Treasury Department trumps Proposed IRC §2704 Regulations?

By William Levine posted Fri July 28,2017 12:57 PM

  

We have been following the saga of the Obama-era proposed regulations to tighten practices in valuing family-controlled businesses, which spent much of last year plus in public scrutiny and commentary. The proposed rules have been a lightning rod for valuation experts and family business representatives alike, since they would pretty much eradicate discounts, establish minimum valuations and increase federal tax receipts upon sales of these closely held-entities during lifetime, and upon death, for those fortunate few who qualify for estate tax liability.

Now, courtesy of presidential Executive Order 13789 (April 21, 2017), the United States Treasury Department has put the proposed §2704 in its crosshairs, in the name of de-regulating business. In its 60-day interim report, Treasury identified including §2704 among eight “Regulations identified for burden reduction”.

We can’t help but wonder how much the president, his cabinet, West Wing advisors – and all of their heirs -- stand to gain personally, by “unburdening” the American people in this way.

Think we’ll ever know?

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