Section 2704 cliffhanger

BVWireIssue #180-3
September 27, 2017

The deadline has passed (September 18) for the Treasury to report to the president its recommendations on significant tax regulations, which includes the controversial proposed regs under Section 2704. But a Treasury official says that there is no set date for when the report will be released to the public. She did confirm, however, that it will be made public at some point, according to EY’s Tax Insights.

Back in April, President Trump signed an executive order calling for the Treasury to review all “significant tax regulations” issued on or after Jan. 1, 2016, to identify those regs that impose an undue financial burden, add undue complexity, or exceed statutory authority and to recommend specific actions to mitigate the burden the regulations impose. The proposed Section 2704 regs, which are designed to curb estate valuation discounts, are included in this group and may be modified or withdrawn.

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