Attorney Criticizes Possible Changes to Valuation Discount Rules


Richard Dees, in a lengthy letter to Treasury and IRS officials, criticized as likely invalid the government’s possible new regulations under section 2704(b) to modify the rules on valuation discounts. Mr. Dees noted that his letter “does not stop with presenting the technical arguments against their validity. Rather, the letter also reminds its readers of the failed history and the enormous costs resulting from the IRS’ history of repeated failed efforts to accomplish similar objectives in other ways.”