IRS regulations promise to shake things up

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By Lindsey Paige Markus

Lindsey Paige Markus, a principal at Chuhak & Tecson P.C., draws on her early career in business, finance and clinically applied neuroscience to communicate with clients and develop creative solutions to fit their estate planning, wealth protection and corporate needs. She has been recognized as one of the 40 Illinois Attorneys Under Forty, a Woman Making an Impact in the Law and an Illinois Super Lawyer Rising Star. She is a collaborative law fellow and is licensed in Illinois and Florida.

Posted August 25, 2016 12:56 PM

Early this month, the IRS released proposed regulations under Section 2704 of the Internal Revenue Code. If adopted, the proposed regulations will have far-reaching implications in the estate planning world.The proposed regulations set out to significantly reduce the availability of valuation discounts in transferring interests in family entities, including limited partnerships and limited liability companies.BackgroundIn 1990, Section 2704 of the Internal Revenue Code was passed with the intention of limiting the …

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