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President Trump’s Executive Order Deals Blow to Proposed 2704 Regulations

IRC §2704 Internal Revenue Code §2704, 2704, Valuation Discounts, Small Business,

by Jeramie J. Fortenberry, JD, LLM (Taxation) | Director of Education, WealthCounsel

Since their publication on August 4, 2016, the proposed regulations on valuation discounts for family-owned businesses under Internal Revenue Code (Code) § 2704 (Proposed Regulations) have drawn the ire of the estate planning community. The Proposed Regulations made several significant changes aimed at restricting the use of minority discounts to transfer family-controlled business interests at a lower estate tax value.

The end of...