[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.

[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”.

[mla1169]

I wish I could be more helpful with the answers (sorry not a clue) but I will say people post questions here all the time looking for guidance on the answers. Not sure why suddenly this question triggered a debate. LOL.

Based on the premise that providing the appropriate answer could even remotely be considered “cheating”, I'd say about 40% of the posts here are cheating.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[mla1169]

I wish I could be more helpful with the answers (sorry not a clue) but I will say people post questions here all the time looking for guidance on the answers. Not sure why suddenly this question triggered a debate. LOL.

Based on the premise that providing the appropriate answer could even remotely be considered “cheating”, I'd say about 40% of the posts here are cheating.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[tough_kitty]

@Lilla: I am with you. I don't understand other people's reaction on your hypothetical statement….. Oh well, I don't understand many things on this forum….for instance, why is it OK for some people to actually discuss what is tested or not tested on the CPA exam from the Becker chapters, but for me saying that you need to know GAAP to pass AUD was considered exam disclosure………..oh well……..

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 am with you. I don't understand other people's reaction on your hypothetical statement….. Oh well, I don't understand many things on this forum….for instance, why is it OK for some people to actually discuss what is tested or not tested on the CPA exam from the Becker chapters, but for me saying that you need to know GAAP to pass AUD was considered exam disclosure………..oh well……..

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

[mla1169]

Kitty if you see someone discussing what was or was not tested, please report the post.

If it was left here it was most likely an oversight as very few of the moderators read every single post or are on here 24/7.

Saying anything was or was not on the exam is disclosure.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[mla1169]

Kitty if you see someone discussing what was or was not tested, please report the post.

If it was left here it was most likely an oversight as very few of the moderators read every single post or are on here 24/7.

Saying anything was or was not on the exam is disclosure.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[tough_kitty]

@mla1169: Thanks for the tip….I haven't even noticed the “report” option…will keep it in mind. Looks like MintsRGood took care of the topics I had in mind….

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

[tough_kitty]

@mla1169: Thanks for the tip….I haven't even noticed the “report” option…will keep it in mind. Looks like MintsRGood took care of the topics I had in mind….

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

[Author]

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