Business Services Industry
Gifts of family partnership interests.
Kiplinger Tax Letter, The, March, 1998
IRS isn't challenging all gifts of family partnership interests. Several weeks ago, we reported on an IRS private ruling that nixed the use of $10,000 exclusions for gifts of family limited partnership interests... general partner had full discretion whether to pay income to the limited.
Now, IRS approves gifts of interests in a different arrangement where the parents gave 93% of their family partnership to their children. Gifts are complete...qualify for gift-tax exclusions. Children controlled their interests and could sell them, subject to firm's right to buy first.
Parents even received a special allocation of partnership income to reflect the value of realty they later contributed to the partnership.
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