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Course Details

Gift Taxes for 2022 (Course Id 2060)

QAS / Registry / EA
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Author : Andrew Clark, EA
Course Length : Pages: 33 ||| Word Count: 22,455 ||| Review Questions: 9 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 3
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2060

Description :

Gifts are a commonly used method to reduce the amount of estate taxes owed. This course has been updated to reflect all current changes to tax law as practitioners prepare returns in 2022. This course will explore the topic of gift taxes. It will explain when gifts are free of tax liability and identify various scenarios where filing a gift tax return is required. 

Usage Rank : 0
Release : 2022
Version : 1.0
Prerequisites : Basic understanding of federal income taxation concepts.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 05-Aug-2022
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 - Technical - NASBA Registry - IRS Enrolled Agents - 2060

Keywords : Taxes, Gift, Taxes, 2022, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be:
  • Describe what financial transactions constitute a gift.
  • Recognize when a gift transaction is completed.
  • Identify the annual gift exclusion amount.
  • Differentiate between present interest and future interest gifts.
  • Recognize the types of gifts that are not subject to gift taxes.
  • Recognize the benefits of gift splitting.
  • Identify the form that is used for gift taxes and the due date for submitting it.
Course Contents :

Chapter 1 - Gift Taxes for 2022

Course Learning Objectives


Part 1 - Gift Tax Defined

Unified Transfer Tax System

Lifetime Exclusion for an Estate

Why Gift Taxes are Required

Timing of a Gift

Gifts to an Entity

Crummey Trusts

Gifts to Minors

Outright gifts.

Tax Cuts and Jobs Act Trust Income Tax Rates


Custodial arrangements.

Present Interest of Gifts to a Minor

Qualified State Tuition Programs

Not all Gifts are Subject to Gift Tax

Gifts that do not exceed annual exclusion

Gifts to a Spouse

Charitable Gifts

Transfers to charitable organizations not subject to federal gift tax.

Political Contributions

Qualified Tuition Payments

Medical Costs

Annual Exclusion Amount

Unlimited Donees

Gifts Exceeding $16,000

Present Interest vs. Future Interest

Part 1 Review Questions

Part 2 - Trusts

Trusts Defined

Reasons for Using a Trust

Living vs. Testamentary Trusts

Building Blocks of a Trust

Trusts - Revocable

Trusts - Living

Reversion Defined

Living Trust Advantages

Living Trust Disadvantages

Pour-Over Will

Trusts - Irrevocable

Trusts - Testamentary

The Taxation of Trusts

Grantor Trusts

Grantor Retained Income Trusts

Using Revocable Trusts

Estates Compared to Living Trusts

Using Irrevocable Trusts

Capital Gains Treatment in Trusts

Deduction of Estate Planning Expenses

Deduction of Expenses

Gift Tax with Respect to Trusts

Estate Tax with Respect to Trusts

Unlimited Marital Deduction

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

A-B Trusts

A-B-C (QTIP) Trust

Tax Basis

Alternative Valuation

Revocable Living Trust Clauses

Identification Clause

Trustee Clause

Property Transfer Clause

Revocation and Amendment Clause

Income and Principle Clause

Recital Clause

Trustee Requirements

Advantages of Hiring Corporate Trustees

Advantages of Hiring Individual Trustees

Trust Termination Clause

Life Insurance Trust

Gift Splitting

Consent to Gift Split Applies to All Gifts

Gift Splitting Requirements

Community Property States

Gift Tax Return

Gift Tax Return Due Date:


Real Estate

Valuation Understatement

Computing Gift Tax

Generation Skipping Transfers

Transfer Types

Exemption Amount

How to compute generation skipping transfer tax

Generation Skipping Terminations Tax (GSTT)

Generation Skipping Distribution Tax (GSDT)

Direct Skip Gift Tax (DSGT)

Direct Skip Estate Tax (DSET)

Filing the return and paying the GSTT

Gifts and bequests from expatriates

Tax Cuts and Jobs Act Changes related to Estate, Gift, and Generation-Skipping Transfers Taxes

Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

Part 2 - Review Questions


CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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