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Which of the following statements regarding a family limited partnership is not correct? Question 53 options: The primary purpose of a FLP is to transfer
Which of the following statements regarding a family limited partnership is not correct?
Question 53 options:
| The primary purpose of a FLP is to transfer assets to younger generations of a family using annual exclusion gifts and valuation discounts. |
| Upon creation of a FLP, there are neither income nor gift tax consequences because the entity created is owned by the same person, or persons, who owned it before the transfer. |
| Publicly traded securities make an ideal asset to transfer to a FLP. |
| The use of a FLP can help protect family assets |
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