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 th
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Description
Assignment 4: Tax-Planning
Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax
Due Week 10 and worth 100
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 twenty
(20) years.
Use the Internet and Strayer
Library 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:
·
Create client, internal, and
administrative documents that appropriately convey the results of tax research
and planning.
·
Analyze and research tax issues
regarding trusts and estate and gift tax.
·
Create an approach to tax
research that results in credible and current resources.
Grading for this assignment
will be based on answer quality, logic / organization of the paper, and
language and writing skills, using the following rubric.
|
Points: 100 |
Assignment 4: Tax-Planning Client Letter on Irrevocable
Trusts, Gift Tax, and Estate Tax |
|||
|
Criteria |
Unacceptable Below
70% F |
Fair 70-79%
C |
Proficient 80-89%
B |
Exemplary 90-100%
A |
|
1. Analyze the effect of an
irrevocable trust on the gift tax and future estate taxes. Weight: 35% |
Did not submit or
incompletelyanalyzed the effect of an irrevocable trust on the gift tax and
future estate taxes. |
Partially analyzed the effect of
an irrevocable trust on the gift tax and future estate taxes. |
Satisfactorily analyzed the effect
of an irrevocable trust on the gift tax and future estate taxes. |
Thoroughly analyzed 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. |
Did not submit or
incompletelysuggested 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. |
Partially suggested 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. |
Satisfactorily suggested 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. |
Thoroughly suggested 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. Weight: 10% |
Did not submit or incompletely used 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. |
Partially used 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. |
Satisfactorily used 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. |
Thoroughly used 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. |
|
4. Writing Mechanics, Grammar, and
Formatting Weight: 5% |
Serious and persistent errors in
grammar, spelling, punctuation, or formatting. |
Partially free of errors in
grammar, spelling, punctuation, or formatting. |
Mostly free of errors in grammar,
spelling, punctuation, or formatting. |
Error free or almost error free
grammar, spelling, punctuation, or formatting. |
|
5. Appropriate use of APA in-text
citations and reference section Weight: 5% |
Lack of in-text citations and / or
lack of reference section. |
In-text citations and references
are provided, but they are only partially formatted correctly in APA style. |
Most in-text citations and
references are provided, and they are generally formatted correctly in APA
style. |
In-text citations and references
are error free or almost error free and consistently formatted correctly in
APA style. |
|
6. Information
Literacy/Integration of Sources Weight: 5% |
Serious errors in the integration
of sources, such as intentional or accidental plagiarism, or failure to use
in-text citations. |
Sources are partially integrated
using effective techniques of quoting, paraphrasing, and summarizing. |
Sources are mostly integrated
using effective techniques of quoting, paraphrasing, and summarizing. |
Sources are consistently
integrated using effective techniques of quoting, paraphrasing, and
summarizing. |
|
7. Clarity and Coherence of
Writing Weight: 5% |
Information is confusing to the
reader and fails to include reasons and evidence that logically support
ideas. |
Information is partially clear
with minimal reasons and evidence that logically support ideas. |
Information is mostly clear and
generally supported with reasons and evidence that logically support ideas. |
Information is provided in a
clear, coherent, and consistent manner with reasons and evidence that
logically support ideas. |
