For more than 25 years, the Internal Revenue Code has allowed discounts on the fair market value of
ownership interests in family-controlled or closely-held businesses and other investment entities when it
came to calculating federal estate, gift and generation-skipping transfer (GST) taxes. Last week, though, the
IRS proposed a sweeping change to the regulations governing those discounts, virtually eliminating them in
most circumstances and increasing the amount of assets subject to estate, gift and GST taxes. Click here to read the full article.