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- Title
Family Limited Partnerships and Family Limited Liability Companies.
- Authors
Gobeille, Mark
- Abstract
The article offers information on steps to be considered in valuation discounts which are claimed on assets in Family Limited Partnership (FLP) to prevent an attack from the U.S. Internal Revenue Services (IRS). It mentions that FLP is used by wealthy families to create family governance structure and reduce their taxes. It also states the steps to obtain discounts on assets such as establishment of nontaxable purpose and consider the relinquishment of FLP control.
- Subjects
UNITED States; VALUATION policy; DISCOUNT prices; TAXATION of family-owned business enterprises; UNITED States. Internal Revenue Service; GOVERNMENT policy
- Publication
Journal of Practical Estate Planning, 2010, Vol 12, Issue 1, p27
- ISSN
1524-5748
- Publication type
Article