Historically, we have advised clients that it is no less advantageous, from a federal income tax perspective, to acquire a partnership interest (including a membership interest in an LLC taxed as a partnership) than it would...more
Beginning in 2018, most partnerships (including LLCs and other arrangements treated as partnerships for tax purposes) will be subject to a new “centralized partnership audit regime.” The volume of Internal Revenue Service...more
The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more
The Internal Revenue Service (IRS) released regulations on August 2, 2016 that would limit the use of discounts when valuing interests in family entities for estate, gift and generation-skipping transfer tax purposes. If...more
8/10/2016
/ Bright-Line Rule ,
Business Valuations ,
Closely Held Businesses ,
Estate Tax ,
Family Businesses ,
Generation-Skipping Transfer ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Limited Liability Partnerships ,
Transfer Taxes ,
Wealth Management