Estate Valuation Rules
American Farm Bureau Federation (AFBF) filed comments July 31 on the Internal Revenue Service’s (IRS) proposed regulations concerning the valuation of family business assets for estate, gift, and generation-skipping transfer tax purposes. In August 2016, the IRS issued regulations that could seriously impact the ability to generate minority interest discounts that aid in the transfer of family-owned entities. The proposed regulations, if adopted in their present form, will impose significant restrictions on the availability of valuation discounts for gift and estate tax purposes in a family-owned business. Farm Bureau called for their withdrawal in comments filed in November 2016. On April 21, President Trump signed Executive Order 13789 on Identifying and Reducing Tax Regulatory Burdens. The order called for the Secretary of the Treasury to review all significant tax regulations issued by the Department of the Treasury on or after January 1, 2016. One of the regulations suggested for review were the IRS proposed regulations concerning estate valuation rules.