Family Partnerships - Income Tax Issues
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Are Family Partnerships Still Good Estate Planning? Family partnerships are commonly used to achieve estate planning objectives. However, many estate planners miss important income tax aspects of family partnerships, which have a special set of rules designed to prevent income-shifting abuses. Also, the post-2012 increase in the transfer tax exemption amount may raise questions of the wisdom of continuing an existing family partnership structure.
In this two-hour online CPE seminar, nationally recognized tax practitioner and instructor, James Hamill, Ph.D., CPA will analyze the special income tax rules applicable to family partnerships and how structures established to minimize estate taxes may now create added income tax liabilities for heirs.
Speaker: James R. Hamill
Program Topics
- Avoiding investment company traps at formation
- Special Section 704(e) allocation of income and loss provisions
- Will a donee partner be respected as a partner?
- Reasonable compensation requirements for donor partners
- Allocations of income from capital versus services
- Unwinding the family partnership
- Donee partner concerns with marketable security distributions
- Donee partner concerns for distributions of donor's Section 704(c) property
- Income tax basis planning for gifts and inheritances of family partnership interests
- Section 754 election issues for inherited family partnership interests
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