NCBA, 3,800 other groups ask for withdraw of proposed Treasury rules

NCBA says policy would be detrimental to family-owned businesses; Treasury says wealthy taxpayers using planning to avoid paying taxes.

The National Cattlemen’s Beef Association, along with more than 3,800 organizations and family-owned enterprises, sent a letter to Treasury Secretary Jacob Lew opposing and asking for withdrawal of the Department of Treasury's newly proposed estate tax regulations. The proposed regulations under section 2704 of the Internal Revenue Code would change estate planning for families that own a controlling interest in a privately held entity.

“The proposed guidance is one of the most sweeping changes to estate tax policies in the last 25 years and would be detrimental to active enterprises and family-owned businesses that employ millions of workers throughout the nation,” the letter reads. “In particular, these rules would impose significant new tax costs on family-owned businesses, diverting capital from business investment, costing jobs and threatening the ability of families to pass businesses on to the next generation of owners.”

The proposed rules are open for public comment through Nov. 2.

Danielle Beck, NCBA director of government affairs, said the regulations would eliminate or greatly reduce available valuation discounts for family-related entities, which in turn increase the tax associated with common transfers including inheritance.

To read the entire article, click here.

The opinions of Amanda Radke are not necessarily those of beefmagazine.com or Penton Agriculture.

You might also like:

Young ranchers, listen up: 8 tips from an old-timer on how to succeed in ranching

13 utility tractors that will boost efficiency in 2016

Burke Teichert: How to cull the right cow without keeping records

3 weaning methods compared; Which one rises to the top?

6 tips for proper electric fence grounding

9 things to include in your ag lease (that you better have in writing!)

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish