By Terry Sheridan

Only weeks after Treasury Department Secretary Steven Mnuchin recommended revoking regulations proposed under Section 2704, the IRS withdrew the proposal that would have changed property valuations for estate and gift taxes.

The withdrawal notice is scheduled to be officially published in the Federal Register Oct. 20.

The now-defunct proposed changes to Section 2704 addressed restrictions on liquidation of an interest for estate, gift and generation-skipping transfer taxes…

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