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What is a family limited partnership

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Reference no: EM13979643

1. Define "fair market value". Explain how fair market value impacts estate taxes.

2. Please explain a "defined value clause" and state how this can reduce (or increase) taxes.

3. What is a Family Limited Partnership (FLP) and how is it valued.

Reference no: EM13979643

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What is a family limited partnership : Please explain a "defined value clause" and state how this can reduce (or increase) taxes.
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