If Finalized, Rule Could Greatly Impact Family-Owned Construction Companies
On August 2, the IRS issued a proposed rule that would remove legitimate valuation discounts that family businesses use to reduce their estate tax burden when transferring family assets. If finalized, these new rules are likely to substantially increase estate taxes payable by the estates of owners of family-controlled businesses. AGC is preparing to submit comments before the November 2 deadline that highlight how these broad regulations will force family-owned construction companies to grapple with complicated and costly estate and gift taxes. A public hearing on the proposed regulations has been scheduled for December 1.
For more information, please contact Brian Lenihan at or (202) 547-4733.