The Federal Gift Tax System 

The Federal Gift Tax System is the first course in a three-part series on the federal transfer tax, designed to give tax professionals a clear, working command of one of the most nuanced areas of the Internal Revenue Code. Led by Clint Bentz, CPA — an expert with over 35 years of specialized experience in estate, gift, and trust taxation — this course offers a practical, example-driven exploration of the gift tax rules under Chapter 12 (§§ 2501–2599).

You'll begin with an overview of the three federal transfer taxes and how the gift tax fits within the unified transfer tax system, including the applicable exclusion amount, the applicable credit, and the annual exclusion. From there, the course examines powers of appointment — general versus limited powers, the "5-or-5" power, and Crummey withdrawal rights — and shows how each affects gift and estate tax. You'll learn what makes a gift complete and taxable; how to apply gift splitting, qualified transfers, the marital deduction, and the QTIP election; how to value gifts and determine a donee's carryover basis; and how to prepare and file Form 709, including GST exemption allocation and the elections that must be made on a timely filed return.

Every concept is presented with real-world examples — computing a taxable gift after a Crummey lapse, valuing publicly traded stock transferred over a weekend, applying the dual-basis rule, and calculating how much a married couple can give tax-free — so you can apply what you learn immediately in your practice. By completing this course, you'll be able to identify and value taxable gifts, apply the exclusions and deductions that reduce gift tax, advise clients on lifetime giving strategies, and prepare an accurate Form 709 with confidence.

Take this essential first step in mastering the federal transfer tax and strengthen your role as a trusted advisor on gift and estate planning. See the Course Overview & Introduction below for more details and the detailed Learning Objectives.