IRC Section 2704 Resources

IRC Section 2704 Resources

NACVA’s Legislative Action Committee (LAC) was established in 2015 by the Executive Advisory Board (EAB). The LAC is a leadership body comprised of volunteer members from within the Association that through research and monitoring activity, provides insights, guidance, and expertise for all matters related to regulations from the government (at the state and federal level) and from those imposed by bodies who are influential within the disciplines we support. The Committee supports the EAB by setting priorities and making policy direction recommendations on how to handle issues that affect the Association. And by being proactive in recognizing critical issues in the changing business valuation and financial forensics industry, as well as identifying opportunities to develop and promote Association action and involvement.
 
The LAC convened over the past several weeks to address technical issues which resulted in a formal submission to the IRS on behalf of the Association opposing the proposed IRC Section 2704 regulations. The Committee was led by: 

Peter Agrapides, MBA, CVA, Western Valuation Advisors, Sandy, UT
Robert J. Grossman, CPA, ABV, ASA, CVA, MST, CBA, Grossman, Yanak & Ford, LLP, Pittsburgh, PA
Mark Hanson, CPA, ABV, CVA, Schenck SC, Appleton, WI
Carl A. Steffen, CPA/ABV/CFF, CVA, ASA, CBA, ABAR, WSRP, LLC, Salt Lake City, UT
Robert M. Weinstock, JD, MBA, CVA, Strategic Valuation Group, Calabasas, CA 

Agrapides, Grossman, Hanson, and Weinstock will testify on behalf of the Association at the IRS public hearing in Washington, DC on December 1, 2016. NACVA HQ will report to the Association the results and actions determined after the IRS public hearing.

Read NACVA's Formal Response to the Proposed Regulations, click here. Contact your Congressional Representatives using this sample letter.
 
LAC Committee members who also supported this initiative include: 

Hubert Klein, CPA/ABV/CFF/CGMA, CFE, CVA,EisnerAmper LLP, Iselin, NJ
Kim Linebarger, CFA, ASA, CVA, Moss Adams LLP, Beaverton, OR
Cyndi Livermore, MBA, CVA,Livermore Consulting Group, Manchester, NH
Donald R. Parker, CFA, CVA, Gryphon Valuation Consultants, Inc., Las Vegas, NV
Kent Pummel, CPA/ABV, CVA, Clark Schaefer Hackett, Springfield, OH 

During the scope of preparing the formal letter opposing the regulations and preparing for the public hearing in December, the LAC assembled resources hyperlinked below which are valuable resources for members and valuation professionals.

Upcoming IRS Regulatory Projects (Including Section 2704 Proposed Regulations)
Steve R. Akers, Bessemer Trust
 
Section 2704 Proposed Regulations
Bessemer Trust

U.S. Aims to Clamp Down on Tactic to Avoid Estate Tax
Wall Street Journal
 
Proposed Tax-Code Changes Target Valuation Discounts – Wealth Planning Insights
Bessemer Trust
 
Estate, Gift, and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest—A Rule Proposed by the IRS
Federal Register, The Daily Journal of the U.S. Government

Major Components of New Section 2704 Proposed Regs
A brief summary of the three sets of new rules
James G. Blase, Wealth Management.com

Strategies to Prepare for Implementation of Proposed 2704 Regulations
Discuss these steps with clients before the rules are finalized.
James G. Blase, Wealth Management.com
 
Portions of Proposed 2704 Regulations Exceed IRS’ Authority
Client action steps should take this into consideration
James G. Blase, Wealth Management.com

The Future of Discount Planning
Effect of the Proposed Section 2704 regulations
James G. Blase, Wealth Management.com
 
Using GRATs Prior to the Effective Date of the 2704 Proposed Regulations to Capture Discounts
LinkedIn Article

Valuation Implications of the Proposed Changes to IRC 2704—Good News or Bad News? Maybe Not So Bad
Chris Mercer's Useful Business Valuation Information & Insights for Attorneys
 
A Stealth Death Tax Increase: Treasury again rewrites longstanding interpretations of law.
Wall Street Journal

Proposed Regulations Related to Section 2704 and the Case for Applying FLP Valuation Discounts
Willamette Management Associates, Gift and Estate Tax Valuation Insights
Weston Kirk, Curt Kimball
 
Planning for the Proposed 2704 Regulations
Martin M. Shenkman, Esq., Jonathan Blattmachr, Esq., Ira S. Herman, CPA, & Joy Matak, Esq.
 
Proposed IRC Section 2704: Potential Impacts on Estate and Gift Valuations
Business Valuation Resources, LLC