[IMGCAP(1)]Many accountants and valuation experts are anxiously attempting to predict the contents of the revised Section 2704 regulations from the IRS on the valuation of family limited partnerships and other family-controlled entities.

At a recent trusts and estates luncheon, an IRS official indicated that the IRS is not expected to issue the valuation discount regulations until the end of this year. While we await the release of these regulations, it would be very instructive for accountants and financial advisors to consult prior case law and Greenbooks for clues.

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