The Treasury has followed through on its promise to issue proposed regulations that are intended to significantly reduce the lack of control and lack of marketability discounts applied by appraisers when valuing family-controlled entities. The proposed regulations follow closely with guidance provided in the Treasury Department’s “Greenbook” as discussed in…
If you are, or someone that you know is, considering transferring an ownership interest in a family-controlled entity the best time may be now. Speculation abounds over the impact that potential new regulations may have on the valuation of a closely held business interest. For several years, the Treasury Department’s…
Estate Planning is hard for many reasons—from discomfort with death to difficult family dynamics. It is made harder by complicated tax laws and documents. Too often, in estate planning, the focus is solely on tax planning without considering the impact of the planning upon the family or incentivizing the type of…
To conclude the Williams Parker Business & Tax Blog’s inaugural year, a few year-end tax tips: If you receive a holiday gift check intended to qualify for the donor’s 2014 Federal Gift Tax annual exclusion of up to $14,000 per year, per recipient, improve your chances of repeat future gifts…
Non-controlling family partnership interests with limited marketability have long been discounted for federal gift and estate tax valuation purposes, reducing their deemed fair market value and the gift and estate tax attributable to such interests. The income tax tradeoff for a partnership interest held until death is that the income…