The IRS recently issued proposed regulations, which if finalized would negate the availability of certain discounts when valuing interests in closely-held family business and investment entities for estate planning and wealth transfer purposes.
Despite a government official claiming to expect imminent release last year, some had questioned whether the regulations would ever be issued as they were on the IRS drawing board for over a decade.
Over the years, some estate planners have been using hefty discounts in valuing family businesses, despite frequent challenges from the IRS in court.
Although a careful review of the more than 50 pages of proposed regulations will …read more
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