Treasury Pulls Section 2704 Regs

The Treasury Department announced that it will pull several tax regulations identified as burdensome under President Donald Trump’s Executive Order 13789, including the proposed Sec. 2704 regulations that would limit valuation discounts for estate, gift, and generation-skipping transfer tax purposes (Second Report to the President on Identifying and Reducing Tax Regulatory Burdens (Oct. 4, 2017)). A Treasury press release said the regulations (REG-163113-02) “would have hurt family-owned and operated businesses by limiting valuation discounts” and “made it difficult and costly for a family to transfer their businesses to the next generation.”

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Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.