Beth Kaufman Comments on IRS Withdrawal of Proposed Estate and Gift Tax Regs

The Internal Revenue Service withdrew on Tuesday proposed regulations that would have altered the way that certain property is valued for estate and gift tax purposes.

The IRS withdrew the regulations under Section 2704, which is "a regulation that the IRS and Treasury proposed last year before Trump was elected," Beth Shapiro Kaufman, an attorney with Caplin & Drysdale, told ThinkAdvisor in a Wednesday interview.

As part of the regulatory review ordered by Trump, the IRS concluded the regulation should be withdrawn. Section 2704 "has to do with how you value business interests that are transferred for estate or gift tax purposes," Kaufman said. "It's just one of many issues that could arise that affects the estate tax."

Ms. Kaufman is President of Caplin & Drysdale, Chartered and a top legal advisor in the firm’s Private Client practice group.

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Excerpt taken from the article “IRS Withdraws Estate, Gift Tax Valuation Regulations” by Melanie Waddell for ThinkAdvisor.