Accounting 815

Taxation of Transfers and Fiduciaries

Course Outline, Spring, 1998

Outline (c) 1998 Robert H. Daniels

Course Information

Click on the underlined title to see each week's lecture notes. Bear in mind that these are rough notes, in some cases little more than reminder cues, and that they are being revised all the time.

Part I: Estate Administration and Income Taxes

 
Jan. 29: Course Introduction: History of wealth transfers. Transfer words of art.

• What is a Will and what are the alternative transfer devices?
  

• What is estate administration?
  
• What is a gift? What is a fiduciary?
 
First Assignment: Field Trip A (for half the class -complete by Feb. 5^th).
Please attend a session of probate court for at least one hour.
Prepare a short (max. 2 page) written description of your observations and be ready to discuss them.
 
Feb. 5: California Probate Procedure and Income Taxation of Fiduciaries
 
Read: CDT Chapter 30, pp. 674 - 743

Discussion Cases: Dupont Trust (Para. 30,097), Mfgr's Hanover Trust Co. (Para. 30,187), Brown (Para. 30,271)

Distribute Second Assignment: Estate of Margarite Evans
 

Feb 12: Income Taxation of Fiduciaries. Income and Deductions of a Decedent
 
Read: CDT Chapter 32 (omit pp. 798 - 808 and 811 - 818)

Discussion Case: Rollert Trust (para 32,019)

Part II: The Federal Estate Tax

Case Study #2: Larry Swenholm estate

Feb. 19: Overview: A Confiscatory Tax Riddled with Loopholes

Read: CDT Chapters 1 and 28

Reporting Aspects: Form 706 (Appendix A)

Feb. 26: The Gross Estate: All You Own and A Lot You Don’t

Read: CDT Chapters 15 and 16

Discussion cases: First Victoria Bank (para. 15,025); Riegelman (para. 15,049); Neel (para. 16,019), Goldsborough (para. 16,031)

March 5: The Marital Deduction

Read: CDT Chapter 25, Parts A and B, and Chapter 27

Discussion Cases: Hibernia Bank (para. 25,013), Wisely (para. 27,211), Nicholson (para. 27,283)

March 12: Fair Market Value

Read: CDT Chapters 9 and 11 and Handout materials

Discussion Cases: Estate of Cook, (para. 11,025), Estate of Chenoweth (para. 11,031), Estate of Bright (para. 11037)

Part III: The Planned Estate

Case Study #3: Franklin and Eleanor Zarb

Links to Estate Planning Web Pages

 
March 19: Introduction to Gifts

Read: Chapters 2, 7 and 8

Case Study 3: Zarb Estate Plan distributed

March 26: Gifts with Strings attached; Life Insurance

Read: Chapters 3, 4, 17, and 23 (pp. 514 - 520 only)

Discussion Cases: Dickman (para. 3019); Belli (para. 3157); Sanford (para. 4013); Haygood (para. 4115); Rhode Island Hospital Trust (para. 17,055); Parson (para. 17,133)

Case Study 2 Due

April 2: make-up

April 9: Vacation. No Class

April 16: Sweet Charity

Read: Chapter 26

Discussion Cases: Pickard (para. 26,037); Marine (para. 26,123)

April 23: Grantor Trusts

Read: Chapter 31

Discussion Cases: Wyche (para. 31,091); Braun (para. 31,097 and 31,133)

April 30: Grantor Trusts (cont'd); International

May 7: Freezes

May 14: Skips

 Home Page      Go Back       Links

Build date 5/12/98                          'Gwailo