706 Preparation and Planning 2: Property of the Decedent (2017 Edition)
Authored by Sidney Kess and Barbara Weltman
About this Course
The primary goal of the second course in this series is to educate the preparer on how to accurately value and properly present the assets of the gross estate. It defines the “gross estate” in detail and discusses titling of assets and how titling affects presentation of some schedules. Other assets such as annuities, qualified monies, IRAs, and powers of appointment are also discussed. The course will teach the professional how to determine the appropriate placement of assets among the schedules and how to value the assets. Upon completing this course, you should be able to: Complete Schedule A and Schedule A-1; Understand special use valuation; Correctly report stocks and bonds held solely in the decedent's name; Report mortgages, notes and cash held by the decedent; Report insurance on the decedent's life; Complete Schedules B, C, and D; Report property that is jointly-owned with a spouse; Report property that is owned jointly with someone who is not a spouse; Value and report miscellaneous assets, including interests in family limited partnerships, unincorporated businesses, lottery winnings, and collectibles; Determine which lifetime transfers are includible in the decedent's estate; Determine which powers of appointment are includible in the decedent's estate; Report annuities and retirement plan assets; and Complete Schedules G, H, and I.
706 Preparation and Planning 1: Tax Fundamentals or equivalent knowledge