The 7520 rate for January 2018 will remain at 2.6%.
The January 2018 Applicable Federal Interest Rates can be found here.
Today, Congress passed a sweeping tax bill, as widely expected over the last few weeks. The bill passed solely along party lines, with no Democrats voting for the bill. President Trump is expected to sign the bill into law, shortly.
The changes in the transfer tax laws made by this bill are as follows:
Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing proposed regulations under § 4967 of the Internal Revenue Code (Code) that would, if finalized, provide that: (1) certain distributions from a DAF that pay for the purchase of tickets that enable a donor, donor advisor, or related person to attend or participate in a charity-sponsored event result in a more than incidental benefit to such person under § 4967; and (2) certain distributions from a DAF that the distributee charity treats as fulfilling a pledge made by a donor, donor advisor, or related person, do not result in a more than incidental benefit under § 4967 if certain requirements are met. In addition, the Treasury Department and the IRS are considering developing proposed regulations that would
Our colleagues in our Tax Advice and Controversy group have also summarized the proposed changes to individual, business, and international taxes in the new bill released on November 2 by the House Ways and Means Committee.
House Republicans released their new tax bill on November 2, 2017. As expected for such a significant proposal, the final bill, if passed, will likely look different. Nonetheless, the bill, in its current form, provides the base starting point from which the House GOP intends to negotiate, both within their party and without.
The changes in the tax bill related to transfer taxes are as follows:
London Partner, Dyke Arboneaux, was profiled in The Private Client Global Elite 2017 – a special publication of Legal Week compiled every five years in recognition of the top 200 private client and trust practitioners across Europe, the U.S. and Asia.Arboneaux advises on the international aspects of U.S. tax matters and estate planning, with a particular specialty in planning for clients who are exposed to multiple tax systems. She leads a team of FATCA specialists within Bryan Cave who have extensive experience advising small to medium-sized trust companies, private investment funds, and complex private trust and company structures on FATCA compliance.
Those included in the publication were celebrated at a gala dinner on Oct. 4. This is the second time Arboneaux has been featured in The Private Client Global Elite; she
The Department of the Treasury has withdrawn the controversial proposed regulations for Section 2704 of the Code. Section 2704 limits valuation discounts in family-controlled entities for certain lapsing rights and restrictions. The proposed Regulations would have expanded the scope of Section 2704 by adding a new classification of disregarded restrictions and by narrowing several longstanding exceptions. Comments submitted after the regulations were proposed complained that the requirements were unclear and that the impact on state law was difficult to predict. On October 2, 2017, the Department of the Treasury submitted a report recommending that the proposed 2704 Regulations be rescinded and today the proposed Regulations were officially withdrawn by notice published in the Federal Register (82 FR 48779).