This course will focus on Section 2702 of the U.S. Tax Code and the circumstances under which a donor's qualified interest offers an exception to the rule that transfers are gifts. At the conclusion of this session you will be able to:
- Define the purpose and scope of Section 2702
- Define a qualified interest and
- Requirements for a Qualified Interest
- Requirements for a Qualified Annuity Interest
- Requirements for a Qualified Unitrusts Interest
- Non-Contingent Remainder Interest
- Define the purpose, requirements and tax considerations of Personal Residence Trusts
- Recognize the tax treatment of Joint Purchases and Sales of Remainder Interests under Section 2702
- Identify how Subsequent Adjustments are addressed under Section 2702
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.
Charles Edward Falk collaborates with Becker to develop and deliver continuing professional education courses for tax professionals. Charles is a lawyer, Certified Public Accountant and a university professor. He advises U.S. and International law and accounting firms, and trust companies on domestic and international tax and other legal related matters. His international practice includes both inbound and outbound transactions to and from the United States including structuring commercial transactions, gift and estate planning for U.S. and non-resident aliens, U.S. beneficiaries of foreign trusts and asset protection planning. His domestic practice includes business formations, business reorganizations, taxation of financial instruments and securities, bankruptcy taxation, transfer tax planning, tax litigation and other IRS related matters. Charles holds three LLM degrees from the New York University: Taxation; Corporation Law (bankruptcy and securities law); and Trade Regulation (intellectual property and antitrust law). He is the author of several books on taxation, including two Tax Management Portfolios, is a frequent contributor to professional journals and is a speaker at tax and related conferences in the United States and abroad. He has taught at Rutgers University, Seton Hall University and Farleigh Dickinson University.
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