SFLPSustainable Fisheries Livelihoods Programme (poverty reduction)
SFLPStrangi Family Limited Partnership
SFLPSigned Formula Logic Programming (computer science)
SFLPState Farm Lease Plan
SFLPMark W. Senda Family Limited Partnership
References in periodicals archive ?
In this case, SFLP distributed over $100,000 from 1994-1996 to pay for funeral and estate administration expenses, specific bequests and various personal debts that S had incurred.
Third, S's lack of liquid assets after the transfer to SFLP is evidence that some arrangement to meet his expenses must have been made.
The Fifth Circuit analyzed the factual bases for each of the arguments in depth and held that the Tax Court did not clearly err in finding that S's asset transfer to SFLP lacked a a substantial nontax purpose.
They based their argument in part on the structure of the SFLP and the Stranco Corporation: "the governing documents gave Gulig authority to specify distributions from SFLP, which is entirely consistent with his authority under the 1988 power of attorney.
Nothing in the documents governing the SFLP and Stranco prevented the decedent from receiving income from either of the entities.
The court made a factual determination that the decedent at any time could have directed that the income, or a portion thereof, from the SFLP or from Stranco be given to him.
SFLP engaged in the following activities from its inception and after Strangi's death:
Certain amounts paid by SFLP were initially recorded as advances to or accounts receivables from partners.
SFLP II had a similar structure; the Sendas collectively owned a 1% GP interest and a 98.
The taxpayers also tendered as evidence a fax informing their accountant that they had funded SFLP II and requesting advice as to the percentage of partnership interests they should transfer to the children to maximize use of the gift tax annual exclusion and applicable unified credits.
Specifically, the estate argues that its business purposes for forming SFLP were (1) to reduce executor and attorney's fees payable at S's death, (2) to insulate S from an anticipated tort claim, and the estate from a will contest (by creating another layer through which creditors must go to reach assets conveyed to the partnership) and (3) to provide a joint investment vehicle for managing S's assets.
Those consultations, however, were not related in time or purpose to the formation of SFLP.