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 […]

Congressional Republicans Look to Knock Out Treasury’s Proposed Section 2704 Regulations

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Let the fight begin! There has been a groundswell of protest against the Internal Revenue Service’s proposed Treasury regulations under Internal Revenue Code 2704, which were released in early August. These rules, if enacted, could end the use of discounts and other estate planning strategies long accepted by both political parties to move family businesses […]

Estate Tax Basis Reporting Rules Added by the Highway Act

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As most taxpayers understand, property held by the decedent at death must be reported on a federal estate tax return (assuming the entire taxable value of the estate exceeds the available lifetime exclusion). The estate tax due, if any, is generally based upon the fair market value of the property held by the decedent at […]