Tag Archives: Internal Revenue Code (Code) section 2704

Possible Congressional Action May Undercut Proposed 2704 Regulations

Republicans in the House of Representatives and the Senate have introduced bills to derail the Proposed Regulations under Section 2704 of the Internal Revenue Code (“Proposed Regulations”), including bills to (1) nullify the Proposed Regulations and prevent future regulations, and (2) cut federal funding associated with the enforcement of such Proposed Regulations. The first bill, … Continue Reading

Proposed Regulations Under IRC Section 2704 Seek to Eliminate Discounts on Transfers of Family Business Interests

On Aug. 2, 2016, the Treasury Department and the Internal Revenue Service released proposed regulations under Internal Revenue Code (Code) section 2704 (the “Proposed Regulations”). The Proposed Regulations, if finalized in their proposed form, would eliminate most valuation discounts on redemptions and transfers of family business interests among family members when a single family “controls” … Continue Reading