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Aug 1, 2011 12:00 PM
Transfer of Interest in FLPs
Former auditor offers a renewed look at how the IRS identifies and develops issues in family limited partnership audits
Fewer estates are now subject to federal estate taxes, thanks to the $5 million federal estate tax exemption. Internal Revenue Service data indicates that only 8,239 estates larger than $5 million filed a federal estate tax return in 2009, the most recent year for which data is available.
However, the smaller number of estate tax returns filed for deaths in 2011 and 2012 will be subject to a heightened level of government scrutiny as IRS auditors comb through a declining inventory of estate tax returns to audit. In particular, the estate tax returns filed for decedents who owned an interest in a family limited partnership (FLP) or similar discounted entity are now virtually guaranteed to receive a thorough examination.
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Topics of Interest
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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