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Strangi III Gives New Guidelines for Using Family Limited Partnerships as a Valuation Discount Tool ( August 2005 )
For some time, family limited partnerships (FLP's) have been a vital instrument for managing and transferring family wealth. Recently, however, the IRS has been attacking their use as a discount valuation tool. In 2003, the case of Estate of Strangi v. Commissioner, T.C. Memo. 2003-145 (2003) [Strangi II], caused serious concern among estate planning professionals by casting doubt on the continuing viability of the FLP as a strategy for minimizing the taxable estate.
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