Closely held businesses comprise a substantial percentage of the U.S. economy. One study estimated that only 30 percent of closely held businesses survive the first generation, 22 percent survive the second and only 3 percent survive beyond the third.1 Considering the economic importance of maintaining family businesses, Congress enacted Internal Revenue Code Section 6166 in 1958 to help prevent the forced sale of a closely held business to pay estate taxes. Let’s focus on some of
All access premium subscription
Please Log in if you are currently a Trusts & Estates subscriber.
If you are interested in becoming a subscriber with unlimited article access, please select Subscription Options below.
Questions about your account or how to access content?
Contact: [email protected]
![SixStepsGuide_Hero[2].png](https://www.wealthmanagement.com/sites/wealthmanagement.com/files/styles/article_related_thumb_standard/public/SixStepsGuide_Hero2.png?itok=XI4BKlBw)
