1. Jada wants to transfer some assets to a trust this year; the income...
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Jada wants to transfer some assets to a trust this year; the income beneficiaries will be her two grandchildren. The trust income and assets will be used to pay the grandchildrens tuition to private high schools and universities. Upon the younger grandchilds graduation, the trust assets will return to Jadas ownership. Identify tax issues related to Jadas plan to use a temporary fiduciary entity. Please provide me at least two similarities and two differences between Estates and Trusts and explain. Congress has been very concerned with taxpayers using trusts as incomeshifting devices. What laws has Congress passed to discourage this behavior? Explain how each of your answers discourages the behavior.
Jada wants to transfer some assets to a trust this year; the income beneficiaries will be her two grandchildren. The trust income and assets will be used to pay the grandchildrens tuition to private high schools and universities. Upon the younger grandchilds graduation, the trust assets will return to Jadas ownership. Identify tax issues related to Jadas plan to use a temporary fiduciary entity.
Please provide me at least two similarities and two differences between Estates and Trusts and explain.
Congress has been very concerned with taxpayers using trusts as incomeshifting devices. What laws has Congress passed to discourage this behavior? Explain how each of your answers discourages the behavior.
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