Tax
May 17, 2016
IRS could shake up special valuation rules in coming weeks
On May 7, an IRS branch chief told an ABA gathering that final regulations relating to these rules could be released within the next six to eight weeks. By Bruce Givner and Owen Kaye
One of the most powerful tools in estate tax planning is the ability to "discount" the value of an interest in a closely held entity by the (i) lack of marketability and (ii) lack of control. Those combined discounts can each be as much as 35 percent, depending upon the type of entity and the type of assets.
Assume Mom and Dad have a garment business that the appraiser values at $10 million. Mom and Dad wish...
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