Time May Be Running Out for Some Valuation Discounts

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With the finalization of the proposed Section 2704 regulations looming, individuals and their advisors should consider completing estate/gift tax planning or business valuation projects before year-end while the current tax treatment is still available. If the regulations are passed as proposed, they are likely to become effective at the beginning of 2017. Read this technical […]

estate planning, gift tax, valuation, proposed regulations, Grossman Yanak & Ford LLP

IRS Proposed Regulations to Chart New Course for Gift and Estate Tax Valuations

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After an extended period of threatening to do so, the Internal Revenue Service issued proposed regulations affecting the valuation of closely-held business interests for gift and estate tax purposes. The proposed regulations, under Internal Revenue Code (IRC) Section 2704(b)(4), concern restrictions on valuation discounts pertaining to the transfer of family-owned entity interests. Specifically, the proposed […]

IRS Delays New Required Basis Reporting for Inherited Assets

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Just last week, we posted a brief article outlining new statutory requirements reporting tax bases related to inherited property included on an estate tax return. The new rules were mandated by the Highway Act (H.R. 3236) and were noted in the blog as being effective immediately at the date the law was signed by President […]