Proposed 2704 Changes Meet Stiff Resistance at IRS Hearing

Apr 27, 2017

Since the IRS on Dec. 1, 2016, refused to withdraw its proposed expanded Internal Revenue Code 2704 regulations despite strong industry pushback, American Society of Appraisers (ASA) representatives who attended the Washington, D.C., hearing on the controversial topic now advise attorneys to stay vigilant to protect their clients’ estates until a final verdict is rendered. The IRS panel adjourned the public hearing stating that it will study and clarify key issues and reconvene at an undetermined date. So it may still limit discounts for familyowned businesses — as feared — and more.

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