IRS Estate-Transfer Proposal Meets Rare Repeal Bill

Law360, New York (September 22, 2016, 6:21 PM EDT) -- A new bill to nullify estate-transfer rules proposed by the Internal Revenue Service may not be unprecedented, but experts say it is an unusual move that could shed more light on the controversial way in which the revenue agency is trying to prevent the undervaluation of transferred interests.

The IRS proposed the regulations in early August to govern deathbed transfers of interests in corporations and partnerships for estate, gift and generation-skipping transfer tax purposes.

Tax practitioners and estate planners were quick to reprove the long-anticipated proposals, saying they ignore economic realities because transferred interests often lack marketability and entail little control in closely held businesses...

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