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New Partnership Audit Rules Affect Many Family Partnerships

Law360, New York (February 2, 2018, 3:48 PM EST) -- The use of partnerships in estate and wealth transfer planning can provide a number of benefits, such as the consolidation of investment assets, centralized control over those assets, increased creditor protection, a mechanism for management succession and valuation discounts.

Entities taxed as partnerships are “pass-through” entities, meaning that they do not pay federal income taxes themselves. Instead, partnerships pass their items of income and loss through to their partners, who report those items on their individual tax returns and pay income tax at their individual rates....
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