IRS Urged To Scrap Controversial Estate Transfer Rules

Law360, New York (December 1, 2016, 6:06 PM EST) -- The IRS received a barrage of criticism Thursday from multiple groups representing family-owned businesses, S-corporations and franchises, which called for the withdrawal or significant revision of proposed regulations aimed at preventing the undervaluation of transferred interests for estate tax purposes.

The IRS had proposed the rules in August for valuing transferred interests in partnerships and corporations in which the agency said it would disregard restrictions on a shareholder's or partner's right to liquidate interest if the restriction lapses after the transfer. The agency also introduced a...
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