IRS reissues proposed regs on alternative valuation date

The Internal Revenue Service has just issued new proposed regulations on electing an alternate valuation date for an estate, withdrawing earlier regulations issued in 2008. According to a published notice in the Federal Register (Nov. 18, 2011), “the proposed regulations will affect estates that file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and elect to use the alternate valuation method.” The notice also announces a public hearing on the proposed regulations, with comments due by Feb. 16, 2012.