After completing this course, the learner should be able to:
- Identify the generation-skipping transfer (GST) tax, including the basic requirements of the tax and other types of taxable transfers.
- Define what is meant by "interest in property."
- Identify who is a skipped person in connection with the GST tax.
- Calculate the generation-skipping transfer tax and identify the reporting requirements for the GST.
- Recognize the income tax implications for trustsand estates.
- Define grantor trusts and non-grantor trusts.
- Identify the income tax consequences of distributions and ordinary deductions to trusts and estates.
- Calculate distributable net income (DNI).
- Identify the income tax filing requirements for an estate or trust.
Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.
Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823