Advanced study of, and research in, tax law with emphasis on estate, trust, and gift taxes. Prerequisite: TXX 5762.

( GMP 5762 OR TXX 5762 )

Learning Outcomes
It was originally thought by some that the dramatic changes wrought by the Economic Recovery Tax Act of 1981 would greatly reduce the interest in and need for knowledge of estate and gift taxation. That has not proved to be the case. Although avoidance of tax may now be easier for a larger number of taxpayers, tax reduction ordinarily cannot be achieved without planning. The professional adviser who engages in estate planning or will drafting without understanding the relatively simple methods now available to reduce the tax burden is engaging in a risky business and surely cannot do justice to his or her clients (Campfield, et al. p.v.)

The study of taxation can be divided into many areas: individuals, partnerships, corporations, estates, trusts, state taxes and gift taxes to name a few. The emphasis in this course will be the federal tax and extant law on estates, gifts and trusts.

By the end of this course, the student should be able to:
1) Understand the basic concepts of property and distinguish between the various estates in property and parties to property transactions.
2) Discuss the ways in which property can be transferred and explain the practical, legal, and tax ramifications of the method by which property is transferred.
3) Explain the unified approach to taxation of transfers of property.
4) Identify the basic components of the federal estate tax, the composition of the gross estate, and what deductions and credits available against the estate tax.
5) Discuss the general scheme established by the federal gift tax, including the concepts of completed gift and gifts in trust and the situations in which the gift tax is imposed.
6) Understand when fiduciary income tax becomes relevant in the context of decedents¿ estates and the special rules that apply to fiduciary income taxation.
7) Demonstrate how to take maximum advantage of the unlimited marital deduction in estate planning without exposing a decedent to the negative aspects of the marital deduction.
8) Explain how planning can allow a taxpayer to take proper and legal advantage of the federal gift tax scheme in order to transfer wealth with a minimum of tax consequences.

1. Required Materials


1. Textbooks

Federal Estate & Gift Taxes, Code and Regulations, Including Related Income Tax Provisions - 2009
CCH Editors
Commerce Clearing House
ISBN: 9780808020004

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.

Federal Income Taxes of Decedents, Estates, and Trusts - 23.Edition CCH Staff
Commerce Clearing House
ISBN: 9780808017868

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.

2009 U.S. Master Estate and Gift Tax Guide - 2009
CCH Staff
Commerce Clearing House
ISBN: 9780808019206

Notes: Textbooks may be purchased from the NSU Bookstore by calling 1-800-509-2665 or online at www.nsubooks.bkstore.com.


APA Manual
Effective October 1^st 2009, the 6th edition of the APA Manual is required for all courses.

NSU Bookstore
Textbooks and Case Studies may be purchased from the NSU Bookstore (located in the University Park Plaza) by calling 1-800-509-2665 or online at http://www.nsubooks.bkstore.com.



2. Recommended Materials

Federal Estate and Gift Taxes: Code and Regulations - Latest Edition - CCH (Publication 5033)

Effective Writing:Handbook for Accountants, 3rd ed.- May

The NSU libraries comprise the Alvin Sherman Library, Research, and Information Technology Center, East Campus Branch Library, Health Professions Division Library, Law Library and Technology Center, North Miami Beach Branch Library, University School Library Media Centers, and the William S. Richardson Ocean Science Library. Students are strongly encouraged to visit one of the physical locations and/or take advantage of the vast electronic library available for research. For more information, please visit http://www.nova.edu/library.

Please note that all required and recommended materials should be referenced in APA style.