Overall, the taxpayer transferred family limited partnership (FLP) and limited liability company (LLC) interests with a gross (undiscounted) value of over $34.
What does FLP stand for?
FLP stands for Family Limited Partnership
This definition appears very frequently and is found in the following Acronym Finder categories:
- Organizations, NGOs, schools, universities, etc.
- Business, finance, etc.
See other definitions of FLP
We have 108 other meanings of FLP in our Acronym Attic
- Future Leaders of the World Academy (now Future Leaders Academy of Arts & Sciences)
- Field Laboratory for Optimized Wind Energy (Caltech)
- Traffic Flow Planning Simulation
- Development of Integrated Packages for Simulation and Visualisation of Complex Flows
- Fluorine/Liquid Oxygen
- Low Nox Flox Combustor for High Efficiency Gas Turbines (flameless oxidation combustor; EU project)
- Facility Layout Problem
- Faith and Life Press (Newton, KS)
- Fake Login Page (phishing technique)
- Family Law Project (various locations)
- Family Literacy Project (various locations)
- Family Living Program (various locations)
- Fast Link Pulse
- Fasting Lipid Profile (lab test)
- Fault Location Panel
- Feel Lucky Punk? (Quake2 gaming clan)
- Festival Leisure Park (shopping centre in Basildon, Essex, England)
- Fighting Landplane (US Navy)
- Fiji Labor Party
- Final Layer Painting
Samples in periodicals archive:
03-60992), the Fifth Circuit Court of Appeals affirmed the Tax Court and decided July 15, 2005 that the full value of assets transferred by Albert Strangi to a family limited partnership (FLP) was includible in his gross estate under IRC Sec.
The remainder of this column contains a sample form of checklist practitioners might wish to consider using in evaluating entity valuation appraisal reports, such as those prepared in connection with gift and estate tax return reporting of transfers of family limited partnership interests.
1/06/06, aff'g TC Memo 2004-160, the Eighth Circuit held transfers of static to two family limited partnerships (FLPs)--coupled with the transfers of FLP interests to the donor's children on the same day--to result in indirect gifts of stock to the children, because the donors did not present reliable evidence that they contributed the stock to the FLPs before transferring the FLP interests to their children.
Later in 1996, the Bongard Family Limited Partnership was formed, whereby Bongard and the children's trust transferred their Class B member interest in WCB to the FLP in exchange for partnership interests.
This case is significant for taxpayers and CPAs who set up closely held entities, such as LLCs and LLPs, that the IRS considers similar to family limited partnerships.