Estate and Gift Tax

General Description:

The participant will gain an understanding of the basic principles of estate and gift taxation and how they relate to the preparation of Forms 706 and 709.

Learning Objective:

After completing this course the participant will be able to:

• Explain how the estate and gift tax are interrelated.
• Identify when gifts are complete or incomplete for gift tax purposes.
• Recognize when gift splitting is required to prepare Form 709.
• Prepare the gift tax return, Form 709.
• Describe how assets not owned by the decedent are included in the decedent's estate.
• Determine estate inclusion issues and how these rules can be used to the taxpayer's ­benefit in smaller estates.
• Prepare the estate tax return, Form 706, for traditional QTIP and credit shelter trusts.
• Prepare the estate tax return, Form 706, for a portability election.
• Prepare Form 8971 for estates subject to estate tax.
• Identify generation-skipping transfer tax issues and how to allocate the generation-skipping tax credit.
• Calculate the deduction for income in respect of a decedent (IRD).
• Summarize the types of estate planning documents that may control the management and distribution of a decedent's assets.

Instructors:

Klaralee Charlton is an attorney practicing in fiduciary and business taxation at 3i Law in Denver. She graduated with honors from Bryn Mawr College and the University of Utah S.J. Quinney College of Law, and earned her LL.M. in taxation at the University of Denver Graduate Tax Program. She is an active participant in the Colorado Bar Association Section of Taxation and president of the Greater Denver Tax Counsel Association.

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