In 1997 Dr. Liljestrand, in consultation with Mr. Ota, decided to form the Paul H.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Mr. Ota structured PLP on the basis of his general understanding of what Dr. Liljestrand wanted.
FORBES: Family Limited Partnerships Require Good Planning and Execution
In order to draft the partnership agreement, Mr. Rosenthal had Dr. Liljestrand fill out a checklist.
FORBES: Family Limited Partnerships Require Good Planning and Execution
The checklist was sent to Mr. Ota, who forwarded it on to Dr. Liljestrand.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Upon completing medical school, Dr. Liljestrand accepted a residency at Queens Hospital in Honolulu, Hawaii.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Dr. Liljestrand opened a medical practice in the building and organized a not-for-profit group to operate the hospital.
FORBES: Family Limited Partnerships Require Good Planning and Execution
It is unclear whether Mr. Rosenthal and Dr. Liljestrand had any contact before Mr. Rosenthal drafted the agreement.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Some time after Dr. Liljestrand began working at the hospital, the plantation closed and the decision was made to close the hospital.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Mr. Ota suggested that Dr. Liljestrand form a limited partnership and transfer the real estate held by the trust to the partnership.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Dr. Liljestrand contributed almost all of his income- producing assets to PLP.
FORBES: Family Limited Partnerships Require Good Planning and Execution
In 1939, after his residency, Dr. Liljestrand went to work at the plantation hospital in Aiea, Hawaii (hospital), where he practiced medicine as a general practitioner and surgeon.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Dr. Liljestrand was born in Iowa in 1911.
FORBES: Family Limited Partnerships Require Good Planning and Execution
Liljestrand Partners Limited Partnership (PLP).
FORBES: Family Limited Partnerships Require Good Planning and Execution
Rather than file amended Federal income tax returns for the years 1997 and 1998, Dr. Liljestrand and his advisers decided to treat the partnership as having commenced business on January 1, 1999, even though legal title to the real property had been transferred to the partnership by December 1997.
FORBES: Family Limited Partnerships Require Good Planning and Execution
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