McWhorter-Greenhaw Hardware, Inc., Mesquite, TX, Frank W. Greenhaw........ 249 256 National Association of Manufacturers, Richard Larson and Monica McGuire. National Association of Wholesaler-Distributors, Donald W. Carlson Simpson Timber Co., Seattle, WA, William G. Reed, Jr. Sheet Metal & Air Conditioning Contractor's National Association, Inc., 301 296 Youell, Gary B., Youell Haviland Bliss, Farmington, CT..... 241 Zaucha, Thomas K., National Grocers Association, and Small Business Legis- 160 V O'Neil, John J. and Eileen Caulfield Schwab, New York State Bar Association, Trusts and Estates Law Section, Committee on Taxation, joint statement.. Page 389 Pfaff, Ellen O., Lane Powell Moss & Miller, Seattle, WA, statement 394 403 Schwab, Eileen Caulfield and John J. O'Neil, New York State Bar Association, Trusts and Estates Law Section, Committee on Taxation, joint statement. 389 Seattle Times Co. and Blethen Corp., Frank A. Blethen, joint letter. 332 405 Solberg, Thomas A., Harter, Secrest & Emery, Rochester, NY, statement. 406 416 352 Visceglia, Frank D., National Association of Industrial and Office Parks, letter 371 Weinsheimer, William C., Hopkins & Sutter, Washington, DC, letter. 363 421 Wren, John E., Regional and Distribution Carriers Conference, Inc., Alexandria, VA, statement 403 "DISCUSSION DRAFT" RELATING TO ESTATE VALUATION FREEZES TUESDAY, APRIL 24, 1990 HOUSE OF REPRESENTATIVES, Washington, DC. The committee met, pursuant to call, at 10:35 a.m., in room 1100, Longworth House Office Building, Hon. J.J. Pickle presiding. [The press release announcing the hearing, a copy of the discussion draft, and a summary explanation of the draft follow:] FOR IMMEDIATE RELEASE PRESS RELEASE #28 COMMITTEE ON WAYS AND MEANS THE HONORABLE DAN ROSTENKOWSKI (D., ILL.), CHAIRMAN, COMMITTEE ON WAYS AND MEANS, U.S. HOUSE OF REPRESENTATIVES, ANNOUNCES A PUBLIC HEARING ON A "DISCUSSION DRAFT" RELATING TO ESTATE VALUATION FREEZES The Honorable Dan Rostenkowski (D., Ill.), Chairman, Committee on Ways and Means, U.S. House of Representatives, today announced that the Committee will hold a public hearing on a "discussion draft" to modify section 2036 (c) of the Internal Revenue Code relating to estate valuation freezes. The hearing will be held on Tuesday, April 24, 1990, beginning at 10:00 a.m. in the Committee's main hearing room, 1100 Longworth House Office Building. In announcing the hearing, Chairman Rostenkowski stated: "The estate freeze provisions of section 2036 (c) were enacted as part of the Omnibus Budget Reconciliation Act of 1987. Congress enacted these provisions to curb abusive avoidance of the Federal estate and gift tax. Since these provisions were enacted, concern has been expressed about their complexity and breadth. Modifications made in the Technical and Miscellaneous Revenue Act of 1988 were intended to address some of these concerns. "In response to concerns that continue to be expressed about the estate freeze provisions, I am releasing today a discussion draft of a bill, along with a summary explanation of the draft bill, that would replace the current provisions of section 2036 (c) with other provisions intended to accomplish similar objectives in a less burdensome and more focused manner. I am releasing this discussion draft and holding this hearing in an effort to begin an informed discussion about possible modifications to section 2036 (c) that would address legitimate complaints about the current-law provisions while seeking to preserve the integrity of the Federal estate and gift tax system. At this hearing, the Committee solicits comments from the Administration and the public regarding the discussion draft, as well as about other possible revisions." Attached is a copy of the summary explanation of the draft bill. Copies of the statutory language are available in 1102 Longworth House Office Building. DETAILS FOR SUBMISSION OF REQUESTS TO BE HEARD: Individuals and organizations interested in presenting oral testimony before the Committee must submit their requests to be heard by telephone to Harriett Lawler or Diane Kirkland [(202) 225-1721] no |