Of the numerous comment letters received by Treasury regarding the tax regulations under review as part of the government's effort to reduce regulatory burdens on taxpayers, the majority of letters focused on the estate tax rules.  

Opponents are requesting that most of the regulations affecting estate taxes under §2704 should be withdrawn or modified.  Treasury's decision could have a significant effect on a taxpayer's ability to apply valuation discounts as part of the valuation of interest in family-owned businesses for estate, gift, and generation-skipping transfer tax purposes.