IRS and Treasury Withdraw Estate Valuation Regulations: The IRS and Treasury have withdrawn proposed regulations under section 2704 concerning the estate, gift and generation-skipping transfer (GST) tax treatment of lapses of liquidation rights in family-controlled entities, as well as the valuation of interests in family-controlled corporations and partnerships for estate, gift, and GST tax purposes. The withdrawal of the proposed regulations follows the release earlier this month of Treasury’s report regarding the reduction of regulatory burdens.
IRS and Treasury Extend Comment Period for New 501(c)(4) Application: The IRS and Treasury have extended the notice and comment period for the draft Form 1024-A to November 28. Once finalized, Form 1024-A will be used by organizations to apply for recognition of tax-exempt status under section 501(c)(4).
IRS Publishes Applicable Interest Rates for November: The IRS released Revenue Ruling 2017-21, which provides various prescribed rates for federal income tax purposes for November, including applicable federal rates, adjusted applicable federal rates, the long-term tax-exempt rate, the appropriate percentages for determining the low-income housing credit, and the federal rate for determining the present value of an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest.