Bad News From the IRS
- Winning The Transfer/Succession Game. Blackman, Irving L.; Whitlock, Brian // Modern Machine Shop;Aug2007, Vol. 80 Issue 3, p38
The article discusses an old tax case. The late Clara Winkler left her children with stock in the family business. Clara has estate valued all the shares at $20 per share. Both the IRS and the court concurred that the nonvoting stock has a lower value than voting stock. Three-step strategy to...
- Good News from the IRS. DcDevitt, Timothy J. // Journal of Financial Planning;Jul93, Vol. 6 Issue 3, p105
The U.S. Internal Revenue Service (IRS) has announced a change in the rulings that will help clients to reduce the transfer-tax cost associated with transferring the business to next generation. Until the release of Revenue ruling 93-12, 1993-7 IRB, one would probably have had to tell their...
- Discount key to minority shares. Bengtson, Tom // North Western Financial Review;Dec2016, Vol. 201 Issue 13, p5
The article reports the plan of the federal agency Internal Revenue Service (IRS) to disallow discounted valuations of minority shares of family-owned businesses. Topics discussed include the valuation of shares to be equal as proposed by IRS, the reason to ignore discounted value of minority...
- Model buy/sell agreements to meet IRS challenges. Donald Wright, M. // Best's Review / Life-Health Insurance Edition;May96, Vol. 97 Issue 1, p72
Reports on the meeting of Internal Revenue Service (IRS) standards by buy/sell agreements of family businesses. Importance of owner knowledge of business value; Features of Section 2703 of the Internal Revenue Code; Determination of testamentary device of agreement.
- Crut Preparation Point. Lipoff, Lawrence M. // CPA Journal;Sep99, Vol. 69 Issue 9, p66
Presents an update on estates and trusts in the United States (US). Guidance provided by the US Internal Revenue Service for net income make-up charitable remainder unitrusts; Discussion on several succession planning techniques for family businesses.
- S Corporation Corner. Walthall, Robert C. // Journal of Passthrough Entities;Nov/Dec2015, Vol. 18 Issue 6, p37
The article offers information on the plan of the U.S. Internal Revenue Service (IRS) to release the regulations under Code Section 2704 in 2015. The proposed regulation might have an effect on the valuation of interests in closely held partnerships or corporations that are transferred to family...
- NEW ANTI-DISCOUNT REGS. BIEBL, ANDY // Progressive Farmer;Oct2016, Vol. 131 Issue 11, p10
The article discusses the draft regulations released by the U.S. Internal Revenue Service (IRS) in early August 2016 that will impose restrictions on family-controlled entities' valuation discounts.
- Discounts Under Siege. Riebe, Radd L. // Trusts & Estates;Jan2010, Vol. 149 Issue 1, p15
The article discusses the siege of the U.S. Internal Revenue Service (IRS) on discounts for transfers of interests in family-owned holding companies when the underlying assets are passive investments. Several valuation cases in 2009 addressed the indirect gift/step transaction issues while other...
- Transfer of Interest in FLPs. Behrendt, Richard A. // Trusts & Estates;Aug2011, Vol. 150 Issue 8, p38
The article discusses the issue identification process during the U.S. Internal Revenue Service audits of family limited partnerships (FLPs). Auditors use Internal Revenue Code Section 2036 as a basis which is the rule concerning the transfer of assets with a retained life estate that disregard...