NCBA Responds to Treasury Decision to Withdraw Section 2704 Valuation Regulation
WASHINGTON (Oct. 4, 2017) - National Cattlemen’s Beef Association President-elect Kevin Kester today issued the following statement regarding the announcement from the U.S. Treasury that it is recommending the complete withdrawal of proposed Section 2704 regulations:
"On behalf of NCBA and our nation’s beef producers, I’d like to thank the U.S. Treasury and the IRS for their decision today to entirely withdraw the proposed Section 2704 estate tax valuation regulations.
"Livestock producers have used legitimate valuation discounts for more than two decades as a means of maintaining ownership of the family business from one generation to the next. These regulations threatened to upend succession plans, halt any potential expansion and growth, and would have required a majority of livestock operations to liquidate assets in order to simply survive from one generation to the next.
"We’re grateful the Treasury has made good on their commitment to reduce complexity and lessen the burden of tax regulations, particularly for family farmers and ranchers."
EDITOR'S NOTE: On Dec. 1, 2016, Kester testified before the IRS on this issue. Click here to view his prepared testimony. Last month he also told his family's personal death-tax story in a video produced by NCBA as part of its "Cattlemen For Tax Reform" media campaign.