Tuesday, September 12, 2017
Ronald D. Aucutt recently wrote Capital Letter No. 40, which considers the history of proposed regulations concerning section 2704. Below is a short abstract of the paper:
The Proposed Regulations were released on August 2, 2016, and published in the Federal Register on August 4. They were instantly controversial. They produced severe contention, not only between estate planning professionals and the IRS, but among estate planning professionals themselves, who have not reached a consensus on what effect the Proposed Regulations would have if finalized or what the Proposed Regulations even mean. The IRS reportedly received over 28,000 comments from members of the public, many very cursory and clichéd of course, but many deeper and broader and sometimes bitter. There were 36 speakers at the all-day public hearing on December 1. ACTEC submitted Comments on October 27 that, in ACTEC’s tradition, were thoughtful, professional, and evenhanded, and Stephanie Loomis-Price ably spoke on ACTEC’s behalf at the hearing.
This Capital Letter will describe the latest round of attention to the Proposed Regulations spurred by the Executive Order. Unless unforeseen developments intervene, Capital Letter Number 41 will look in more depth at the Proposed Regulations themselves, particularly at the factors that created so much contention. Capital Letter Number 42 will take a broader look at the current political and rhetorical climate and its implications for tax guidance.