Thousands Ask Treasury To Kill Estate Transfer Proposal

Law360, New York (September 28, 2016, 7:22 PM EDT) -- More than 3,800 family-owned businesses and trade groups have called on U.S. Treasury Secretary Jacob Lew to withdraw controversial regulations that have been proposed to prevent the undervaluation of transferred interests for estate tax purposes, according to a statement Wednesday from the National Association of Manufacturers.

NAM released a letter with more than 50 pages of signatures urging Lew to pull the proposed regulations, which tax practitioners and estate planners have been quick to reprove for purportedly ignoring the economic realities of transferred interests in closely held businesses.

The regulations, which were announced in early August, will have a detrimental effect...

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