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Tax Court Nullifies Benefits of Family Limited Partnership
The fair market value of $1.6 million in assets contributed to a family limited partnership in fact is included in the decedent's estate. The estate cannot discount the value of the interest, the tax court has held, because the decedent failed to maintain partnership formalities.
Nothing changed except legal title, and the decedent's relationship to the assets remained the same after the transfer.
Source: Lawyers' Weekly, 3/9/2000
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