Based on the guidance contained in the textbook and IRC, a gift occurs when the transfer of property is complete and the gift is valued at the date of the transfer.

Gift Transfers and Gift Tax Planning” Please respond to the following:
Imagine a scenario in which a client creates an irrevocable trust for his two (2) grandchildren to attend college. Discuss the tax issues or consequences of the generation-skipping provision, and a direct gift to the grandchildren instead of creating the trust. Make at least two (2) recommendations as to how the client could minimize the tax consequences of the gift.
The content from the textbook indicates a gift tax-planning strategy can reduce income taxes for estate tax-planning purposes. Because estate tax planning is very important for wealthy clients, examine at least one (1) tax-planning strategy that a CPA could recommend for lifetime giving that would reduce the overall estate and gift taxes for a client

 

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