As the US Treasury advised would happen a few weeks back, the Internal Revenue Service this week officially withdrew the Section 2704 regulations implemented by the Obama administration last year. Ostensibly, the regulations targeted the process of valuation of business interests for estate or gift tax purposes with an eye of more stringently taxing family business transfers. We are especially pleased to note the elimination of the proposed changes to Section 2704 in light of the role that DDIFO and Coalition of Franchisee Associations (CFA) leadership played in highlighting the egregious nature of the changes and the significant impact they have on small family-owned businesses. CFA Vice-Chair and DDIFO leader Rob Branca originally objected to the proposed in this letter submission and followed that up by testifying along with CFA Chairman Keith Miller before the IRS in Washington last December to the specific problems for the franchise industry inherent in the proposed change. We’re glad the Treasury Department leadership under President Trump concurred with our assessment and put an end to it!