On August 2, 2016, the IRS issued proposed regulations taking aim at valuation discounts with respect to closely-held interests for gift, estate and generation-skipping transfer tax purposes. If adopted, even with clarifying language, the proposed regulations will impact certain estate planning strategies.
USA, Company & Commercial, Insolvency & Restructuring, Private Client & Offshore Services, Tax, Paul, Weiss, Rifkind, Wharton & Garrison LLP