ACC565 Week 9 Discussion 1 and Discussion 2
Week 9 Discussion 1
"Fairness of the Federal Estate Tax" Please respond to the following:
Per the text, a voluntary compliance system is built on the fairness of the system. The federal estate tax is often referred to as a death tax on wealthy individuals. The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 provided for periodic increases in the exemption amount for decedents who die after December 31, 2001, until the filing threshold reached $3.5 million in 2009. The tax was repealed in 2010 and later reinstated beginning in 2011. From the e-Activity, determine one (1) major factor contributing to the fairness of estate taxes on wealthy individuals prior to EGTRRA and the current structure of the federal estate tax.
Per the text, several arguments exist for the repeal of the estate tax. From the e-Activity, defend the most significant argument advanced in the repeal of the estate tax by its opponents. Justify your response.
Week 9 Discussion 2
"Income and Principal in Fiduciary Accounting" Please respond to the following:
The Uniform Principal and Income Act of 2000 (Uniform Act) allows the trustee to make adjustments between the principal and income accounts as necessary under certain requirements. Examine the major reasoning for allowing such transfers by the trustee and recommend alternatives to the allowance of the adjustments. Justify your response.
Create a scenario that demonstrates an adverse effect on the remainderman resulting from a transfer between principal and income by the trustee.
Week 9 Discussion 1
"Fairness of the Federal Estate Tax" Please respond to the following:
Per the text, a voluntary compliance system is built on the fairness of the system. The federal estate tax is often referred to as a death tax on wealthy individuals. The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 provided for periodic increases in the exemption amount for decedents who die after December 31, 2001, until the filing threshold reached $3.5 million in 2009. The tax was repealed in 2010 and later reinstated beginning in 2011. From the e-Activity, determine one (1) major factor contributing to the fairness of estate taxes on wealthy individuals prior to EGTRRA and the current structure of the federal estate tax.
Per the text, several arguments exist for the repeal of the estate tax. From the e-Activity, defend the most significant argument advanced in the repeal of the estate tax by its opponents. Justify your response.
Week 9 Discussion 2
"Income and Principal in Fiduciary Accounting" Please respond to the following:
The Uniform Principal and Income Act of 2000 (Uniform Act) allows the trustee to make adjustments between the principal and income accounts as necessary under certain requirements. Examine the major reasoning for allowing such transfers by the trustee and recommend alternatives to the allowance of the adjustments. Justify your response.
Create a scenario that demonstrates an adverse effect on the remainderman resulting from a transfer between principal and income by the trustee.
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