The Community Bankers Association of Illinois urged the United States Department of Treasury and the Internal Revenue Service to withdraw their flawed and ill-conceived proposed regulations to increase taxes on the transfer of family-owned community banks, and other family-owned business entities, from one generation to the next. The proposed rulemaking, under Section 2704 of the IRS Code, would disallow valuation discounts for minority interests or interests that are not marketable. This would increase the tax on many estates by more than 30 percent, resulting in forced sales and bank consolidation. Read CBAI’s Comment Letter.
November 2, 2016