BVWire is heading to Washington, D.C., to attend the
December 1 public hearing at the IRS concerning the controversial IRC Section 2704 proposed regulations designed to rein in estate valuation discounts for family-owned entities. Witnesses will each have 10 minutes to make their remarks, and they are expected to urge the Treasury to withdraw or substantially revise the proposed regs. The valuation professional organizations have the following individuals scheduled to speak on their behalf:
- William Frazier (Stout Risius Ross Inc.) for the American Society of Appraisers;
- Peter Agrapides (Western Valuation Advisors), Robert J. Grossman (Grossman Yanak & Ford LLP), Mark Hanson (Schenck SC), and Robert M. Weinstock (Strategic Valuation Group) for the National Association of Certified Valuators and Analysts; and
- Justin P. Ransome (Ernst & Young LLP) and Michelle F. Gallagher (Gallagher, Flintoff & Klein PLC) for the AICPA.
From the valuation world, other experts who requested to speak include Chris Treharne (Gibraltar Business Valuations) and Lance Hall (FMV Opinions), just to name a few. Individual taxpayers, family businesses, attorneys, wealth planners, and other stakeholders have also requested a speaking slot. These include: John W. Porter (Baker Botts), who served as lead counsel for the taxpayers in Kerr v. Commissioner in Tax Court and in appellate court; Brian Reardon (S Corporation Association); Palmer Schoening (Family Business Coalition); Ronald D. Aucutt (McGuireWoods), along with Stephanie Loomis-Price (Winstead PC), on behalf of the American College of Trust and Estate Counsel; and many others.
Hall and Porter are on the editorial advisory board of Business Valuation Update.
Stay tuned for on-the-spot coverage!