The Internal Revenue Service has just issued new proposed regulations on electing an alternate valuation date for an estate, withdrawing earlier regulations issued in 2008. According to a published notice in the Federal Register (Nov. 18, 2011), “the proposed regulations will affect estates that file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and elect to use the alternate valuation method.” The notice also announces a public hearing on the proposed regulations, with comments due by Feb. 16, 2012.