If the dental equipment in a family limited partnership has been depreciated and the note paid off, and if the equipment is still being used, then how do you determine the fair market value in setting the new lease agreement when an S corporation dental partnership is involved?
Education Planning Family Entities (FLP/LLC)
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The family limited partnership (FLP) we set up years ago worked well when our 3 children were younger and we were able to distribute over $20,000/year to the kids to use for their private education. Now our kids are in their 20's and working. We still need the $20,000 that we are paying into the FLP, and we are creating tax consequences for our kids by "running this money" through them. Can we freeze or change the FLP in a way that would work better for our current situation?
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