the overall estate and gift taxes for a client
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