This week, TSCPA’s Federal Tax Policy Committee and Business Valuations, Forensic and Litigation Services Committee issued a joint comment letter to the Treasury Department and the IRS on proposed regulations under Section 2704 concerning the valuation of interests in corporations, LLCs and partnerships for estate, gift and generation-skipping transfer tax purposes. These broad-sweeping provisions would dramatically restrict, if not eliminate, valuation discounts on intra-family transfers of certain family-owned entity interests. They would adversely affect many Texas family farms, ranches and other businesses. The committees ask that Treasury withdraw or significantly revise the proposed regulations that are contrary to long-standing case law and interfere with states’ rights and rights of property owners. A committee representative will testify at the IRS public hearing on Dec. 1 in D.C.