Organizational Tax Research and Planning - Estate Tax

Organizational Tax Research and Planning - Estate Tax Research Paper example
Masters
Research Paper
Finance & Accounting
Pages 10 (2510 words)
Download 0
Estate tax is the tax that is charged against any estate or inherited property receiver by descendants or legal heir. Estate tax is the same as gift tax, only that gift can be granted during the givers lifetime while estate changes hand only after the giver dies…

Introduction

The total value of estate tax is referred to as Gross Estate, while the tax itself is estimated by taking the Fair Market Value of the total taxable estate. If the estate is associated with any Mortgage or fees payable for setting the estate, then the Gross Estate is adjusted to that amount. The Net Value of Estate, which is reduced by the value of exemptions stipulated in the Laws, is the net amount after allowing for all the possible deductions. Case advise In the current case, a wealthy couple owns a farm and a number of businesses that they would like to bestow to their three children. They would like to be advised how to minimize tax against this property, so their children can enjoy the maximum benefit. In order to effectively bequeath the property to their descendants when they die, the couple should exercise proper estate planning, and particularly focus on matters of he estate tax. Looking at the provisions of Estate Tax, it appears that Estate Tax is a must pay tax that is imposed on the transfer of property following the death of the transferor. While it is not possible to avoid this tax, there are a number of ways that the couple can use to evade or legally minimize the impact of this tax. ...
Download paper
Not exactly what you need?

Related papers

Tax assignment
They include Income Tax, Corporation Tax, Duties on goods and services, National Insurance Contribution, Value Added Tax and Fuel Duty. All these taxes have different laws and guiding principles. This paper examines the main rules that govern Income Tax and Corporation Tax. It outlines the main components of these taxes and the obligations of the taxpayer in fulfilling his obligations to HMRC.…
Substance requirement in global tax planning
As tax planning possibilities increase for companies, particularly holding companies, the research paper agreed with Jourdan (2009) who found that “concerned states are eagerly trying to protect their tax base by developing anti-tax-avoidance legislation – often in ways that disregard the character of the activity conducted.” It is based on this recurring development that the research makes…
FINANCE AND ACCOUNTING
Memorandum …
Assignment 2: Tax Research on Itemized Deductions
Apparently, all the united states presidents before and after him have initiated tax reform codes. Nonetheless, his tax reform has stood to a historic tax cut. In the 1990’s, Bill Clinton lowered the middle class taxes that was followed by the year 2001’s George W. Bush massive tax cut across all incomes (Fishman, Home business., 2012). The aim ideals behind tax reforms often aim at tax…
Accounting for Income Tax
In the same way, the recognition of deferred tax liabilities and assets in combination of an entity has implications on the extent of goodwill that is realised in the recognised bargain purchase gain or in such an entity combination. Other areas that are dealt with by this standard include the recognition of differed tax assets that are generated from unused tax credits or unused tax losses, and…
Assignment 4: Estate Tax
Looking at the figure of 2010 fiscal, the estate tax returns amounted to 0.02% of the total tax return with huge losses in tax revenue. Currently, IRS has modernized tax collection methods and has three computerized tax collection centers apart from ten other tax collection centers. The centers receive returns over mail and compile the returns at their end. The current level of interest and audit…
Organizational Tax Research and Planning - Tax Reform
I believe that this proposal is the most viable because it will have huge financial benefits on both the workers and corporate taxpayers. The proposal will also be extremely beneficial to workers who have been hit by the recession immensely. In addition, more jobs will also be created in the economy. Reduction of payroll taxes also acts as financial assistance to middle and low class families.…