Summary
On Thursday, August 4, the IRS published proposed new regulations under Section 2704 of the Internal Revenue Code. These proposed regulations, if finalized in their current form, will have a monumental impact on tax planning for many estates potentially subject to estate tax. In particular, valuation discounts for certain intra-family transfers of equity in corporations and partnerships, for many years widely available, may be severely limited going forward. In this teleconference, Clary Redd and Turney Berry will explain what Section 2704 was intended to address when it was enacted, how it has worked up to now and what these new proposed regulations seek to accomplish. Among other things, Clary and Turney will discuss:
- Big change in definition of "applicable restriction"
- New category of "disregarded restrictions"
- New three-year rule
- Effect of nominal non-family held interests
- Operating businesses vs. entities holding passive investments
- Possible court challenges
- Effective date
If you wish to cancel your teleconference registration prior to the time the program Materials (Intellectual Property)/Pin are sent out by BSB, then you will be allowed a full refund of your registration fee. If you wish to cancel your teleconference registration AFTER the program Materials (Intellectual Property)/Pin are sent out by BSB, then you will be charged a $100 cancellation/materials fee.
Archive Note: CE credits available for event recordings are CTFA, CWS and AFIM. No other CE credits are approved for recordings. Your archive will be available within 5 days of the live event.
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