Estate, Trust, and Gift Taxation – ACCT 614

CG • Section 8WK • 11/08/2019 to 04/16/2020 • Modified 07/28/2020

Course Description

This course explores the taxation of estates, trusts, and gift returns, with a focus on estate planning.

Prerequisites

 (ACCT 511 and ACCT 531 or BUSI 532) and (BMAL 590 or Meets BMAL590 / 27 hrs in BUSI with a score of 3)

Rationale

Multiple times throughout Scripture we are encouraged to be good stewards of the gifts that God has given us, financial and otherwise. When it comes to being good stewards of financial gifts, and protecting the financial futures of our family and those non-profit organizations we care about, there is no greater tool than tax planning. Trust and Estate tax planning allows us to manage our financial giving in an orderly manner–both in life and in death–while wisely minimizing tax liability.

Measurable Learning Outcomes

Upon successful completion of this course, the student will be able to:

  1. Assess the various methods by which property is valued and transferred.
  2. Determine the ideal timing for gifts using basis and present/future value of investment.
  3. Demonstrate how to transfer wealth with a minimum of tax liability using planning techniques.
  4. Measure taxable income for Gifts, Trusts, and Estates.
  5. Prepare tax forms for Gifts, Trusts, and Estates.
  6. Evaluate the ethical implications of gift, trust, and estate tax scenarios, from a biblical perspective.

Course Assignment

Textbook readings

Course Requirements Checklist

After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in Module/Week 1.

Discussion Board Forum (2)

Discussion Boards are collaborative learning experiences. Therefore, the student is required to provide a thread in response to the provided prompt for each forum. Each thread must be at least 250 words, demonstrate course-related knowledge, and include a Biblical perspective. In addition to the thread, the student is required to reply to 2 other classmates’ threads. Each reply must be at least 125 words. Each original post must reference a minimum of 4 scholarly sources, and each reply must reference a minimum of 2 scholarly sources. (MLO: A, B, C, D, E)

Homework Assignments (3)

Each homework assignment will cover the Reading & Study material for the module/week in which it is assigned and contain 5 primarily quantitative problems. (MLO: A, B, C, D, E)

Case Studies (4)

The student will write a 1-page paper in current APA format that focuses on the tax case outlined in the instructions. Each case study must include a title page, running head, and at least 5 sources in a reference list from CCH Intelliconnect, in addition to the course textbooks and the Bible. (MLO: A, B, C, D, E, F)

Tax Returns (3)

The student will complete tax returns using each of the 3 major forms used in Estate and Trust tax preparation, for tax scenarios detailed in the instructions. Each tax return must be completed using the applicable tax forms and instructions provided in the course. (MLO: A, B, C, D, E, F)

Quizzes (3)

Each quiz will cover the Reading & Study material for the assigned module(s)/week(s). Each quiz will be open-book/open-notes, contain 25 true/false, matching, and multiple-choice questions. Each test has a limit of 2 hours. (MLO: A, B, C, D, E)