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All of the following are tax ramifications associated with the creation of a family limited partnership except: Gain or loss must be recognized when property
- All of the following are tax ramifications associated with the creation of a family limited partnership except:
- Gain or loss must be recognized when property is transferred into the partnership.
- The income tax is never paid by the partnership.
- The value of the general partners interest in the family limited partnership will be included in the general partners estate.
- Transfers of interests in the family limited partnership are gifts for gift tax purposes.
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