Breaking News Regarding IRC Sec. 2704 Regulations

According to its Second Report to the President on Identifying and Reducing Tax Regulatory Burdens, Treasury, along with the IRS, will withdraw the proposed regulations under IRC §2704 in their entirety.  These proposed regulations were meant to eliminate valuation discounts for intra-family transfers of interests in family-controlled businesses. In the accompanying press release, Treasury stated the proposed regulations would have hurt family-owned and operated businesses. We will continue to follow this developing legislative situation.

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