Bob Grossman’s Testimony at Treasury’s Public Hearing

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On December 1, 2016, Bob Grossman joined 36 individuals from around the country in testifying in Washington, D.C., at the Department of the Treasury’s Public Hearing on Proposed Regulations. The public hearing was held in accordance with statutory protocol mandated any time new Treasury regulations are proposed. This particular hearing was held so that commentators […]

Testifying at Treasury on the Proposed §2704(b) Regulations

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Today, December 1, 2016, all eyes will be on the public hearing before Treasury and the Internal Revenue Service in Washington, D.C. At that hearing, witnesses will urge the Treasury to withdraw or substantially revise the controversial proposed Internal Revenue Code Section 2704(b) regulations designed to limit or eliminate estate valuation discounts for family-owned entities. […]

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 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 […]