Next stop in Sec. 2704 battle: Washington, D.C.

BVWireIssue #170-2
November 9, 2016

Now that the November 2 comment deadline has passed, all eyes will be on the public hearing scheduled for December 1 at the IRS. Witnesses will urge the Treasury to withdraw or substantially revise the controversial IRC Section 2704 proposed regulations designed to rein in estate valuation discounts for family-owned entities.

Final tally: The Treasury website shows a total of 9,802 comments received from individual taxpayers, family businesses, attorneys, wealth planners, and, of course, valuation practitioners and valuation professional organizations (VPOs). The VPOs have a number of individuals scheduled to testify.

The American Society of Appraisers (ASA) filed written comments (available here) along with the American Society of Farm Managers and Rural Appraisers (ASFMRA). Testifying at the hearing on behalf of for the ASA will be William Frazier (Stout Risius Ross Inc.).

The National Association of Certified Valuators and Analysts (NACVA) also filed a comment letter (available here) and will have the following individuals testify on its behalf: Peter Agrapides (Western Valuation Advisors), Robert J. Grossman (Grossman Yanak & Ford LLP), Mark Hanson (Schenck SC), and Robert M. Weinstock (Strategic Valuation Group).

Testifying on behalf of the AICPA will be Justin P. Ransome (Ernst & Young LLP) and Michelle F. Gallagher (Gallagher, Flintoff & Klein PLC).

Of course, BVWire will be there to give you on-the-spot coverage.

Extra: BVR has a new special report, Proposed IRC Section 2704: Potential Impacts on Estate and Gift Valuations. This report includes emailed updates covering the Dec. 1 public hearing and any other developments on the proposed regulations as they unfold.

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