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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 171 ||| Word Count: 94,563 ||| Review Questions: 120 ||| Final Exam Questions: 93 |
| CPE Credits : | 18.5 |
| IRS Credits : | 18 |
| Price : | $128.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2363 |
| Description : |
This course examines the various ideas, methods, and techniques capable of optimizing the overall compensation package for key employees and principals in small to medium-sized businesses. Qualified and non-qualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Effective pay plans essential to attract, motivate, and retain key people are defined and evaluated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation. Equity participation is explored through stock sales, repurchase agreements, incentive stock options, ESOTs, stock options, and bonuses. The new field of professional services is probed to provide tax, financial, and estate planning to the key executive. |
| Usage Rank : | 16000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Cash Flow Definition
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 10-Sep-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2363 |
| Keywords : | Taxes, Getting, Cash, Out, Your, Business, Tax, Analysis, v14, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying each assignment, you should be able to meet the objectives listed below each assignment. ASSIGNMENT SUBJECTChapter 1 Tax Economics At the start of Chapter 1, participants should identify the following topics for study:
* Tax planning elements * Taxable income * Tax-free income * Tax-deferred income * Tax-sheltered income * Budgeting * Cash * Acquisition * Assets * Management After reading Chapter 1, participants will be able to:
2. Recognize techniques to defer income and shelter income. 3. Determine financial acquisition guidelines for tax-advantaged investments and specify multiple asset management rules. Chapter 2 Business Planning At the start of Chapter 2, participants should identify the following topics for study:
* Periodic review & goal setting * Team concept * Individual and corporate income tax rates * Capital gains & personal exemptions * Passive loss rules * Deferral of income * Acceleration of deductions * Avoiding taxable income * Unreasonable compensation After reading Chapter 2, participants will be able to:
2. Differentiate business and individual income and capital rates identifying their varying taxation and recognize the §469 “buckets” of income and loss that influence what a taxpayer can deduct against other income. 3. Specify several ways to defer income and accelerate deductions, thereby expanding business cash flow and planning opportunities. 4. Recognize the dangers of unreasonable compensation and its impact on deductions and distributions. Chapter 3 Deferred Compensation Plans At the start of Chapter 3, participants should identify the following topics for study:
* Advantages of nonqualified deferred compensation * Economic benefit of nonqualified deferred compensation * Tax consequences * Qualified deferred compensation – retirement plans * Basic requirements of a qualified pension plan * Basic types of corporate plans * Self-employed plans - Keogh * Individual plans - IRAs * SEPs and SIMPLE plans After reading Chapter 3, participants will be able to:
2. Identify qualified and nonqualified deferred compensation plans recognizing the IRS’s position on nonqualified compensation, the dangers of “constructive receipt”, and the different types of nonqualified plans. 3. Specify the operational mechanics and set up of qualified deferred compensation plans and identify the application and importance of PBGC insurance. 4. Cite the requirements of the basic forms of qualified pension plans, differentiate, differentiate among the types of defined contribution and benefit plans, and recognize the 10-year termination rule. 5. Determine the availability of qualified self-employed plans citing complexities created by control businesses, identify IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions. Chapter 4 Basic Fringe Benefits At the start of Chapter 4, participants should identify the following topics for study:
* Employee achievement awards * Group term life insurance * Self-insured medical reimbursement plans * Medical insurance * Meals & lodging * Cafeteria plans * Employer-provided automobile * Adoption assistance program * Interest-free & below-market loans After reading Chapter 4, participants will be able to:
2. Identify the rules for group term life insurance under §79 and how to implement proper coverage, determine the mechanics of §105 self-insured medical reimbursement plans, identify the rules for excluding the value of meals and lodging under §119, and “cafeteria plans” and how they operate, and recognize the requirements and limits of employee educational assistance programs and dependent care assistance and how to obtain each type of assistance. 3. Identify “no-additional-cost services” and determine what property or services are excludable from income as qualified employee discounts under §132(c), and determine working condition fringes and de minimis fringes. 4. Determine the requirements for qualified transportation fringe benefits under §132(f), specify valuation methods for employer-provided automobiles, and identify the requirements and benefits of adoption assistance programs. 5. Recognize available interest-free and below-market loans, determine the tax treatment of moving expense reimbursements, and identify ERISA compliance requirements. Chapter 5 Business Entertainment At the start of Chapter 5, participants should identify the following topics for study:
* Statutory exceptions * Former ticket purchase rules * Percentage reduction for meals & entertainment * Entertainment facilities * Substantiation & record keeping * Employee expense reimbursement & reporting * Self-employed persons * Employers After reading Chapter 5, participants will be able to:
Chapter 6 Business Travel & Transportation At the start of Chapter 6, participants should identify the following topics for study:
* Definition of “tax home” * Temporary & indefinite assignments * Away from home requirement * Business purpose requirement for business travel * Convention & meetings * Cruises & luxury water travel * Automobiles * Actual cost method * Standard mileage method After reading Chapter 6, participants will be able to:
2 Recognize deductible conventions, meetings, and related necessary compliance issues, specify the special requirements for cruises, and recognize auto usage and actual and standard mileage methods. Chapter 7 Insurance At the start of Chapter 7, participants should identify the following topics for study:
* Group term life insurance * Retired lives reserve * Split-dollar life insurance * Medical & dental insurance * Disability income insurance * Interest limitation on policy loans * Self-employed health insurance deduction * Capitalized insurance * Health savings account After reading Chapter 7, participants will be able to:
2. Determine the requirements and restrictions pertaining to the interest limitation on policy loans under §264, the interest limitation for tax-exempt interest income under §265, the conditions under which business owners may fully deduct amounts paid for medical and dental insurance and qualified long-term care insurance, recognize the application of the uniform capitalization rules, and identify the basic mechanics of health savings accounts. Chapter 8 Equity Participation At the start of Chapter 8, participants should identify the following topics for study:
* Section 83 * Stock appreciation rights plan * Qualified incentive stock options * Golden parachute agreements * Buy-sell agreements * Entity & cross-purchase agreements * Estate tax valuation * Funding the buy-sell agreement * Purchase price & terms After reading Chapter 8, participants will be able to:
2. Identify the taxation and use of nonqualified stock options under §83 and the mechanism for stock appreciation rights (SARs) plans, recognize the requirements of §422A for a qualified incentive stock option is available, and recall the golden parachute rules. 3. Determine tax-advantaged entity purchase and cross-purchase agreements and determine the value of closely held stock. Chapter 9 Estate Planning At the start of Chapter 9, participants should identify the following topics for study:
* Applicable exclusion amount * Stepped-up basis * Basic estate planning goals * Simple will * Types of trusts * Charitable trusts * Insurance trusts * Family documents * Private annuities After reading Chapter 9, participants will be able to:
2. Specify several basic estate plans including family documents, wills, and trusts, and identify the advantages and disadvantages of private annuities. |
| Course Contents : | Chapter 1 - Tax Economics Financial Fundamentals Tax Planning Elements Assets, Income, & Cash Income Taxable Income Splitting/Matching Tax-free Selected Fringe Benefits Tax-deferred Old §1034 Sale or Exchange of Residence - Repealed Section 1031 “Like-Kind” Exchanges Options Deferred Compensation Qualified Corporate Retirement Plans Self-employed Plans Individual Retirement Accounts Installment Sales - §453 Tax-sheltered Age 55 One Time Exclusion of $125,000- Repealed Current Home Sale Exclusion - §121 Municipal Bonds Gifts & Inheritances Life Insurance Budgeting Rule #1: Expenses - 60% Rule #2: Taxes - 20% Rule #3: Savings - 10% Rule #4: Education - 10% Cash Acquisition Assets Management Chapter 2 - Business Planning Perspective Financial Planning Overall Compensation Planning Periodic Review & Goal Setting Employer Objectives Targeting Employee Objectives Common Objectives Small Companies Larger Companies Team Concept Leader of the Pack General Tax Strategies Income Tax Rates Individual Rates Corporate Tax Rates Current Rate - 21% Capital Gains & Dividends - §1(h) Rates - §1 Exemptions & Phaseout (Suspended) Phase-Out of Exemptions Standard Deduction W-4 Forms Passive Loss Rules Categories of Income & Loss Exclusion of Personal Service Income Deferral of Income Equivalent To an “Interest-free” Loan Tax Bracket Straddle Tax Savings v. Loss of Buying Power Protecting Deferred Amounts Tax Deferral Is Not Elimination Bottom Line Acceleration of Deductions Time Value of Deductions Special Treatment of Fringe Benefits - §132 Avoiding Taxable Income Excluded Statutory Fringe Benefits Foreign Earned Income - §911 Housing Exclusion - §119 Ministers - §107 Worker’s Compensation - §104(a)(1) Personal Injury - §104(a)(2) Employee Death Benefits - §101(b) Repealed Unreasonable Compensation Overall Limitation Scope of Examination Factors Employee’s Qualifications Size of the Business Employee’s Compensation History Services Performed by the Employee Miscellaneous Factors Chapter 3 - Deferred Compensation Plans Can You Afford The Deferral? Mandatory v. Voluntary Plans Types of Deferred Compensation Funded Unfunded Qualified Nonqualified Forfeitable Nonforfeitable Nonqualified Deferred Compensation Postponement of Income Advantages IRS Scrutiny & Approval Nondiscrimination ERISA Funding No Immediate Cash Outlay Annual Report Notice Requirement Purposes Benefit Formula Incentive Deferred Bonuses Contractual Arrangement Necessary Provisions Tax Status Service’s Position Rationale Congressional Moratorium No Ruling or Regulation Policy Constructive Receipt Beyond Actual Receipt Simple Set Asides Are Not Possible Revenue Ruling 60-31 Regulations Time & Control Concept Control Timing After the Fact Contract Amendment to Existing Contract Economic Benefit Has Something of Value Been Transferred? Insurance Coverage Has a Calculable Value Segregated Funds Have Immediate Economic Value Value v. Control Revenue Ruling 60-31 Situation 1 Situation 2 Situation 3 Situation 4 Situation 5 General Principles Unfunded Bare Contractual Promise Plan - Type I Risk Funded Company Account Plan - Type II Ownership & Segregation Bookkeeping Reserve or Separate Account Employee Bears Economic Risk Limited Protection Investment of Deferred Amounts Life Insurance Premiums Third Party Guarantees Segregated Asset Plan - Type III Section 83 Approach Tight Rope Format Transferable or Not Subject To A Risk of Substantial Forfeiture Substantial Restrictions Redemption or Forfeiture Condition Related to a Purpose of the Transfer Noncompetition Consultation Time Alone is Not Enough Realization & Taxation 30-Day Election Period Deduction Allowed Timing Withholding Tax Consequences Reciprocal Taxation/Deduction Rule No Difference between Cash or Accrual Separate Accounts for Two or More Participants Employer Deduction Traps Income Tax on Employer Held Assets Inclusion in Income under §409A State Tax Issues Accounting Two Sets of Rules Financial Accounting Rules IRS Rules Estate Planning Considerations Death during Deferral Income Tax Consequences Estate Tax Consequences Gift Tax Consequences Withholding, Social Security & IRAs Other Payroll Taxes Social Security Benefits IRA’s Qualified Deferred Compensation - Retirement Plans Qualified Deferred Compensation Qualified v. Nonqualified Plans Major Benefit Current Deduction Timing of Deductions Part of Total Compensation Compensation Base Salary Reduction Amounts Benefit Planning Corporate Plans Advantages Current Deferred Disadvantages Employee Costs Comparison with IRAs & Keoghs Basic ERISA Provisions ERISA Reporting Requirements Fiduciary Responsibilities Bonding Requirement Prohibited Transactions Additional Restrictions Fiduciary Exceptions Loans Employer Securities Excise Penalty Tax PBGC Insurance Sixty-Month Requirement Recovery Against Employer Termination Proceedings Plans Exempt from PBGC Coverage Basic Requirements of a Qualified Pension Plan Written Plan Communication Trust Requirements Permanency Exclusive Benefit of Employees Highly Compensated Employees Reversion of Trust Assets to Employer Participation & Coverage Age & Service Coverage Percentage Test Ratio Test Average Benefits Test Numerical Coverage Related Employers Vesting Full & Immediate Vesting Minimum Vesting Unified Vesting Nondiscrimination Compliance Contribution & Benefit Limits Defined Benefit Plans (Annual Benefits Limitation) - §415 Defined Contribution Plans (Annual Addition Limitation) - §415 Limits on Deductible Contributions - §404 Assignment & Alienation Miscellaneous Requirements Basic Types of Corporate Plans Defined Benefit Mechanics Defined Benefit Pension Defined Contribution Mechanics Discretion Favorable Circumstances Types of Defined Contribution Plans Profit-Sharing Requirements for a Qualified Profit-Sharing Plan Written Plan Eligibility Deductible Contribution Limit Substantial & Recurrent Rule Money Purchase Pension Cafeteria Compensation Plan Thrift Plan Section 401(k) Plans Death Benefits Defined Benefit Plans Money Purchase Pension & Target Benefit Plans Employee Contributions Non-Deductible Life Insurance in the Qualified Plan Return Universal Life Compare Plan Terminations & Corporate Liquidations 10-Year Rule Lump-Sum Distributions Asset Dispositions IRA Limitations Self-Employed Plans - Keogh Contribution Timing Controlled Business General Limitations Effect of Incorporation Mechanics Parity with Corporate Plans Figuring Retirement Plan Deductions For Self-Employed Self-Employed Rate Determining the Deduction Individual Plans - IRAs Deemed IRA Mechanics Phase-out Special Spousal Participation Rule - §219(g)(1) Spousal IRA Eligibility Contributions & Deductions Employer Contributions Retirement Vehicles Distribution & Settlement Options Life Annuity Exemption Minimum Distributions Required Minimum Distribution Definitions Required Minimum Distributions during Owner’s Lifetime Sole Beneficiary Spouse Who Is More Than 10 Years Younger Required Minimum Distributions in Year of the Owner's Death Beneficiaries - Distributions after the Owner’s Death Estate Tax Deduction Charitable Distributions from an IRA Post-Retirement Tax Treatment of IRA Distributions Income In Respect of a Decedent Estate Tax Consequences Losses on IRA Investments Prohibited Transactions Effect of Disqualification Penalties Borrowing on an Annuity Contract Tax-Free Rollovers Rollover from One IRA to Another Waiting Period Between Rollovers Partial Rollovers Rollovers from Traditional IRAs into Qualified Plans Rollovers of Distributions from Employer Plans Withholding Requirement Waiting Period Between Rollovers Conduit IRAs Keogh Rollovers Direct Rollovers From Retirement Plans to Roth IRAs Rollovers of §457 Plans into Traditional IRAs Rollovers of Traditional IRAs into §457 Plans Rollovers of Traditional IRAs into §403(B) Plans Rollovers from SIMPLE IRAs Roth IRA - §408A Eligibility Contribution Limitation Roth IRAs Only Roth IRAs & Traditional IRAs Conversions Recharacterizations Reconversions Taxation of Distributions No Required Minimum Distributions Simplified Employee Pension Plans (SEPs) Contribution Limits & Taxation SIMPLE Plans SIMPLE IRA Plan Employee Limit Other Qualified Plan Set up Contribution Limits Salary Reduction Contributions Employer Matching Contributions Deduction of Contributions Distributions SIMPLE §401(k) Plan Chapter 4 - Basic Fringe Benefits Concept Definition of Income - §61 Deductions without Taxable Income Benefit Mechanics Discrimination General Valuation Rule Fair Market Value Special Valuation Rules Restrictions on Special Valuation Rules Withholding & Accounting General Accounting Rule Special 2-Month Pour-Over Accounting Rule Same-Sex Marriage Types of Benefits Employee Achievement Awards - §74(c) & §274(j) Exclusion Definition of Employee Achievement Awards Tangible Personal Property Qualified Plan Award Employer Deduction Limits Aggregation Limit Special Partnership Rule Employee Impact Group Term Life Insurance - §79 Monthly Cost Table Family Member Cost Employment Taxes Group Requirements Employee Permanent Benefits Discriminatory Plan Eligibility Type & Amount of Benefits Key Employee Self-Insured Medical Reimbursement Plans - §105 Allowable Expenses Requirements Benefits Reporting Exposure Medical Insurance - §106 Group Health Plan Restrictions - COBRA Coverage Requirement Continuation Requirement American Recovery & Reinvestment Act Exemptions Continuation Period Notice Meals & Lodging - §119 Convenience of Employer Substantial Nonpay Reasons Meals with a Charge Lodging Required by Employer Highly Compensated Employees 50% Limit on Meals Cafeteria Plans - §125 Definition Qualified Benefits Non-Qualified Benefits Controlled Group Rules Salary Reduction Plans Nondiscrimination Highly Compensated Participants Key Employees Timing Reporting Requirements Employee Educational Assistance Programs - §127 Requirements Educational Assistance Dependent Care Assistance - §129 Amount of Assistance Requirements 55% Test Reporting Conflict with Dependent Care No-Additional-Cost Services - §132(b) Covered Employees Line of Business Requirement Definition Reciprocal Agreements Nondiscrimination Highly Compensated Employee Qualified Employee Discounts - §132(c) Manner of Discount Real Estate & Investment Property Exclusion Amount of Discount Nondiscrimination Working Condition Fringes - §132(d) Additions to Exclusion Covered Employees Substantiation Exceptions De Minimis (Minimal) Fringes - §132(e) Subsidized Eating Facilities Qualified Transportation - §132(f) Employer Provided Automobile - §132 & §61 General Valuation Method Special Method #1 - Lease Value Annual Lease Value Fair Market Value Safe Harbor Value Items Included in Annual Lease Value Table Prorated Annual Lease Value Daily Lease Value Special Method #2 - Cents Per Mile Regular Use Mileage Rule Items Included In Cents-Per-Mile Rate Special Method #3 - Commuting Value Control Employee Employer-provided Transportation in Unsafe Areas Qualified Employee On-premises Athletic Facility - §132(j)(4)(B) Adoption Assistance Program - §137 Employment Taxes Conflict with Adoption Credit Eligible Child Children with Special Needs Limits on the Exclusion Dollar Limit Income Limit Timing Employer-Provided Retirement Advice & Planning - §132 Financial Planning - §212 & §67 Popularity Taxation Tax Planning - §212 & §67 Taxation Estate Planning - §212 & §67 Moving Expense Reimbursement - §217 Interest Free & Below-Market Loans - §7872 Permissible Discrimination Employee Needs Imputed Interest Types of Loans Demand Loans Term Loans Application of §7872 and Rate Determinations Summary 25% Credit Allowed For Employer Child Care Facilities Corporate-funded Educational Savings Accounts Family & Medical Leave - §45S Employer-Provided Cell Phones - §132(a) Noncompensatory Business Purposes Fringe Benefit Plans for S Corporations ERISA Compliance Welfare Plans Additional Requirements Chapter 5 - Business Entertainment Entertainment Statutory Exceptions - §274(e) Food and Beverages for Employees Expenses Treated as Compensation Reimbursed Expenses Recreational Expenses for Employees Employee, Stockholder, and Business Meetings Trade Association Meetings Items Available to the Public Entertainment Sold to Customers Expenses Includible in Income of Non-employees Lavish or Extravagant Restriction Ordinary & Necessary Requirement Business Meals Percentage Reduction for Meals - §274(n)(1) Application of Reduction Rule Eating Facilities Exceptions - §274(n)(2) Entertainment Facilities Exceptions Covered Expenses Club Dues Sales Incentive Awards Substantiation & Record Keeping - §274(d) Travel Expense Items to be Substantiated Meal Expense Items to be Substantiated Business Gifts Expense Substantiation Substantiation Methods Adequate Records Exceptions to Documentary Evidence Requirement Sufficiently Corroborated Statements Exceptional Circumstances Retention of Records Exceptions to Substantiation Requirements Payback Agreements Employee Expense Reimbursement & Reporting Unreimbursed Employee Expenses Reimbursed Employee Expenses Accountable Plans Business Connection Reasonable Period of Time Fixed Date Safe Harbor - #1 Period Statement Safe Harbor - #2 Adequate Accounting Per Diem Allowance Arrangements Federal Per Diem Rate Related Employer Restriction Usage & Consistency per Employee Unproven or Unspent Per Diem Allowances Reporting Per Diem Allowances Reimbursement Not More Than Federal Rate Reimbursement More Than Federal Rate Nonaccountable Plans Self-Employed Reimbursement & Reporting Expenses Related to the Self-Employed's Business Reimbursed Expenses Incurred on Behalf of a Client With Adequate Accounting Without Adequate Accounting Employers When Can an Expense Be Deducted? Economic Performance Rule Nondeductible Meals Employer-Provided Auto Chapter 6 - Business Travel & Transportation Concept Transportation and Travel Distinguished Travel Expenses Transportation Expenses Determining a Tax Home Regular Place of Abode in a Real & Substantial Sense Two Work Locations Itinerant Worker - No Tax Home Assignments Temporary vs. Indefinite Assignments One-Year Expectation Rule Away From Home Requirement Sleep & Rest Rule Business Purpose Requirement Categories of Expense Travel Costs to and from the Destination Costs at Destination All or Nothing Primarily for Business Test Time Other Factors 51/49 Percent Test Existing Trade or Business Domestic Business Travel Foreign Business Travel Personal Pleasure – At Destination Only Primarily Business - Partial Deduction Travel Considered Entirely for Business - Full Deduction Definition of Business Day Meals – 50% Reduction Standard Meal Allowance Lodging Conventions and Meetings Agenda Test Foreign Conventions Factors North American Area Allowable Expenses Cruise Ship Conventions Deduction Limitation Reporting Statements Luxury Water Travel Exceptions Family Member Travel Expenses Automobiles Apportionment of Personal & Business Use Actual Cost Method Deduction Limitations Definition of Car Depreciation and Expensing Basis Trade-In of Old Car for New Placed in Service Conversion to Business Use - “Lesser of” Rule MACRS - 5 (Actually 6) Years 200% Double Declining Balance Method 150% Declining Balance Method Election Straight-Line Method Election Half-Year Convention Mid-Quarter Convention Depreciation (“Caps”) Limits - §280F(a) Deduction in Years after the Recovery Period Bonus (or Additional First Year) Depreciation - §168(k) Expensing Limits - §179 Predominate Business (More Than 50%) Use Rule Qualified Business Use More Than 50% Use Test Limitations Excess Depreciation Recapture Leasing Restrictions Cars Leased After 1986 Standard Mileage Method Limitations on Standard Mileage Method Use, Ownership & Prior Depreciation Switching Methods Charitable Transportation Medical Transportation Chapter 7 - Insurance Company Paid Insurance Popularity Types of Life Insurance Group Term Life - §79 Requirements “Key Employee” Defined Cost Of Group-term Life Insurance Ten Employee Rule Retired Lives Reserve Revenue Ruling 68-577 Taxation Advantages Split-Dollar Life Low-Cost Term Insurance Regulatory Requirements Taxation Business Travel Accident Insurance Medical & Dental Insurance Premiums Disability Income Insurance Interest Limitation on Policy Loans - §264 Disallowance of Interest Deduction Impact Limit on Deductibility of Premiums & Interest Interest Limitation for Tax-Exempt Interest Income Key Person Life Insurance Closely Held Corporations Sole Shareholder Applications Other Selected Insurances Self-Employed Health Insurance Deduction Long-Term Care Premiums Capitalized Insurance Health Savings Accounts COBRA Affected Employers Small Business Health Insurance Expense Tax Credit - §45R Chapter 8 - Equity Participation Perspective Stock Sales or Unrestricted Stock Plan Stock Plans Stock Bonus ESOT Phantom Stock Advantages Comparison with Profit-Sharing Plans Repurchase or Restricted Stock Agreement Stock Options Section 83 Risk of Forfeiture Election Stock Appreciation Rights Plans Tandem Plans Qualified Incentive Stock Option Requirements Golden Parachute Agreements Small Business Buy Sell Agreements Definition Professional Corporations Marketability Problems Controlled Disposition Entity & Cross-Purchase Agreements Stepped-Up Basis Resulting Equity Ownership Attribution & Constructive Ownership Rules Estate Tax Valuation Using the Buy-Sell Agreement to Set Value Section 2703 Restrictions Exceptions to §2703 Arm’s Length Bargain Enforcement of Contract Price Basis Joint ownership Funding the Buy-Sell Agreement Life Insurance Funding Term vs. Whole Life Policy Ownership Premium Payment Purchase Price & Terms Valuation Chapter 9 - Estate Planning Unlimited Marital Deduction Outright To Spouse Marital Deduction Trust - §2056 Qualified Terminable Interest Property (QTIP) Trust Applicable Exclusion Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Stepped-up Basis - §1014 Basic Estate Planning Goals Primary Dispositive Plans Simple Will Danger for Larger Estates Probate Transfers within Probate Disposition of Property without a Will Transfers outside Probate Assets Not Subject to a Will Assets Subject to a Will Trusts Types of Trusts Living Trusts Testamentary Trusts Revocable & Irrevocable Living “A-B” Revocable Trust Living “A-B-C” (QTIP) Trust Impact of Spousal Portability on Trust B under TUIRJCA Charitable Trusts Charitable Remainder Trusts Charitable Income Trusts Insurance Trusts Family Documents Living Will Property Agreement & Inventory Durable Power Of Attorney Power of Attorney for Health Care Conservatorship Funeral Arrangements Anatomical Gifts Private Annuity? Advantages to the Transferor Disadvantages to the Transferor Advantages to the Transferee Disadvantages to the Transferee Regulations Restrict Private Annuity Income Glossary |
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