Johnson Bank sponsoring Special CLE Cannon Teleconference August 30, 2016!

“Valuation Vendetta:  2704 Regs Seek to Dump Discounts!”

There is no charge for the conference however Attorneys must register to receive CLE Credit. Please contact Peggy at 262-619-2922 or email ptreichel@johnsonbank.com
 
Where:           555 Main Street, Racine, WI in the Learning and Development Center.
When:            August 30, 2016 – 11:30PM  To 2:00PM Lunch Will Be Served!
R.S.V.P:          Peggy at 262-619-2922 or email ptreichel@johnsonbank.com
 
Topic
On Thursday, August 4, the IRS published proposed new regulations under Section 2704 of the Internal Revenue Code. These proposed regulations, if finalized in their current form, will have a monumental impact on tax planning for many estates potentially subject to estate tax. In particular, valuation discounts for certain intra-family transfers of equity in corporations and partnerships, for many years widely available, may be severely limited going forward. In this teleconference, Clary Redd and Turney Berry will explain what Section 2704 was intended to address when it was enacted, how it has worked up to now and what these new proposed regulations seek to accomplish. Among other things, Clary and Turney will discuss:

• Big change in definition of "applicable restriction"
• New category of "disregarded restrictions"
• New three-year rule
• Effect of nominal non-family held interests
• Operating businesses vs. entities holding passive investments
• Possible court challenges
• Effective date