Family Limited Partnerships

Paper Summary:

The paper provides a review of the relevant literature to determine when and for whom a family limited partnership is appropriate. The paper presents an analysis of the pertinent laws, including an examination of the Internal Revenue Code, regulations, case law and other rulings and matters that are relevant to a family limited partnership in general. The paper discusses tax planning in particular to provide a comprehensive survey of the tax-ability of this business form. The paper was consistent in emphasizing the need for timely and professional financial advice from experts in tax law who are aware of any recent changes and what the implications are of one approach over another.

Outline:
Introduction
Review and Analysis
Conclusion

From the Paper:

"According to Fiore (1994), taxpayers in general and affluent taxpayers in particular are always on the lookout for new ways to reduce their taxes, especially in the area of estate planning. For this purpose, taxpayers have a wide range of choices available, each with its own advantages and disadvantages depending on a taxpayer's unique circumstances. For instance, "Should a taxpayer incorporate a complex strategy such as a grantor-retained annuity trust," Harmelick and Vandenburgh (2001) ask, "a dynasty trust or a family limited partnership in his estate plan?" (p. 95)."

Sample of Sources Used:

• Black's law dictionary. (1990). St. Paul, MN: West Publishing Co.
• Burkert, R. P. (2003). A good deal depends on preparation: CPAs can help client-owners of closely held entities tidy up their businesses for a sale. Journal of Accountancy, 196(5), 47.
• Crayne, R. K. (2001). Family limited partnerships funded with personal use property. Journal of Accountancy, 191(4), 76.
• Dedon, J. (1991). Protecting personal assets; It's vital to safeguard personal property before problems occur. Journal of Accountancy, 172(1), 60.
• Ellner, C. (1994). There's gold in the health-reform hills. ABA Banking Journal, 86(2), 62-3.

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