IRS assaults on FLPs. (family limited partnerships): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on November 1, 1997. The length of the article is 502 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Valid business purposes for family limited partnerships (FLPs) should be established at the planning stage to guard against the IRS disregarding the FLPs as sham entities. Interests in FLPs generally have a fair market value below the proportionate asset share in the FLPs because of management and transfer restrictions. The IRS does not recognize these valuation differences which result in lower estate and gift taxes because it views FLPs as being created to evade transfer taxes.

Citation Details
Title: IRS assaults on FLPs. (family limited partnerships)
Author: Jeffrey N. Kelm
Publication:The Tax Adviser (Magazine/Journal)
Date: November 1, 1997
Publisher: American Institute of CPA's
Volume: 28 Issue: n11 Page: 683(2)

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