Is There a Reason to Act Soon? Will the IRS Prevail this Time? The IRS is considering issuing proposed Section (SEC) 2704(b)(4) regulations to limit the availability of discounts for lack of control and lack of marketability. The article highlights the need to communicate with estate and gift tax attorneys that have discussed forming a FLP. While practitioners do not know what is being proposed, the §2704 legislative proposal (last included in the Fiscal Year 2013 Greenbook dated February 2012) includes items considered eight years ago, which includes adding additional disregarded restrictions and restrictions on assignee interests.