Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.
Darren Wallace and Ed Krzanowski were quoted in an article, "Valuation discounts: what could the IRS’ new proposal mean for families?" in Private Asset Management Magazine. In the article, Wallace and Krzanowski discuss the recently issued proposed regulations under Internal Revenue Code Section 2704 that, if finalized, would curtail or eliminate valuation discounts for gift and estate tax purposes. These regulations would affect the gift and estate tax value of family-owned business entities, including both active businesses and family investment vehicles such as family limited partnerships (FLPs) and limited liability companies (LLCs). For individuals who have an interest in a family-owned business entity and an estate that could be subject to federal or state estate tax (and thus affected by no longer being able to value those interests based on fractional-interest or other discounts), these regulations could have a major impact on them.
Day Pitney Alert
On April 24, Francine Esposito and Laura Schuman delivered a Business & Legal Resources (BLR)'s webinar entitled "New Laws with Major Impact on Employers Operating in New Jersey Taking Effect: What You Need to Know to Comply."
Day Pitney Alert
Day Pitney advisory, "You Have the COVID-19 PPP Loan – Know the Rules to Maximize Forgiveness," authored by Susan R. Huntington, Richard D. Harris and Michael J. Dune, was mentioned in Forbes article "Are You Expecting PPP Loan Forgiveness? Don't Forget This Step."
Day Pitney Press Release
Day Pitney LLP represented 1st Constitution Bancorp in connection with its merger agreement with Shore Community Bank, pursuant to which 1st Constitution will acquire Shore in a stock and cash transaction valued at $16.54 per share, or approximately $53.1 million in total consideration.
Day Pitney Press Release