The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to withdraw and, if necessary, re-propose their rules for the valuation of interests in corporations and partnerships for estate, gift and generation-skipping transfer tax purposes.
The IRS held a hearing last week where it listened to views from a variety of groups and individuals, including the AICPA, air their views on the proposed regulations. The Treasury unveiled the proposed rules in August (see Treasury Proposes to End Strategy for Estate and Gift Taxes). They involve the treatment of certain lapsing rights and restrictions on liquidation in determining the value of the transferred interests. The regulations would affect certain transferors of interests in corporations and partnerships with the goal of preventing the undervaluation of the transferred interests.
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