COURSE SYLLABUS & OUTLINE X Estate and Gift Taxation

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1 Department of Business & Management Course Title: Quarter: Instructor: Meeting Times: Location: Office Hours: COURSE SYLLABUS & OUTLINE X Estate and Gift Taxation Spring 2016 Dana Leland, MBA, MTX, MAC, PhD /6 6/14/16 Online Virtual 24/7 by . Course Description: The course will provide a broad review and examination of the federal estate, gift and generation-skipping transfer taxes. Among the topics will be the following: Estate Tax: Discussion of American Taxpayer Relief Act of 2012 ("2012 Act") and Portability; Definition of Gross Estate; Alternate Valuation Date; Special Use Valuation; Unified Credit; Adjustments for Gifts Made Close to Death; Retained Life Estates; Transfers Taking Effect at Death; Revocable Transfers; Annuities; Joint Interests; Powers of Appointment; Life Insurance Proceeds; Marital Deduction; QTIP Property; Qualified Domestic Trusts; the Taxable Estate; Deductions; Losses; Charitable Deduction; Credit for Gift Tax Paid; Previously Taxed Property Credit; Rate of Tax; Section 6166 Deferral; Preparation of Estate Tax Returns; Audits Gift Tax: Definition of Gift; Annual Exclusion and Present Interest Requirement; Crummy Trusts; Exclusion for Direct Payment of Tuition and Medical Expenses; Qualified State Tuition Programs; Valuation and Discounts; GRATS, GRUTS, and GRITS; Split Interest Gifts; Marital Deduction; QTIP Property; Powers of Appointment; Charitable Gifts (including Charitable Lead and Remainder Trusts); Disclaimers; Unified Credit; Chapter 14 Special Valuation Rules; Rate of Tax; Preparation of Gift Tax Returns; Audits Generation-Skipping Transfer Tax: Discussion of 2012 Act, Direct Skips, Taxable Distributions and Taxable Terminations; Skip Persons; Taxable Amount; Applicable Rate and Inclusion Ratio; Generation Assignment; Transferor; Generation-Skipping Transfer Tax Exemption; Reverse QTIP Election; Predeceased Child Exception; Rate of Tax; Returns; Audits Goals & Objectives: 1

2 Throughout the course, the instructor will emphasize how the applicable transfer tax rules and regulations impact basic estate planning strategies. During each session, hypothetical fact pattern study problems will be presented and discussed to illustrate how the rules and regulations operate in the "real world". Upon completion of the course, the student will gain a general familiarity with basic estate, gift and generation-skipping transfer tax rules, and should be able to complete federal estate and gift tax returns. Required Readings: Federal Estate & Gift TaxationU, Ninth Edition, Abridged Student Edition, By Richard B. Stephens, Stephen A. Lind, Guy B. Maxfield, Dennis A. Calfee. and Robert B. Smith published by Warren, Gorham & Lamont. Stephens, Lind, Calfee - Revised Study Problems. Internal Revenue Code sections. Grading: Course grades will be based on participation and completion of assignments as follows: Discussion Questions/Participation 8 weeks, initial discussion and 2 responses 100 points Midterm Quiz 100 points Problems 50 points Final Exam 100 points Research Paper 150 points Maximum total points 500 points Paper 30% Exams 40% Problems 10% Discussion Points 20% Total 100% Grades A= B= C= D=60-69 F=59 and below Late Policy 2

3 Please be timely in submitting your assignments. I will always accept homework assignments a day or two early; however, I will deduct 10% for each day an assignment is late. For example, if you prepare an assignment that would earn 20 points, and I receive it two days late, you will only receive 16 points versus 20 points. After five days, the assignment will no longer be accepted, and you will receive a 0. There are no exceptions to this policy. Note: Participation and discussion questions cannot be turned in late. At the conclusion of week 10, all work must be submitted by 11:59 pm (PST) on Tuesday. No work will be accepted after the course ends. Academic Honesty Policy Academic dishonesty covers behavior in cheating, plagiarism, and fabrication of information. These behaviors are not tolerated. Students are encouraged to familiarize themselves with the UCLA Extension Student Conduct Code and the official statements regarding cheating and plagiarism at: Services for Students with Disabilities In accordance with Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, UCLA Extension provides appropriate accommodations and support services to qualified applicants and students with disabilities. These include, but are not limited to, auxiliary aids/services, such as note takers, audiotaping of courses, sign language interpreters, and assistive-listening devices for hearing-impaired individuals, extended time for and proctoring of exams, and registration assistance. Accommodations and types of support services vary and are specifically designed to meet the disability-related needs of each stude3nt based on current, verifiable medical documentation. Arrangements for auxiliary aids/services are available only through UCLA Extension Disabled Student Services at (310) (voice/tty) or by at access@uclaextension.edu. Please request such arrangements with at least five working days advance notice. All assistance is handled in confidence. Accommodations must be preapproved. Requests for retroactive accommodation will not be accepted. Reminder to Students: This course has proctoring requirements! Technical Equipment: Note: language duplicates that already entered by instructors in their syllabi Student or government issued-id Reliable computer running Windows XP (or higher) or Mac OS X 10 (or higher). Web cam with 640x480 video pixel resolution or higher. Headphones or working speakers connected to the computer. Working microphone connected to the computer. Web cam with built in microphone recommended. Web browser with Adobe Flash Player installed. We recommend Flash Player 11. A reliable, high-speed internet connection. (If student have) Ability to allow video and screen-sharing connections on computer you are using to take exam. Test Equipment: (takes 3-4 minutes) 3

4 Register: (3-4 minutes) Make Test appointment: can be done approximately three weeks before the test after registering on the site. When: 1 week before test window is recommended, but the student must schedule more than 72 hours (3 days) in advance of the time window begins to avoid late registration penalty ($5) Note: Students can take test at any time within window, 24/7 Take the Test: A quiet, well lit place, a photo ID, allowable materials, perhaps a glass of water, a stable internet connection and a copy of the Student Handout. Please note that ALL COURSE GRADES ARE FINAL. Incompletes: The interim grade Incomplete may be assigned when a student's work is of passing quality, but a small portion of the course requirements is incomplete for good cause (e.g. illness or other serious problem). It is the student s responsibility to discuss with the instructor the possibility of receiving an I grade as opposed to a non-passing grade. The student is entitled to replace this grade by a passing grade and to receive unit credit provided they complete the remaining coursework satisfactorily, under the supervision of and in a time frame determined by the instructor in charge, but in no case later than the end of the next academic quarter. At that time, the Registrar will cause all remaining Incompletes to lapse to the grade "F". Note: Receiving an I does not entitle a student to retake all or any part of the course at a later date. Student Behavior involving cheating, copying other s work and plagiarism are not tolerated and will result in disciplinary action. Students are responsible for being familiar with the information on Student Conduct in the General Information Section of the UCLA Extension Catalog or on the website at COURSE OUTLINE Date Topic Required Readings/Assignment Lecture Notes Week 1: 4/6 4/12 Week 2: 4/13 4/19 Estate Tax: Discussion of 2012 Act; A General Overview; Imposition of Estate Tax Estate Tax: Definition of Gross Estate; Alternate Valuation Date; Special Use Valuation Book: 1-3 to 1-39; 2-2 to 2-38 Code: 2001,2002,6159,6161,6166 Study Problem: 1 Book: 4-8 to Code: 2031, 2032, 2032A, 2032B Study Problems 2 and 11 Week 1 Week 2 4

5 Week 3: 4/20 4/26 Estate Tax: Property in Which the Decedent Had an Interest; Gifts Made Shortly Before Death; Retained Life Estates; Transfers Taking Effect at Death Book: to Code: 2033, 2035, 2036, 2037 Study Problems 3, 4, and 5 Week 3 Week 4: 4/27 5/3 Estate Tax: Revocable Transfers; Annuities; Joint Interest; Powers of Appointment Book: to Code: 2038, 2039, 2040, 2041 Study Problems 6, 7, 8 and 9 Week 4 Week 5: 5/4 5/10 Week 6: 5/11 5/17 Week 7: 5/18 5/24 Week 8: 5/25 5/31 Week 9: 6/1 6/7 Week 10: 6/8 6/14 Midterm Quiz Estate Tax: Life Insurance Proceeds; QTIP Property Inclusion; Introduction to Taxable Estate; Claims and Administrative Deductions; Losses Estate Tax: Charitable Deduction; Marital Deduction; QTIP Property; Qualified Domestic Trusts; Returns & Audits Estate Tax: Credits against Estate Tax Gift Tax: Definition of Taxable Gift; Rate of Tax; Annual Exclusion; Present Interest Requirement; Crummy Trusts; Unified Credit; Transfers Gift Tax: Valuation Issues; Split Gifts; Powers of Appointment; Disclaimers, Charitable Deduction; Marital Deduction; QTIP Property, Returns & Audits Generation-Skipping Transfer Tax: Discussion of 2012 Act; Amount of Tax; Transfers; Direct Skips, Taxable Terminations and Taxable Distributions; Skip and Non- Skip Persons; Taxable Amount and GST Exemption Final Exam Research Paper DUE Midterm Quiz DUE 5/10/16 Book: to 4-415; 5-5 to 5-58 Code: 2042, 2044, 2051, 2053, 2054 Study Problems: 10 and 12 **No discussion** Book: 5-58 to Code: 2055, 2056, 2056a Study Problems: 13 and 14 Book: 3-3 to 3-49 Code: 2010, 2011, 2012, 2013 Study Problem 15 Book: 9-2 to 9-78 Code: 2501, 2502, 2503, 2504, 2505, 2511 Study Problems: 16, 21, 23 and 24 Book: 10-4 to ;11-2 to Code: 2512, 2513, 2514, 2518, 2522, 2523, 2524 Study Problems: 18, 19, 20 & 22 Book: 12-1 to 12-15; 13-2 to 13-67; 14-2 to 14-17; 15-2 to Code: 2601, 2602, 2603, 2604, 2611, 2612, 2613, 2621, 2622, 2623, 2624, 2631, 2632 Book: 16-3 to 16-90; 17-2 to 17-66; 18-2 to Code: 2641, 2642, 2651, 2652, 2653, 2654, 2661, 2662, 2663 Study Problems 28, 29 and 30 Final Exam DUE 6/14/16 **No discussion** N/A Week 6 Week 7 Week 8 Week 9 N/A 5

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