Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two (2) grandchildren. He wants the income from the trust paid to the children for 20 years and the principal distributed to the children at the end of 20 years. Use the Internet and Strayer databases to research the rules regarding irrevocable trusts, gift tax, and estate tax. Be sure to use the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response. Write a one to two (1-2) page letter in which you: 1. Analyze the effect of an irrevocable trust on the gift tax and future estate taxes. 2. Suggest other significant alternatives that the client could use both to reduce estate tax and to maximize potential advantages of the payment of gift taxes on transfers of property. 3. Use the six (6) step tax research process, located in Chapter 1 and demonstrated in Appendix A of the textbook, to record your research for communications to the client. Your assignment must follow these formatting requirements: · Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. · Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: · Prepare client, internal, and administrative documents that appropriately convey the results of tax research and planning. · Create an approach to tax research that results in credible and current resources. · Analyze tax issues regarding the gift tax and the estate tax. · Analyze tax issues regarding trusts and estates. · Use technology and information resources to research issues in organizational tax research and planning. · Write clearly and concisely about organizational tax research and planning using proper writing mechanics.