The IRS has issued some proposed regulations for comment regarding Section 2704 of the U.S. Tax Code. If you aren’t up to speed on your tax sections, Section 2704 is a provision that applies to (among other things) the concept of the family limited partnership (FLP), a tool for families to use to pass wealth to the next generation. For years, high-wealth families (and the lawyers that represent them) have been using a technique known as a “valuation discount” to obtain tax savings for the ...
