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The House Democrats has proposed that non-business assets would not be allowed to have valuation discount applied, no matter how they are held!!
Don’t Wait, Act Now! Contact your member of congress and tell him /her: DO NOT ELIMINATE VALUATION DISCOUNTS FOR NON-BUSINESS ASSETS!!!
The proposed elimination of valuation discounts would apply both to gifts during life and at death of non-publicly traded stocks, limited partnership interests, limited liability company interests and other interests unless the interests are in operating businesses.
This ignores the basic valuation rule of an asset – “what a hypothetical willing buyer will pay a hypothetical willing seller with neither being under a compulsion to buy or sell” –and could artificially increase the value of assets causing additional estate or gift tax to be paid unnecessarily.
While the proposal would carve out operating businesses, it is not clear that the exception would apply to most family businesses, which are commonly owned through limited liability companies, partnerships, and S corporations.
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For a summary of all the tax proposals affecting family businesses CLICK HERE.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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