Thursday, October 12, 2017
The Treasury Department has concluded that rules affecting valuation discounts proposed during the Obama administration under Section 2704 are unworkable. The Treasury soon plans to publish a withdrawal of these proposed regulations. Richard Dees, an estate attorney, said that the proposed regulations “were mucking up an area that was already difficult to navigate.” However much clarification the withdrawn proposal offers for estate planners, this marks a small victory compared to the looming repeal of the estate and gift taxes.
See Ashlea Ebeling, Treasury To Withdraw Hated Estate Tax Valuation Rules, Forbes, October 4, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.