VALUATION DISCOUNTS ARE A NOT-NEW WAY TO REDUCE THE VALUE OF A TAXABLE ESTATE

A superficial treatment is better than none at all, but an article I read on Fox Business really didn’t tell me much of any substance, even though it was loaded with quotes from authoritative-sounding lawyers.
Oh, the subject was valuation discounts for family limited partnership interests.  Apparently, the IRS has proposed new regulations that would narrow the circumstances in which the IRS will allow those discounts to be applied.  
Those valuation discounts are, as the Fox Business article indicates, a method to reduce the value of, and hence the estate tax on the transfer of, family limited partnership interests when an owner dies.  It’s not a new idea.