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Pages:
1 page/β‰ˆ275 words
Sources:
2 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 6.32
Topic:

Estate and Gift Taxes

Coursework Instructions:

What do you think of the estate and gift taxes? Are they fair? Should they both be repealed? Should we get rid of the estate tax and keep the gift tax? Why or why not?
What purpose do you think one of the estate and gift tax deductions and exclusions serves? Consider the spousal exclusion, the annual exclusion, or the exclusion for paying the medical expenses of another. Also (briefly), how do the estate and gift taxes shift or conflict with income tax planning motives?
Cite appropriate statutory authority, case law, and/or AICPA Code of Professional Conduct, American College of Trust and Estate Counsel (ACTEC), and/or ABA Model Rules of Professional Conduct to support your initial post and your response posts.
To complete this assignment, review the Discussion Rubric document.

Coursework Sample Content Preview:

Estate and Gift Taxes
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Estate and Gift Taxes
I feel that beginning with a definition of each tax would significantly express my understanding of estate and gift taxes. Estate tax refers to a tax on an individual’s rights to transfer property after death. It comprises every asset owned by a person during his death. The tax is implemented on every property a deceased person transfers to their heirs (IRS, 2019). On the flip side, gift taxes are taxes on transferring property from one person to another while gaining nothing or less than the total value (IRS, 2019). An estate tax is not fair, and gift taxes should be revisited. Estate tax serves as a punishment for successful people since the federal government taxes property that has already been taxed. People who inherit small-scale businesses and farmers are forced to sell the enterprises since they cannot pay the taxes (IRS, 2018). The federal government should repeal estate taxes to avoid inconveniences associated with the taxes. I t...
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