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Wiley CPAexcel Exam Review 2014 Study Guide, Regulation by O. Ray Whittington

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Module 39: Other Taxation Topics

Overview

This module presents a review of several independent taxation topics. Coverage is first presented regarding the federal gift, estate, and generation-skipping transfer taxes. Next reviewed is the income taxation of estates and trusts. That is followed by coverage of exempt organizations. Multijurisdictional taxation is then reviewed, including state and local taxation (SALT) and international taxation. Next, the module provides a review of the sources of federal tax authority including the federal tax legislative process, as well as the Internal Revenue Code, regulations, and rulings. The module concludes with an overview of some tax planning possibilities.

I. Gift and Estate Taxation

A. The Gift Tax

B. The Estate Tax

II. Generation-Skipping Tax

III. Income Taxation of Estates and Trusts

A. US Income Tax Return for Estate or Trust

B. Classification of Trusts

C. Computation of Estate or Trust Taxable Income

D. Treatment of Simple Trust and Beneficiaries

E. Treatment of Complex Trust and Beneficiaries

F. Grantor Trusts

G. Termination of Estate or Trust

IV. Exempt Organizations

A. Types of Organizations

B. Filing Requirements

C. Unrelated Business Income (UBI)

V. Multijurisdictional Taxation

A. State and Local Taxation (SALT)

B. International Taxation

VI. Sources of Federal Tax Authority

A. Primary Authorities

B Federal Tax Legislative Process

C. Internal Revenue Code (IRC)

D. Regulations

E. Revenue Rulings

VII. Tax Planning

A. Timing

B. Income ...

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