ADD REFERENCE PAGE FOR EACH PROJECT IN APA FORMAT!!! ACCT430-1104B-01...

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ADD REFERENCE PAGE FOR EACH PROJECT IN APA FORMAT!!!
    ACCT430-1104B-01 Taxation
    Assignment Name:
    Unit 4 Individual Project
    Deliverable Length:
    450-word minimum
    Details:
    Li
ary Research Assignment
Mr. and Mrs. Yba
a, a retired couple in their late 70s, come in to meet with you. They are very friendly and living a comfortable retirement due, in large part, to the overall size of their estate (nearly $4 million dollars spread over multiple accounts) and their conservative asset allocation.
As you
ing up the issue of estate planning, they thank you for your concern, but explain that it is already taken care of. They go on to explain that their attorney has prepared wills for both of them and all of their accounts are titled Jointly with Rights of Survivorship.
There are surprised, and a little confused, when you mention that their heirs might end up receiving only a fraction of those assets after the two of them pass away.
Include the following in your explanation to Mr. and Mrs. Yba
a:
· The transfer-tax system
· What is considered part of the estate
· How much is excluded from taxation based on cu
ent legislation
· Gross estate versus adjusted gross estate
    Objective:
     Evaluate the tax consequences of various property transaction

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David · Accepted Answer

ACCT430-1104B-01 Taxation  
1 | P a g e  
 
Assignment Name – Unit 4 Individual Project 
The transfer tax system 
The transfer tax system in the tax ambit refers to levy of taxes on the transfer of any sort of 
official documents or properties. The tax is paid by the seller of the property and such taxes 
are commonly referred to as Gift or Estate Taxes where the title of the property is transferred 
from seller to buyer. The same is at times referred to as the excise tax system. The taxes vary 
from the state to federal level and also on the property being transferred. There are generally 
no deductions allowed for the transfer tax but in the cases of sale of securities and 
investment, the same is added to the cost basis of the asset.  
Considered part of the Estate 
The physical property that is owned by the deceased member of the family is referred to as 
the considered part of the estate. The same can be referred to as the long list of assets such as 
jewelry, clothing, automobiles, household goods, or etc. The ambit of such considered part of 
an estate is large and as such accommodates a long list of assets. At times the owning of 
business or business interests is also referred to as the considered part of the Estate.

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