Part 1

PART 1—COURSE OBJECTIVES
After you have completed this course you will be able to do the following:

Explain the nature and purpose of the federal gift tax.
Describe several tax-related advantages of making lifetime gifts.
Explain the relationship between the federal gift and estate tax systems.
Identify what is meant by the federal gift tax annual exclusion and when it may be taken.
Describe the characteristics of IRC Sec. 2503(b) and Sec. 2503(c) trusts and when these trusts might be used.
Determine the purpose of the Uniform Gifts to Minors Act.
Establish when the Uniform Gifts to Minors Act may be more advantageous than a trust for a transfer to a minor.
Explain the procedure for computing federal gift tax.
Identify the various federal income, estate, and gift taxation factors to be considered in the choice of an appropriate gift (or concerning appropriate gifting).