The following is a characteristic of a family limited partnership: 1. The general partner, useally the parent, transfers property to the partnership in exchange for only limited partnership internsts. 2. The general partner gifts limited partnership interests wsually to his or her children at little transfer tax cost by taking advantage of the annual exclusion, and minority and lack of marketability distounts. 3. The transfer of a limited partnership interest to the general partner's children will qualify for the annual exclusion if the limited partnership interests cannot be sold without the consent of the general parther. 4. All of the above. 1 2. 3