Contentious Estate Transfer Rules May Remain Under Trump
Law360, New York (December 2, 2016, 9:42 PM EST) -- Despite multiple calls for the IRS to withdraw proposed regulations that value transferred interests for estate tax purposes, as well as Republicans' stated intent to repeal the so-called death tax altogether, experts say the controversial regulations may be here to stay as they also apply to the gift tax, which remains an important revenue tool.
The Internal Revenue Service had proposed the rules in August with the goal of preventing the undervaluation of transferred interests in partnerships and corporations by disregarding restrictions on a shareholder's or partner's right to liquidate interest if the restriction lapses after the transfer. The agency also...
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