Au set up a general ledger for PLP to categorize and account for all transactions affecting the partnership assets and Capital accounts 10 as well as ledger income beginning in 1999. accounts were established for each partner to show distributions to each partner, income received by the partnership, and expenses incurred by the partnership.

FORBES: Family Limited Partnerships Require Good Planning and Execution

News flash: If you do increase your deductible, make sure you increase your cash reserves accordingly to account for the increased risk on your side of the ledger.

FORBES: Year End Tax Planning: Cash Flow is King