Abstract
Comments to Treasury and the IRS on possible new regulations to be promulgated under Internal Revenue Code Section 2704(b) -- enacted as part of Chapter 14 in 1990 -- modeled on a statutory proposal by the Obama Administration that never became law. The purpose of the new regulations would be to limit traditional valuation discounts for family owned businesses for estate and gift tax purposes. The author concludes that the in the absence of additional statutory authority that such regulations are likely to be invalid as both inconsistent with the purpose and intent of Chapter 14 and beyond the scope of existing Section 2704(b)(4).
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