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      (229)  762-3230

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it is something you DO.

Speak Up to Stop the IRS's Proposed Tax Hike on Family Businesses

The tax bill for estate and gift taxes might rise by up to 50 percent due to new proposed regulations by the Internal Revenue Service. 

The Department of Treasury recently proposed changes to Section 2704 estate and gift tax valuation discounts will radically alter how valuations of fractional interests in family-owned entities are valued. For family-owned businesses, this could be devastating. The changes proposed to Section 2704 would remove legitimate valuation discounts for estate, gift, and generation skipping taxes which businesses have used for the past two decades in order to prevent the IRS from overvaluing their businesses at death. The bottom line is these regulations appear to cause a large increase in the valuation of family partnerships and family businesses.

The current rule allows for the discounting of the taxable value a deceased family member's interest in a company to reflect the open market value instead of assigning a taxable value based on their percentage ownership of the company.  The proposed rule would eliminate the ability to apply the marketability discount in estates worth more than $5.45 Million.  This could have a significant impact on family owned companies.  

Under current rules the fair market value of an interest in a family-held business where no current market is available is based on the "willing-buyer/willing-seller" test; this test establishes a value a willing buyer would pay for that portion of a family-held business. In recent court cases challenging valuation discounts for gift and estate taxes the IRS used significantly higher valuations than CPA firms hired by the family-held businesses often resulting in the IRS seeking larger tax collections.

The proposed rule would disregard any restrictions on liquidation or redemption an heir uses to claim a valuation discount if that restriction either lapses after the transfer or the heir or heir's family has the ability to remove the restriction after the transfer. An heir, under current law, could claim a lack of marketability discount if there is a restriction on sale of the interest, the proposed rule would eliminate that discount if the heir or their family has the ability to remove that restriction. The proposed rule also eliminates lack of control discounts to assignees. 

Let the Treasury Department know how this provision would impact your family forests and business and tell them to support family businesses seeking to pass to the next generation by withdrawing their proposed changes to Section 2704.
 
 TAKE ACTION TO SUBMIT COMMENTS TO THE IRS ON THE PROPOSED RULE.
 When submitting comments, it is important to highlight several points:

  1. Tell your story - how long have you owned your land and business, how many generations has it been passed down to or are currently owners, what state(s) do you own land and/or operate, how many acres do you have in timberlands?
  2. How does your succession plan use valuation discounts to help pass on the business? If your business has already survived one generation, were valuation discounts useful in that transfer?
  3. How will the proposed rule affect your succession plan and the transfer of your business?
  4. If the rule change increases your estate tax liability, what will that do to your timberland and employees?
  5. Could this change potentially cause the liquidation of the business to pay estate or gift taxes and therefore convert working forests to other uses?

Please forward and share this Call To Engage to other family buisness stakeholders.
TAKE ACTION NOW!

 
 Click the link below to log in and send your message:
https://www.votervoice.net/BroadcastLinks/vA-YohuZVntnqjrVP1ndaw 

 

2016 PURCHASE PROGRAM PARTNERS:       PrimexForestry Tires

 PRIMEX DEALER LIST

GIANT TIRES SALES         3523 US Hwy 67 Whigham, GA  39897   (229)-762-3230

 Rudy Harrelson                Cell#  (229) 873-1806

 

ANDY SMART TIRE          2901 Creek Street, Middleburg, FL 32068  (904)545-5238

Andy Smart

 

 COLEMAN STORE            7521 Hwy 15 S., White Plains, GA 30678 (706)467-2068

 Kenny Stewart

 

 GARRETT TIRE           4720 Weiss Lake Road, Leesburg, AL   (256) 526-8172

 Steve or Chris

 

 GCR TIRES & SERVICE      3710 Memorial Dr., Waycross, GA 31503  (912) 285-9610

 

 TRUCK TIRE CENTER OF CHATTANOOGA      2036 Polymer Dr.  Chattanooga, TN  37421

 Tracy Luther                         Cell#  (256) 996-1960        Office # (423) 892-9983 

 

  

PrimexSWPA Qualified Member Pricing Effective June 1, 2016 

Size

Ply

Design

Type

SWPA Mbr Cost

Product Code

18.4-26

16

Log Stomper STL LS-2

T.T.

$1,200.

453509

23.1-26

16

Log Monster  LS-2

TBL

$1,795.

464512

24.5-32

20

Log Stomper FX23 LS-2

T.T.

$2,250.

450584

28L-26

20

Log Monster  LS-2

TBL

$1,860.

464518

28L-26

20

Log Stomper Extreme  LS-2

TBL

$2,100.

461518

30.5-32

26

Log Monster  LS-2

TBL

$2,300.

464917

30.5-32

26

Log Stomper Extreme  LS-2

TBL

$2,750.

461917

35.5-32

26

Log Monster  LS-2

TBL

$3,400.

464921

35.5-32

26

Log Stomper Extreme  LS-2

TBL

$3,895.

461921

67x3400-25

20

LS Super Flotation Steel HF-4

TBL

$3,700.

451497

66x4300-25

20

LS Super Flotation Steel HF-4

TBL

$4,100.

451501

73x4400-32

20

Log Stomper FX HF-4

TBL

$4,600.

452593

 ** Terms are 30/60 days from date of purchase.  Prices are subject to change with a 30 day notice.

 ** Freight is prepaid with purchase of two or more tires.

PRIMEX Tires   - Dealer and Price List

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Fleetmatics-logo-new.jpg  SWPA Members Savings benefit with $100 Rebate back to your Association.

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