Colodny Fass, P.A.  Main Office:  1401 N.W. 136th Avenue  Suite 200 Sunrise, Florida 33323   Phone: (954) 492-4010

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IRS Proposed Changes to §2704 Could Affect Estate Planning in 2016 and Beyond

A public hearing on proposed revisions to Internal Revenue Service (IRS) REG–163113–02, entitled “Estate, Gift, and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest” has been scheduled for December 1, 2016 in Washington D.C.

Internal Revenue Service, IRS Estate Planning, Gift, and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest

Rules Proposed by the IRS Could Have An Impact on Business Continuity, Estate Planning

Specifically, these proposed regulations concern the treatment of certain lapsing rights and restrictions on liquidation in determining the value of the transferred interests. These proposed regulations affect certain transferors of interests in corporations and partnerships and are necessary to prevent the undervaluation of such transferred interests.

To read a complete explanation of the proposed amendments and the entire IRS Notice of Proposed Rulemaking, click here.

Colodny Fass assists clients with estate planning and corporate succession.