Underlying Policy Identified The pass-through entity, that legal entity structure that has given valuators consternation over the years, is back in the news thanks to the Tax Cut and Jobs Acts (TCJA) signed into law at the end of 2017. According to the Joint Commission on Taxation, business owners filed 35.3 million pass-through returns in 2015. Another 1.6 million returns were file by C corporations. The TCJA has essentially created a flat tax of 21% for corporations. There is a lot of buzz about “199A”, a new Internal Revenue Code section and deduction and the introduction of a new term,…