News Tag: estate and gift tax


IRS addresses some concerns of valuators at Sec. 2704 regs hearing

IRS and Treasury officials on the hearing panel felt compelled to make a few remarks in response to the strong concerns of valuation experts, attorneys, wealth planners, and family business owners who testified. Read more >>

IRS inundated with comments on proposed IRC 2704 regs

Over the past week, over 100 new comments have been submitted to the IRS about the controversial proposed Section 2704 regs designed to rein in estate tax valuations. That brings the total comments to almost 200, but it's hoped that many more will come in before the due date of November 2. Read more >>

Appraisers see spike in engagements due to proposed Section 2704 regs

At the ASA Advanced Business Valuation Conference last week in Boca Raton, Fla., valuation practitioners told us that they are seeing an increase in valuation engagements triggered by the proposed Section 2704 regulations. They expect the increased business to gain steam as the regs continue to sink in with attorneys, wealth planners, and clients. Read more >>

Challenge to new Section 2704 regulations is shaping up

The accounting, valuation, and legal professions are hard at work to defeat the Treasury Department's proposed Section 274 regulations. The new regs would curtail, if not entirely eliminate, valuation discounts in family-controlled entities. Read more >>

Tax Court revaluation means big-time savings for taxpayer

In an estate tax dispute that has lasted for over five years, the Tax Court recently revalued the decedent’s minority interest in an Oregon family business by order of the 9th Circuit Court of Appeals. The recalculation proved a boon to the taxpayer. Read more >>

Dreaded IRS estate valuation discount regs released

The Treasury has released long-awaited proposed IRC Section 2704 regulations designed to curb estate valuation discounts. It appears that the proposed regulations eliminate almost all minority discounts for closely held entity interests, including operating businesses owned by a family. The proposed regs have triggered a strong response from the valuation community, legal profession, and others. Read more >>

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