Proposed Regulations May Close Door on Certain Estate Valuation Discounts, AccountingWEB

11.07.2016

In an article published by AccountingWEB on Nov. 7, 2016, partner Kevin Muldowney offers guidance on the proposed IRS regulations under Code Section 2704, which are “designed to significantly curtail the ability of taxpayers to claim valuation discounts for lack of control and lack of marketability in intra-family transfers of interests in family-controlled entities.” The article details the timing of the enactment, implications for accounting and valuation professionals and what individuals engaged in estate planning should do now before the proposed regulations are finalized. Muldowney states, “Because the proposed regulations become effective 30 days after enactment, there remains a window of opportunity for individuals to engage in estate planning techniques involving interests in family-controlled entities that may be lost as soon as early 2017, depending upon when the proposed regulations are finalized and in what form.” For the full article, you may click here.