[NYaccountingstudent]

I already answered some of my other questions but I am really stuck on these 5. I only have to choose 3 of them. Any help would be appreciated.

Question 1

Jack Harris has come to you for advice concerning the establishment of a Qualified Personal Residence Trust that he read about in an article in a local newspaper. Jack is 48 years of age in good health. He has two children, ages 16 and 21, and is a widower. He owns a principal residence that cost him $445,000 and is worth $1,100,000. The balance of his estate is approximately $12 million in value.

You are to advise him about the establishment of a QPRT, highlighting the benefits and detriments.

Question 2

Discuss each of the following issues briefly:

a. Describe the significance and use of Crummey powers in gift giving and estate planning. Your discussion should also focus on the Christofani case and its impact.

b. Discuss the impact of gifts made during lifetime on the estate tax computation when a taxpayer dies.

Question 6

Define and discuss the role of the Generation Skipping Transfer Tax. Include in your discussion “skip persons” giving examples, and how the tax is triggered, and identify the party responsible for the payment of the tax.

Your discussion should include the exemption available and how it should be allocated to any GST transaction.

Question 7

Fully discuss the sale to an “intentionally defective grantor trust” focusing on what it is, how it is treated for income tax, gift tax and estate tax purposes. Discuss under what situations it would be used and explain any non-tax issues that it presents.

Your discussion should include what happens if the seller dies during the term of the note issued on the sale, and what happens if he/she outlives the note. Make certain that you include a discussion of “seed money.”

Question 9

Fully discuss the affect of portability on credit shelter by pass planning. Your discussion should include a complete discussion of the portability rules as well as the credit shelter planning technique.

[Anonymous]

Discussion questions like these require that you answer the question in your own words, so just from the straight questions we can't help you much. 🙂 If we did, we'd basically be doing your homework, and cheating is not the way to start out your career!

But…what we can do is help explain some concepts, probably, if they're confusing you. So, maybe if you pick 3 and tell us what you know about them, then also what confuses you, we could help you understand the topic better.

[Anonymous]

Discussion questions like these require that you answer the question in your own words, so just from the straight questions we can't help you much. 🙂 If we did, we'd basically be doing your homework, and cheating is not the way to start out your career!

But…what we can do is help explain some concepts, probably, if they're confusing you. So, maybe if you pick 3 and tell us what you know about them, then also what confuses you, we could help you understand the topic better.

[NYaccountingstudent]

I will post what i got when I get home later, im on my way to meet with a study group for another final and should be home in 3-4 hours. I have everything written down in a notebook right now

[NYaccountingstudent]

I will post what i got when I get home later, im on my way to meet with a study group for another final and should be home in 3-4 hours. I have everything written down in a notebook right now

[musicamor]

@Lilla – I'm not too sure making a claim that one is cheating is the best way to respond to a student's question. It's best not to make blanket assertions such as that. Helping one with homework, up-to-and-including the correct answer shouldn't be lumped into a “cheating” category. Please think about your response on forums like this before typing.

@NY – I'm not going to much help here because your questions are the tax-related questions; I stink at Tax. 🙂 What I will say is that a good WC contains a introduction, middle paragraph, and a conclusion. Restating the question in your response is good, too. I always scored well in this area of the exam – I drafted up a document that is helpful to students struggling in this area. Hit me up at musicamor02@msn.com if you'd like a copy.

Texas CPA - licensed in 2012!!!

[musicamor]

@Lilla – I'm not too sure making a claim that one is cheating is the best way to respond to a student's question. It's best not to make blanket assertions such as that. Helping one with homework, up-to-and-including the correct answer shouldn't be lumped into a “cheating” category. Please think about your response on forums like this before typing.

@NY – I'm not going to much help here because your questions are the tax-related questions; I stink at Tax. 🙂 What I will say is that a good WC contains a introduction, middle paragraph, and a conclusion. Restating the question in your response is good, too. I always scored well in this area of the exam – I drafted up a document that is helpful to students struggling in this area. Hit me up at musicamor02@msn.com if you'd like a copy.

Texas CPA - licensed in 2012!!!

[tough_kitty]

@Lilla: I think your reply was perfect! 😉

Don't want to start an argument so I'll leave it at that.

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

@Lilla: I think your reply was perfect! 😉

Don't want to start an argument so I'll leave it at that.

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[Guti]

I second musicamor about the cheating part. I don't get some of these individuals here. I'm just certain they got in trouble many times when they were in jr high and high school.

FAR-84
AUD-
REG-
BEC-

[Guti]

I second musicamor about the cheating part. I don't get some of these individuals here. I'm just certain they got in trouble many times when they were in jr high and high school.

FAR-84
AUD-
REG-
BEC-

[tough_kitty]

Wow. What a deep psychoanalysis…. you sure you chose the right major??

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

Wow. What a deep psychoanalysis…. you sure you chose the right major??

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[Anonymous]

Well, I've never gotten in trouble in jr high or high school…but I appreciate the concern.

I didn't say that he was cheating or was seeking to cheat, but rather that in order for us to help him from what he had posted, we would have to basically just give him the answers, and that doing so would be considered cheating. However, my view has always been that if the answer is provided and the student uses it without working for it themselves, that is cheating; assistance is pointing them in the right direction or providing clarification on the topic. (Ex: If my little sister needed help learning 2 + 2, if I told her “4”, that would be cheating; but if I showed her how to hold up 2 fingers on each hand and count them with her nose, then that is helping her understand the concept of addition, and though it leads to the right answer, it's not simply giving her the answer.) So perhaps we define the term differently.

@NY – When you get a chance to share what you have, we'll still be happy to help you. I took all my accounting classes online with professors who were very un-interactive, and would've wished to have a place like this to ask questions and help me understand things better, so will be glad to offer any assistance I can to provide that for someone else.

[Anonymous]

Well, I've never gotten in trouble in jr high or high school…but I appreciate the concern.

I didn't say that he was cheating or was seeking to cheat, but rather that in order for us to help him from what he had posted, we would have to basically just give him the answers, and that doing so would be considered cheating. However, my view has always been that if the answer is provided and the student uses it without working for it themselves, that is cheating; assistance is pointing them in the right direction or providing clarification on the topic. (Ex: If my little sister needed help learning 2 + 2, if I told her “4”, that would be cheating; but if I showed her how to hold up 2 fingers on each hand and count them with her nose, then that is helping her understand the concept of addition, and though it leads to the right answer, it's not simply giving her the answer.) So perhaps we define the term differently.

@NY – When you get a chance to share what you have, we'll still be happy to help you. I took all my accounting classes online with professors who were very un-interactive, and would've wished to have a place like this to ask questions and help me understand things better, so will be glad to offer any assistance I can to provide that for someone else.

[jeff]

I think what others are trying to say is that mentioning “cheating” changes the dynamic of the conversation and gives it an awkward vibe where it probably wasn't warranted.

Perhaps the student just wanted once sentence pointers on how to address the question or where to start? They just asked for some “help”.

[Author]

Replies