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Abstract

Several recent private letter rulings have jolted limited partnerships in general and family limited partnerships in particular. Although the limited partnership and other types of entities with similar features continue to be useful business planning tools, these developments will likely curb some of the more aggressive applications of the limited partnership concept. Care is warranted in drafting and implementing business plans involving all types of pass-through entities where the rulings could be applied. The limited partnership is not completely unique in these respects.

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