In our August 2016 newsletter, we cautioned that the ability to discount an interest in an entity (partnership, LLC, or corporation) might be eliminated when family members control the entity before and after. New proposed regulations under Internal Revenue Code Section 2704 would have significantly limited the ability to take valuation discounts for transfers of family entities. On April 21, 2017, President Trump issued Executive Order 13789, a directive designed to reduce tax regulatory burdens. The order instructed the Secretary of the Treasury to review all “significant tax regulations” issued on or after January 1, 2016, and submit two reports, followed promptly by concrete action to alleviate the burdens of regulations that meet criteria outlined in the order. On July 7, 2017, Treasury identified the proposed 2704 regulations as one of eight identified as burdensome. Now Treasury has until September 18, 2017, to recommend actions and reforms to mitigate the burdens of the regulations identified as significant regulations and burdensome.