About this Course
Topics covered include:
Transfers subject to the gift tax;
Transfers that are not subject to the gift tax;
Significantly enhanced lifetime exclusions from the gift tax;
Generation-skipping transfer tax exclusions and recent enhancements;
Gift-splitting by spouses;
Available gift tax deductions;
Valuation of gifts;
Avoiding gift treatment by using disclaimers;
Portability and the gift tax;
'Defined value gifts' as a planning tool;
Statutes of limitations and the adequate disclosure rules.
Upon completing this course, you should be able to:
Describe what the federal gift tax is and how it works;
Identify transfers that are subject to the gift tax and which are not;
Explain key compliance and reporting requirements for the gift tax;
Identify planning opportunities with the gift tax;
Recognize the exclusion amount available to various client scenarios;
Differentiate how to utilize the gift-splitting provision Code;
Recognize and apply how gifts affect the lifetime exclusion;
Identify how to classify income interest;
Identify the maximum gift tax rate;
Identify the lifetime gift tax exemption for 2018 as amended by the Tax Cuts and Jobs Act;
Recognize the statute of limitations that applies with respect to gift tax returns.