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LAW-2165 Estate and Gift Taxation
Mr. Stephen P. Houlihan,
3 credits day; 3 credits evening.
This course studies the imposition of the federal tax on the transfer of wealth by gift, devise,
bequest and inheritance. The unified system of imposing the gift and estate tax will be illustrated
by examining the computation of both taxes and the interrelationship between them. To be
considered are rules for taxing various transfers of property, including the implications of
owning property as joint tenants, transfers to trust involving interests and powers retained by the
transferor, the treatment of life insurance proceeds, the effects of holding general and special
powers of appointment, transfers of interests in qualified and unqualified retirement plans and
certain transfers made within three years of death. Deductions allowed in determining the
amount of transfers subject to estate tax, including the debts of a decedent, expenses of
administering an estate and the marital deduction allowed for gifts to a spouse and transfers to a
surviving spouse will be addressed. Valuation of property issues will be analyzed, including
recent case law relating to securing valuation discounts for transfers of interests in family limited
partnerships.
Faculty comments
: This course is taught through a combination of lectures, presentations and
short review problems. The course emphasizes the practical application of the federal estate and
gift tax code sections, regulations and related income tax provisions to the estate planning
process. The final examination is a take-home written exam.
Elective Course
Take Home Exam Required
JD/LLM Course
<<Course Updated: March 11, 2016>>