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deathbed transfers Tag

New Proposed Regulations Under Code §2704

family business

On August 4, the Treasury Department issued long-awaited Proposed Regulations on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (“IRC”).  The regulations are out for public comment until the public hearing on December 1, 2016.  If adopted, the regulations will become effective on or after the date of publication of the Treasury decision.The Proposed Regulations will introduce significant changes that eliminate almost all valuation discounts in the family context.  These changes clarify the application of IRC §2704 and curb transfer tax valuation discounts used by family-owned businesses.  The Proposed Regulations (1) apply to limited liability companies...

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