Almost 200 comments have been submitted to the IRS about the controversial proposed Section 2704 regs designed to rein in estate tax valuations. It is hoped that many more will come in before the comment due date of November 2. A public hearing is scheduled for December 1. You can view the comments and submit your own if you click here. See last week’s BVWire for some talking points and a letter template issued by the ASA that can help you craft some comments.
Call for delay: Many of the comments so far are from family business owners because the impact to family businesses could be devastating, observers agree. In its comment letter, the Family Business Coalition requests that the comment period be extended 90 days to give constituents (several million firms) more time to understand the complex proposal. We hope this will fly, but the IRS seems bent on getting some form of these regs through before the new administration is in place.
BVR recently presented a webinar on the proposed regs with Curtis Kimball (Willamette Management Associates) and Z. Christopher Mercer (Mercer Capital). Attendees had many questions for the speakers, and we offer a transcript of the ones the speakers addressed as a complimentary download if you click here. Keep in mind that the proposed regs are complex and continue to be studied, so interpretations are subject to change.