A public hearing was held last week on the new IRS regulations governing Estate and Gift Tax Exemption, and small business owners and family-owned businesses were out in full force to oppose their proposed tax increases on family gifts. Recall that back in August, the Treasury Department released proposed regulations to dramatically curtail use of the family estate and gift tax exemption. The 90-day comment period on the changes ended in November and public hearing held last week drew many in opposition, including the Coalition of Franchisee Association (CFA) leadership – Chairman Keith Miller and Vice Chairman Rob Branca. Although the new regulations could become effective, possibly as early as this month, in the wake of Trump’s election and the strong testimony in opposition, it remains to be seen whether they will be formally implemented. During his campaign, President-elect Trump had proposed repealing the estate tax completely and imposing a new carryover basis regime for estates over $10 million.