Posts Tagged ‘estate tax’

IRS to Eliminate Discounts in Family Business Valuations?

Wednesday, June 12th, 2013

For years, President Obama has had a proposal to restrict or eliminate valuation discounts for transfers of interests in family-owned businesses included in his budget proposal since his election. However, in its most recent budget, this proposal was missing. Unfortunately, this does not necessarily mean that the topic has been forgotten or ignored. Instead, the move is now in Treasury’s hands. The IRS has always maintained the position that it has the authority to restrict or eliminate valuation discounts through regulation. Rumor has it that the IRS will be issuing regulations to Code Section 2704(b)(4) which will eliminate the allowance of discounts for lack of control and marketability in transfers of interests in family-owned businesses. If this is true, gift and estate tax planning should be done sooner rather than later in order to not miss the window of opportunity that still exists.

Trugman Valuation Associates’ business valuation and litigation support services have been rendered for a variety of purposes including, but not limited to, family law matters, business damages, lender liability litigation, buy-sell agreements, shareholder litigation, estate and gift tax matters, buying and selling businesses, malpractice litigation, wrongful death, sexual discrimination, age discrimination, wrongful termination, and breach of contract. Representation in litigation includes plaintiff, defendant, mutual, and court-appointed neutral.

Trugman Valuation Associates, Inc. is a business valuation and litigation support firm with experience in a wide variety of assignments including closely-held businesses, professional practices. Trugman Valuation Associates, Inc. is located in Plantation, Florida and Parsippany, New Jersey. For more information, please call 800-330-VALU or visit our website.

Wandry Case to be Appealed

Friday, September 7th, 2012

You may recall the Wandry decision from earlier this year (Joanne M. Wandry, et al. v Commissioner, TCM 2012-88 – see our write up here. Well, the IRS filed an appeal with the 10th Circuit Court of Appeal on August 28. We will update you as more information becomes available.

Trugman Valuation Associates’ business valuation and litigation support services have been rendered for a variety of purposes including, but not limited to, family law matters, business damages, lender liability litigation, buy-sell agreements, shareholder litigation, estate and gift tax matters, buying and selling businesses, malpractice litigation, wrongful death, sexual discrimination, age discrimination, wrongful termination, and breach of contract. Representation in litigation includes plaintiff, defendant, mutual, and court-appointed neutral.

Trugman Valuation Associates, Inc. is a business valuation and litigation support firm with experience in a wide variety of assignments including closely-held businesses, professional practices. Trugman Valuation Associates, Inc. is located in Plantation, Florida and Parsippany, New Jersey. For more information, please call 800-424-4343 or visit our website.

Estate and gift tax repeal?

Thursday, January 27th, 2011

On January 5, 2011, HR 177 was introduced in the House of Representatives. Entitled the Death Tax Repeal Act, its aim is to repeal Subtitle B of the Internal Revenue Code of 1986. Whether it will go anywhere remains to be seen. To see a copy of the bill, go to http://www.thomas.gov/cgi-bin/query/z?c112:H.R.177:.

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