August 8, 2020

Volume X, Number 221

August 07, 2020

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August 06, 2020

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August 05, 2020

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IRS Rule May Result in Higher Taxes for Farmers

Recently released proposed IRS regulations may reduce the tax advantages of certain common estate and gift tax planning techniques used in estate planning. This could result in higher taxes for farmers and family businesses who transfer ownership of their business to subsequent generations. The proposed valuation discounting regulations could impact the ability to generate valuation discounts for the transfer of family-owned entities. There is a 90- day comment period on the regulations, as well as hearings scheduled in December. Final regulations could be issued by the end of the year.

Generation Farming

© 2020 Varnum LLPNational Law Review, Volume VI, Number 270

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About this Author

Aaron M. Phelps, Varnum, litigation attorney
Partner

For over 15 years, Aaron's practice has been focused on complex commercial and environmental litigation - in Michigan and around the country. Aaron has represented clients in contract and corporate governance disputes, telecommunications and energy matters, health care litigation, and tort actions.

Over the last five years, Aaron has represented over 200 companies in lawsuits against Blue Cross Blue Shield of Michigan for ERISA violations. The first trial resulted in a $6 million judgment, and subsequent judgments ranged from $315,000 to over $8 million. Currently...

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