How’s Marshall?
July 26, 2021 | Categories:
ARSA News & Updates
On July 8, ARSA Managing Director & General Counsel Marshall S. Filler underwent successful heart surgery. He is recovering at home and is on track to continue his passion as…Read More
IRS Proposes Significant Restrictions to Estate Tax Discounting Rules
August 31, 2016
On Aug. 4, the Internal Revenue Service (IRS) issued a notice of proposed rulemaking (NPRM) restricting the discounting of shareholder stock in family-owned operations for the purpose determining federal estate tax liability. Under current law, married couples are allowed $10.9 million in a lifetime exclusion for federal estate and gift taxes. Assets above the threshold are taxed at a 40 percent federal rate.
Traditionally, the IRS and the courts, for purposes of the federal estate and gift taxes, have permitted the valuation of privately-owned business interests to include a “lack of control” and “lack of marketability” discount because some stakes are worth less since they are harder to sell or represent a minority interest. The proposed rule, which applies to corporations, partnerships and limited-liability companies, disregards any restrictions on liquidation or redemption an heir uses to claim a valuation discount if that restriction either lapses after the transfer or the heir or heir’s family has the ability to remove the restriction after transfer. The IRS is also seeking to eliminate the lack of control discount to assignees.
The agency is accepting comments on its proposal until Nov. 2 and will host a public hearing in Washington, D.C., on Dec. 1.
More from ARSA
FAA to Restart Global Leadership Meeting
On July 20, the FAA announced plans to host its 8th Annual Global Leadership Meeting in Washington, D.C. on Sept. 22-23. The event will have both in-person and online attendance…Read MoreLawmakers Explore Aviation Workforce Diversity
July 21, 2021 | Categories:
ARSA News & Updates, FAA
The House Aviation Subcommittee held a hearing July 20 to discuss enhancing diversity in the aviation workforce.
The witnesses were (click a name to download their written testimony):
Rebecca Lutte,…Read More
Unpacking AD Authority
July 20, 2021 | Categories:
ARSA News & Updates, ARSA Works, FAA, Maintenance, Operations, Regulatory, Training
On July 2, ARSA requested clarification of the FAA’s authority to issue an Airworthiness Directive, questioning the April 22 posting of an AD against certain Uninsured United Parachute Technologies, LLC…Read More
