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