100% Original, Plagiarism Free, Tailored to your instructions

Order Now!

Corporate tax : Gift Tax Consequences

Project description
This analysis exercise offers you an opportunity to analyze the tax consequences of a gift situation.
Review the given scenario, and think about the client’s options that include: giving the money to grandchildren for education, donating a like amount to individual colleges, or purchasing stock.
Important considerations are the stock basis and the type of trust being considered. For this analysis, the use of outside resources such as the ITT Tech Virtual library and the
http://www.IRS.gov website would be valuable tools.
Your client, Karen Kross, recently married Larry Kross. Karen is age 72, quite wealthy, and in reasonably good health. To date, she has not made any taxable gifts, but Larry made taxable gifts
totaling $900,000 in 1998. Karen is considering giving each of her five college-age grandchildren approximately $34,000 of cash for them to use to pay their college expenses of tuition and room
and board for the year. In addition, she is considering giving her three younger grandchildren $3,000 each to use for orthodontic bills. Karen wants to give her daughter property valued at
$400,000. She is trying to choose between giving her daughter cash or stock with a basis of $125,000. She would like to give her son $400,000 of property also, but prefers to tie the property up
in a discretionary trust with a bank as trustee for the son for at least 15 years. An agricultural museum approached Karen about making a contribution to it and, as a result, she is contemplating
deeding her family farm to the museum but retaining a life estate in the farm.
a. Analyze the scenario. If necessary, review similar cases in the ITT Tech Virtual library or the www.IRS.gov website.
b. Prepare a memorandum to the tax partner of your firm outlining the transfer tax and income tax consequences of each option.
c. At the end of the memorandum, make appropriate recommendations based on your analysis and any outside resources you consulted.
Submission Requirements:
Please submit the completed assessment to the Week 5 assessment area as a Word attachment.
• Submit your memorandum in a Microsoft Word document.
BU317: Week 5 Gift And Estate Taxes Analysis 5.1 Gift Tax Consequences
• Font: Arial, 12 point
• Line spacing: double
• Remember to use the APA citation format if you cite any resources from the ITT Tech Virtual Library

Our Service Charter

  1. Excellent Quality / 100% Plagiarism-Free

    We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
  2. Free Revisions

    We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
  3. Confidentiality / 100% No Disclosure

    We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
  4. Money Back Guarantee

    If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
  5. 24/7 Customer Support

    We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.

Excellent Quality
Zero Plagiarism
Expert Writers

Instant Quote

Single spaced
approx 275 words per page
Urgency (Less urgent, less costly):
Total Cost: NaN

Get 10% Off on your 1st order!