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IRS Formally Withdraws Proposed Estate Transfer Regs

Law360, New York (October 17, 2017, 7:32 PM EDT) -- The IRS on Tuesday formally withdrew a controversial Obama-era regulation that was proposed to prevent the undervaluation of transferred interests for estate tax purposes, one of several rules that the U.S. Department of Treasury had targeted as part of an effort to simplify the tax code.

The Internal Revenue Service said it was scrapping proposed estate transfer rules under Section 2704 of the Internal Revenue Code, which the agency had floated in August 2016 to prevent the undervaluation of transferred interests in corporations and partnerships for...
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