IRS 2704 Proposed Regulations - Significant Impact on Family Business Succession Planning
The Internal Revenue Service has proposed regulation changes that impact tax consequences of stock gifts or sales to family members in a family business environment. As a result, the valuation discounts that have been a cornerstone to family business succession planning may no longer be available for certain transfers. These changes could go into effect as soon as the next 120 days.
Due to the extreme change the IRS proposed legislation will have on the family business planning environment, we asked our general counsel, ShuffieldLowman, to provide an Advisory Notice detailing the impact IRS 2704 would have on planning and potential outcomes.
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