I reviewed what has been said and written in the wake of Thursday’s release of the Trump Tax “Plan”, and watched a video of the Cohn/Mnuchin press conference. There appears to be a lack of detail in what amounts to a one-page plan containing core philosophies / talking points / bargaining positions. The “Plan” focuses on corporate taxes and individual income tax rates, but also calls for immediate repeal of the death tax. There is no mention of gift tax, GST, carryover basis, or otherwise. Therefore, it is difficult from an estate planning perspective to draw too many conclusions from this “Plan.”
After more than a year of speculation and rumors, on August 4, the Internal Revenue Service (“IRS”) issued proposed regulations under Internal Revenue Code §2704 (the “Proposed Regs”). Clearly, the goal of the Proposed Regs is to limit (or eliminate outright) the application of discounts for lack of control and lack of marketability when valuing interests in family controlled entities for gift, estate and generation-skipping tax purposes.
Vice Chancellor Laster’s recent decision in the Delaware appraisal action involving Dell, Inc. determined that Dell’s stock was valued at $17.62 per share, or some 26% above the going private offer worth $13.96 per share.
MPI congratulates Stephanie G. Reckard, Esq., who was the winner of our Fitbit chargeHR raffle at the New Jersey Bar Association Annual Meeting and Convention in Atlantic City.
The Honorable Yvonne Gonzalez Rogers, in the Northern District of California, issued an order last week granting class status to an action brought under Rule 10b-5 of the Securities Exchange Act against Advanced Micro Devices, Inc.