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- Title
Tax Tip.
- Authors
Owen, Stephen L.
- Abstract
The article offers tax planning tips with tax exemptions for transfer taxes, estate tax and gift tax. It states that family limited partnerships (FLPs) can lower asset value because its interests are subject to discounts. It says that case laws have been developed on discounting which can be attained for FLP interests. It cites a case wherein the taxpayers made gifts and documents that when the valuation are adjusted on audit, then the number of units to be gifted should also be adjusted.
- Subjects
TAX planning; TAX exemption; GIFT taxes; REAL property tax; TAXATION of family limited partnerships; FAMILY limited partnerships; TAX auditing; VALUATION
- Publication
Journal of Passthrough Entities, 2012, Vol 15, Issue 6, p59
- ISSN
1099-7407
- Publication type
Article