At the end of this year the Internal Revenue Service is expected to issue revised Section 2704 regulations that deal with family limited partnerships. There are many accountants and valuation experts that are attempting to predict what the new regulations will entail and are having to look to previous case law for clues about what to expect. Looking to recent case law can be a helpful guide for professionals that are interested in predicting how the IRS will regulate family limited partnerships. This column discusses a recent U.S. Fifth Court of Appeals decision that deals with the Section 2704 regulations of family limited partnerships.
See Moira A. Jabir, Hints of the New IRS Regulations on Family Limited Partnerships, Accounting Today, November 18, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
